News

Ex-Kaduna Commissioner Arrested Over Alleged Money Laundering, Misappropriation

Published

2 days ago

Jan 2, 2025.

Former Kaduna Commissioner of Finance has been arrested
He was accused of Money Laundering
Investigations are still ongoing

Mohammed Bashir Sa’idu, a former Kaduna State Commissioner of Finance and Local Government, has been arrested by the Nigeria Police Force over allegations of money laundering, criminal breach of trust, and misappropriation of public funds.

According to a petition received by the police, Sa’idu is accused of laundering N3.96 billion and misappropriating N244 million during his tenure between 2015 and 2023.

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Allegations include selling $45 million in state-owned foreign currency at a significantly undervalued exchange rate of N410 per dollar instead of the parallel market rate of N498 per dollar, causing a reported loss of over N3.96 billion to the government.

Police sources claim this act violates Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.

Additionally, Sa’idu is accused of failing to account for N244 million from the sale of government properties in Marafa Estate, Kaduna, a breach of trust under Section 300 of the Penal Code of Kaduna State, 2017.

The Kaduna State House of Assembly had earlier investigated the allegations and referred their findings to anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC).

As part of the probe, Sa’idu’s international passport was seized.

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Critics claim the arrest is politically motivated, allegedly linked to Operation Fushin Kada, a unit initially set up to combat banditry. However, police insist the investigation is based on credible evidence of financial misconduct.

Sa’idu, who served in various roles, including as Chief of Staff to former Governor Nasir El-Rufai, remains in detention while investigations continue. Authorities have assured the public that due process will be upheld in seeking justice.

The case highlights the government’s commitment to accountability and transparency in public resource management.