A High Court in Kaduna State has denied bail to Alhaji Muhammadu Bashir Saidu, the former Chief of Staff to ex-Governor Nasiru El-Rufai, in a money laundering case filed against him.
The court, however, adjourned the ruling on a separate bail application for Saidu to Thursday, January 16, 2025. When the case was heard on Thursday, the court refused the bail application, citing the fact that a formal charge had already been filed against Saidu at Kaduna State High Court II.
The judge directed the applicant to apply for bail at the court where the charges are pending.
Representing the state government, Kaduna State Director of Public Prosecution, Samson Irimiya, Esq., informed journalists that the arraignment of Saidu is scheduled for January 21, 2025, before Hon. Justice Isa Aliyu.
“The bail application was refused primarily because a formal charge had been filed. It is appropriate for the applicant to seek bail at the court where the charge is pending,” Irimiya stated.
Counsel to Bashir Saidu, Oladipo Tolani, SAN, also confirmed the directive to transfer the bail application to the appropriate court.
Saidu, who also served as Kaduna State Commissioner of Finance, is facing allegations of money laundering.
Prosecutors allege that Saidu sold $45 million in hard currency belonging to the Kaduna State Government, valued at ₦18.4 billion, at the undervalued rate of ₦410 per dollar instead of the parallel market rate of ₦498 per dollar. The alleged act, committed in 2022, resulted in a loss of ₦3.9 billion to the state government.
The prosecution claims the ₦3.9 billion discrepancy was laundered by Saidu, in violation of Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
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