Police arrest ex-Finance Commissioner for ₦3.96bn money laundering
A former Kaduna State Commissioner of Finance and Local Governments, Mohammed Bashir Sa’idu, has been arrested by the police over alleged money laundering, criminal breach of trust, and misappropriation of public funds.
A security source confirmed to newsmen that a petition received by the Police accused Sa’idu of laundering ₦3.96 billion and misappropriating ₦244 million during his tenure in the Kaduna State Government between 2015 and 2023.
The allegations include the sale of $45 million in state-owned foreign currency at an undervalued exchange rate of ₦410 per dollar instead of the parallel market rate of ₦498 per dollar, causing a loss of over ₦3.96 billion to the government.
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The source said this transaction breaches Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
Sa’idu is also accused of failing to account for proceeds from the sale of government houses in Marafa Estate, Kaduna, amounting to approximately ₦244 million.
This constitutes a breach of trust under Section 300 of the Penal Code of Kaduna State, 2017.
Reports revealed that the Kaduna 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 frame the arrest as politically motivated, claiming it was orchestrated through Operation Fushin Kada, a unit established to combat banditry. However, the police have dismissed these claims, emphasising that the arrest is based on 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 at the time of filling this report.
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