Bauchi AG, BDC Operator Re-Arraigned
Analysis based on 18 articles · First reported Apr 28, 2026 · Last updated Apr 28, 2026
The alleged N1.63 billion money laundering scheme involving high-ranking officials like Sirajo Muhammad Jaja and a Bureau de Change operator, Abubakar Sadiq Aliyu, could negatively impact investor confidence in the financial integrity of Nigeria — Bauchi State and potentially Nigeria. This event highlights regulatory risks and governance concerns within the public sector, potentially leading to increased scrutiny on financial institutions like United Bank for Africa involved in such transactions.
Sirajo Muhammad Jaja, the Accountant-General of Nigeria — Bauchi State, and Abubakar Sadiq Aliyu, a Bureau de Change operator trading as Jasfad Resources Enterprises, have been re-arraigned by the Nigeria — Economic and Financial Crimes Commission on a second amended five-count charge for alleged N1.63 billion money laundering. The charges detail the conversion of public funds belonging to Nigeria — Bauchi State, with N1.29 billion allegedly transferred between October and December 2024, and an additional N426.1 million between January and March 2025, from the Nigeria — Bauchi State Sub-Treasury Account to Jasfad Resources Enterprises's account at United Bank for Africa. Both defendants pleaded not guilty, and the court has reserved ruling on a motion challenging the competence of the charges until the end of the trial. The Nigeria — Economic and Financial Crimes Commission called its first witness, a compliance officer from United Bank for Africa, who provided bank statements as evidence. The case has been adjourned to May 12, 2026, for continuation of trial.
Set up alerts, explore entity relationships, search across thousands of events, and build custom intelligence feeds.
Open Dashboard