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.
Leadership reports that a security source said the police received a petition accusing Sa’idu of laundering N3.96 billion and misappropriating N244 million during his tenure in the Mallam Nasir elRufai-led administration between 2015 and 2023.
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 also disclosed that this transaction breached 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, the security source said constitutes a breach of trust under Section 300 of the Penal Code of Kaduna State, 2017.
Reports indicate that the Kaduna State House of Assembly 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.
Critics have attempted to attribute the arrest as politically motivated, claiming it was orchestrated through Operation Fushin Kada, a unit established to combat banditry.
However, the Kaduna State Police Command dismissed these claims, emphasising that Sa’idu’s arrest followed credible allegations of financial crimes.
Sa’idu, who served in various capacities in Kaduna State, 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 bringing the suspect to justice
