El Rufai
Ex-Kaduna Finance Commissioner Alleges El-Rufai’s Involvement in $45 Million Money Laundering Case
Alhaji Muhammad Bashir Sa’idu, former Chief of Staff to Malam Nasir El-Rufai, has reportedly implicated the ex-Kaduna State Governor in a confessional statement linked to an ongoing money laundering investigation.
Sa’idu, who was arrested and arraigned on December 31, 2024, at the Chief Magistrate Court in Rigasa, Kaduna, faces charges for allegedly selling $45 million belonging to the state government at an undervalued rate of ₦410 per dollar instead of the parallel market rate of ₦498 per dollar. This transaction reportedly resulted in a loss of ₦3.96 billion to the state.
The incident, which occurred in 2022 during El-Rufai’s administration, allegedly violated the Money Laundering (Prevention and Prohibition) Act, 2022. Prosecutors claim the funds were laundered while Sa’idu served as the Commissioner of Finance.
According to a security source, Sa’idu stated in his police confession that the decision to convert the funds and oversee the currency bidding process was directly managed by El-Rufai. He alleged that El-Rufai rejected higher bids and favoured lower rates.
Under Section 18(3) of the Money Laundering Act, convictions for such crimes carry penalties of 4–14 years imprisonment and fines up to five times the value of the proceeds. Sa’idu remains in custody pending further proceedings.