https://punchng.com/how-el-rufais-ex-cos-laundered-n3-9bn-forex-proceeds-icpc/

The  Independent Corrupt Practices and Other Related Offences Commission, on Tuesday, arraigned Bashir Sa’idu, ex-Chief of Staff for Kaduna State Governor, Nasir El-Rufai, for alleged forex racketeering and money laundering.

It is the second charge the anti-graft agency would file against Sa’idu, who also served as Commissioner for Finance during the El-Rufai administration.

Earlier, he was arraigned before the Federal High Court in Kaduna on two counts bordering on N155m fraud.

In the fresh 10 counts presented before  the Kaduna State High Court in Kaduna on Tuesday, the ICPC accused Sa’idu of selling $45m in government funds at an undervalued rate of N410 per dollar instead of the parallel market rate of N498 per dollar.

The transaction, the ICPC, alleged caused a N3.96bn loss to the Kaduna State Government, which the prosecution claims was laundered in violation of Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.

During Tuesday’s proceedings before Justice Isa Aliyu, Sa’idu pleaded not guilty to all charges.

Defence counsel, M.I. Abubakar, sought the court’s approval for bail, highlighting that the defendant had been in custody for 21 days since his arrest on January 2, 2025.

However, the prosecution, represented by Prof. Nasiru Aliyu, opposed the bail application, citing the statutory seven-day period for filing a response to such requests.

After a 40-minute recess, Justice Aliyu ruled in favour of the prosecution’s request for adequate time to respond and adjourned the bail hearing.

The judge adjourned till January 23, 2025, to address the bail application.

Sa’idu is the fourth appointee of El-Rufai to be put on trial by the ICPC.

Last week Thursday, the anti-graft agency announced the scheduled arraignment of El-Rufai’s ex-Senior Special Adviser/Counsellor, Lawal Adebisi, the former Accountant General of Kaduna State, Umar Waziri, and the former Finance Commissioner, Yusuf Inuwa.

The ICPC said they were charged with money laundering, involving N64m.

The ICPC spokesman, Demola Bakare, said, “In the suit filed at the Federal High Court, Kaduna Judicial Division, the ICPC is accusing Mr Lawal of conniving with the two other accused persons to divert the total sum N64,800,562 in three tranches of N10,000,000,00, N47,840,000.00 and N7,320,562.00 to the bank account of Solar Life Nigeria limited where Mr Lawal is believed to the sole signatory.

“The four accused persons are expected to appear in court on Friday, 17th of January, 2025 to take their plea.”