Why Bola Tinubu Forfeited $460,000 in US, APC Tells Tribunal

APC, has acknowledged that Bola Tinubu, its candidate and president-elect, did in fact forfeit $460,000 to USA, in 1993 as a result of drug trafficking allegations.

The All Progressives Congress, however, refuted claim that Tinubu was convicted by US as a result of the forfeiture.

iexclusivenews recall that Peter Obi the presidential candidate of Labour Party (LP) had challenged the declaration of Tinubu as president-elect and prayed the court to declare him as the legitimate winner of the keenly-contested February 25 poll.

He claims that Mr. Tinubu’s forfeiture of his funds to the US government due to drug trafficking allegations is evidence that the former governor of Lagos State violated the law and should be disqualified from standing for office in Nigeria.

But in response, the APC asserted that Tinubu merely turned over money in 10 bank accounts that were either opened in his name or that of Compass Finance and Investment Co.

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It informed the Presidential Election Petition Court, PEPC, which was meeting at the Court of Appeal in Abuja, that funds in the aforementioned accounts, which were held by two commercial banks, were the subject of a “civil forfeiture proceeding” in Case No: 93C4483.

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“The said decision is not against the 2nd Respondent (Tinubu) but against the funds in the various account opened in the name of Bola Tinubu with First Heritage Bank and City Bank N.A.

“The compromise terms that led to the forfeiture were preceded by express admission on record that the 2nd Respondent (Tinubu) did not admit the commission of any drug-related or illicit conduct of dishonesty or fraud. That fits into any of the grounds of disqualification to contest for office of president of Nigeria at the 25th February, 2023 general election,” APC told the Tribunal.

It further argued that the said forfeiture Tinubu made to the US government, having lasted a period of 29 years, was no longer a valid ground to challenge his eligibility to contest the presidential election.