Sa’idu was remanded at the Kaduna Correctional Centre after his arrest and arraignment by security agencies on December 31, 2024, following the charges brought against him.
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He is accused of selling $45 million in hard currency belonging to the Kaduna State Government—approximately N18.45 billion—at a significantly undervalued rate of N410 per dollar, instead of the prevailing parallel market rate of N498 per dollar.
This resulted in a loss of N3.96 billion to the state.
The prosecution claims the offence took place in 2022 when Sa’idu was serving as the state’s commissioner of finance under the El-Rufai administration.
The charges further allege that Sa’idu laundered the N3.96 billion discrepancy, violating Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
A security source, speaking anonymously to journalists in Kaduna, revealed that Sa’idu’s confessional statement implicated El-Rufai in the scheme.
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