₦3.96b Black Market Deal: El-Rufai’s Chief Of Staff Remanded

The Kaduna State High Court has ordered that Bashir Sa’idu, the former Chief of Staff to ex-Governor Nasir El-Rufai, be remanded in a correctional facility.

This decision will remain in effect until the court hears his bail application. The case was adjourned by Justice Isa Aliyu to Thursday, January 23, 2025.

Sa’idu, who also served as Commissioner for Finance, is facing ten charges, including money laundering, embezzlement, and theft during his time in office. The prosecution claims that Sa’idu sold $45 million in state funds at an undervalued rate of ₦410 per dollar in 2022, instead of the parallel market rate of ₦498 per dollar. This transaction is said to have caused a ₦3.96 billion loss to Kaduna State.

Further allegations state that Sa’idu laundered the discrepancy, violating the Money Laundering (Prevention and Prohibition) Act, 2022. When the charges were read in court, Sa’idu pleaded not guilty to all the accusations.

Sa’idu’s lawyer, M.I. Abubakar, requested bail, noting that Sa’idu had already spent 21 days in custody following his arrest on January 2, 2025. He argued that granting bail would allow Sa’idu to prepare his defense. However, the prosecution, represented by Prof. Nasiru Aliyu, opposed the bail request, citing legal procedures that require the prosecution seven days to respond.

After a 40-minute break, Justice Aliyu ruled that the prosecution should have the full seven days to file their response. The court adjourned the hearing of the bail application to January 23, 2025, and Sa’idu will remain in custody until then.
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