A former Kaduna State Commissioner of Finance and Local Government, Mohammed Bashir Sa’idu, has been arrested over allegations of money laundering, criminal breach of trust, and misappropriation of public funds.
According to a security source, the police received a petition accusing Sa’idu of laundering N3.96 billion and misappropriating N244 million during his tenure in the Mallam Nasir El-Rufai-led administration between 2015 and 2023.
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The allegations include the sale of $45 million in state-owned foreign currency at an undervalued exchange rate of N410 per dollar, instead of the parallel market rate of N498 per dollar, causing a loss of over N3.96 billion to the government.
Police sources revealed that this transaction violated Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022. Additionally, Sa’idu is accused of failing to account for proceeds from the sale of government houses in Marafa Estate, Kaduna, amounting to approximately N244 million.
“This constitutes a breach of trust under Section 300 of the Penal Code of Kaduna State, 2017,” the source added.
Reports indicate that the Kaduna State House of Assembly had previously investigated Sa’idu’s financial dealings and forwarded its findings to anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC). As part of the investigation, Sa’idu’s international passport has been seized.
While some critics have described the arrest as politically motivated, claiming it was linked to Operation Fushin Kada, a unit set up to combat banditry, the Kaduna State Police Command dismissed these claims.
“The arrest followed credible allegations of financial crimes,” the police clarified.
Sa’idu, who served in various capacities, including as Chief of Staff and Commissioner of Finance, remains in detention as investigations continue.
Authorities have assured the public that due process will be followed in ensuring justice is served.
