Money Laundering: Court Refuses el-Rufai’s Ex-Chief Of Staff Bail
The Kaduna State High Court has denied bail to Alhaji Muhammad Sa’idu, the former Chief of Staff to Malam Nasir el-Rufai, in the alleged money laundering case filed against him.
The court had initially adjourned the ruling on Sa’idu’s bail application to Thursday, January 16, 2025. However, when the case was heard, the court refused to grant him bail, citing that a formal charge had been filed against him at the Kaduna State High Court II.
Delivering the ruling, the court directed that Sa’idu’s legal team should apply for bail at the court where the charge is officially filed and pending.
Samson Irimiya, Esq., the Director of Public Prosecution representing the state government, informed journalists that Sa’idu’s arraignment would take place on January 21, 2025, before Justice Isa Aliyu. He clarified that the refusal of bail was based on the procedural requirement for him to apply for bail in the proper court.
Oladipo Tolani, SAN, Sa’idu’s counsel, also confirmed that the court had instructed them to submit the bail application at the court where the charges are formally lodged.
Sa’idu, who also served as the Commissioner for Finance under Governor el-Rufai’s administration, is accused of money laundering related to the sale of 45 million US dollars belonging to the Kaduna State Government. According to security sources, the transaction was conducted at an undervalued rate of N410 per dollar, which led to a loss of N3.9 billion when compared to the parallel market rate of N498 per dollar in 2022.
The prosecution claims that Sa’idu laundered the N3.9 billion discrepancy, in violation of Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
