A High Court in Kaduna State has denied bail to Alhaji Muhammadu Bashir Saidu, a former Chief of Staff to ex-Governor Nasiru El-Rufai, in an ongoing money laundering case.
The court declined Saidu’s bail application during a hearing on Thursday, citing the existence of a formal charge already filed against him at Kaduna State High Court II. The judge directed Saidu to file a bail application in the court where the charges are pending.
The Director of Public Prosecution (DPP) for Kaduna State, Samson Irimiya, Esq., confirmed to journalists that Saidu’s arraignment is scheduled for January 21, 2025, before Justice Isa Aliyu.
Irimiya explained, “The bail application was refused because a formal charge has been filed. The proper procedure is for the applicant to seek bail in the court handling the case.”
Saidu’s counsel, Oladipo Tolani, SAN, also acknowledged the directive to transfer the bail application to the appropriate court.
Saidu, who previously served as Kaduna State Commissioner of Finance, is facing allegations of laundering funds tied to the sale of $45 million in hard currency belonging to the state government.
The prosecution alleges that in 2022, Saidu sold the currency—valued at N18.4 billion—at an undervalued rate of N410 per dollar instead of the parallel market rate of N498 per dollar. This transaction reportedly resulted in a loss of N3.9 billion to the state government, which was allegedly laundered in violation of Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
