The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Bashir Sa’idu, a former Chief of Staff to ex-Kaduna State Governor Nasir El-Rufai, on allegations of forex racketeering and money laundering. The charges were filed on Tuesday at the Kaduna State High Court, where the ICPC claimed that Sa’idu’s actions caused a N3.96 billion loss to the state.
Sa’idu, who also served as Kaduna’s Commissioner for Finance during El-Rufai’s administration, is accused of selling $45 million in state government funds at an undervalued rate of N410 per dollar instead of the prevailing parallel market rate of N498 per dollar. The ICPC described the alleged transaction as a violation of Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
Sa’idu pleaded not guilty to all ten charges during his court appearance. His lawyer, M.I. Abubakar, applied for bail, stating that Sa’idu had been in custody for 21 days since his arrest on January 2, 2025.
However, the ICPC’s representative, Professor Nasiru Aliyu, opposed the bail application, emphasizing the statutory seven-day window to file a response. After a brief recess, Justice Isa Aliyu sided with the prosecution, granting them more time to respond to the bail request. The judge adjourned the hearing to January 23, 2025, to determine Sa’idu’s bail.
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Widening Corruption Probe
Sa’idu’s case is part of a broader corruption investigation involving former El-Rufai appointees. Last week, the ICPC announced the upcoming trial of Lawal Adebisi, ex-Senior Special Adviser/Counsellor to El-Rufai; Umar Waziri, the state’s former Accountant General; and Yusuf Inuwa, the former Commissioner for Finance.
The trio is accused of laundering N64.8 million. ICPC spokesperson Demola Bakare explained that the funds were allegedly diverted in three tranches of N10 million, N47.84 million, and N7.32 million into the account of Solar Life Nigeria Limited, where Adebisi is reportedly the sole signatory.
“They are expected to appear in court on Friday, January 17, 2025, to take their plea,” Bakare added.
Allegations of Large-Scale Misappropriation
The allegations against Sa’idu and others come amidst claims of large-scale misappropriation of funds during El-Rufai’s administration. Last year, the Kaduna State House of Assembly alleged that N423 billion was stolen under the former governor’s leadership. However, El-Rufai strongly denied the accusations.
This latest development raises questions about the integrity of financial dealings during El-Rufai’s tenure. As the ICPC continues its investigations, Nigerians await the outcomes of the trials with keen interest.