Tinubu’s Bullion vans in the eyes of the law
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On 22nd February 2019 being the eve before Nigeria’s 2019 Presidential election, a couple of bullion vans were sighted entering the official residence of the National leader and Co-chairman of the Presidential Campaign council of the All Progressives Congress (APC), Mr. Bola Ahmed Tinubu. Speculations were rife that the bullion vans were conveying cash that would be used by the party chief for the election.

These speculations (as to the contents of the bullion vans and their mission in the house of the APC National leader) were brought to the attention of the APC National leader himself the following day at the polling booth where he went to cast his vote. A journalist asked him what the bullion vans were doing in his house a night before the presidential election. In his answer, the APC national leader said:

…If I have money to spend in my premises, what’s your headache? If I don’t represent any agency of the government and I have money to spend, if I like, I give it to the people for free of charge as long as not to buy votes. Who are those watching my house and looking at Bullion vans?

In view of the above comments of the APC national leader, it is good to examine the position of the law as regards to an individual having enormous cash in his possession and deciding to spend it however he likes.

It is pertinent to note first that in Nigeria, no law forbids one from having in his house as much cash as he could lawfully earn or receive from genuine sources. What the law actually and vehemently forbids is one’s decision to spend it in a manner he likes. Nigeria’s criminal laws forbid one from using his money for illegal actions and even in legitimate transactions, the Money Laundering Prohibition Act 2012 specifies how payment of such legitimate transactions should be made. That law specifies that cash payment above a particular amount must be made or received through a financial institution.

For individuals, the law is that all payments made or received by anyone in excess of five million naira ($13,736 at the current rate of N364 per dollar) must pass through a financial institution; while for a company, it is ten million naira ($27,473 at the current rate of N364 per dollar). What this means is that while one can decide to save his money in his house, any payment from that money to another person in excess of five million naira must pass through a financial institution. It also means that if one has decided to be his own banker and save his money himself, he must not receive in one transaction, cash exceeding five million naira. Anything short of these makes one liable for the crime of money laundering.

Having said these, so what actually are the squabbles about Tinubu’s billions in the Bullion vans?

First of all, for the fact that the billions arrived through bullion vans presupposes that the cash came from the banks. So nothing is wrong with him receiving billions in cash through the banks. However where the problems lies is when he decides to give out cash in excess of five million naira to anybody without making the payment through a financial institution. Section 1 of the MONEY LAUNDERING (PROHIBITION) ACT, 2011 forbids him from doing so and in fact makes it a crime punishable by a forfeiture of an amount not less than 25% of the excess cash given.

Secondly, if the APC party leader decides to spend all that his money in the bullion vans in a way and manner not antagonistic to the law, he is free to do so.


Written by Lawrence C. Nnoli, a lawyer based in Lagos, Nigeria

http://www.excellawchambers.com/tinubus-bullion-vans-in-the-eyes-of-the-law/

Tinubu's bullion van scandal is now akin to the Gov.Umar Ganduje's babanriga dollar-bribe stuffing scandal.

These are two well confirmed cases of financial fraud but the morally corruption APC govt & it's affiliate hypocritical lapdogs(EFCC, ICPC, FIU, DSS etc) have as usual kept an annoying silence on these issue.

Lalasticlacla let's see what apologist has to say concerning this. No one spends hard earn currency this way. Not even bill gate

In the eyes of Buhari, Tinubu is not corrupt so stop wasting your time analyzing nonsense.

Nigeria can never be great as long as all this old men are still alive, they are the sole cause of this country backwardness..

lol...

so tinubu is free to use his money as he likes but atiku can be hounded for doing transactions through financial institutions as required by law...


I marvel how buharideens condemn supposed criminal acts committed by the PDP & then justify those same acts when they are committed by APC members...

Only stupid people question this bullion van. How many times does Obasanjo, atiku or Babangida goes to bank Smh
These pple are the bank themselves. So rather than waste time hating them stupidly, u better intensify your hustle

Many of those complaining would wish the vans came into their own premises, even if it's just to say hi.

Nobody should be above the law

Bullion van coming to my house on election's eve, and I think there can't be anything wrong with it?
However genuine his intentions may be, his timing was wrong.

Of you no get money hide your face

When you are rich you are rich

Law o police o due process o privy eyes o all become secondary

I pray to be rich too

Hit like if you desire to be too

Naija things

And they are insulting Atiku for sharing dollars especially that Osho wey do head like monkey ass

Just imagine Tinubu is a PDP chieftain. He would have been in Kuje by now

omoiyalayi:
Of you no get money hide your face

When you are rich you are rich

Law o police o due process o privy eyes o all become secondary

I pray to be rich too

Hit like if you desire to be too

Does hitting like makes one rich?

aolawale025:
Nobody should be above the law

many Nigerians are above the law e.g......

[color=#990000][/color]this lawyer needs to be lobotomised

Base1line:
When will any Igbo foolish or bastard write about the colossal failed trio of Ugwauyi Umahi n Ikpeazu n the position of the law taking cognizance that the foolish Igbo governors never build a single school hospital bright factory or any single project that is worthwhile yet they have colle cted 4 year allocation with nothing to show.

Why must it be me that I will be saving this foolish Biafrans from the so call bastards of governors that are mortgaging their future right in front of their eyes while the chase Tinubu that as not stolen a dime from their father or is it Tinubu that gave una father 20 pound again ?

have sense for once Na,nothing tribal in the fact that tinubu launders money

there's nothing wrong with that in Zombie's voice Tinubu is a saint oo � �

Base1line:
When will any Igbo foolish or bastard write about the colossal failed trio of Ugwauyi Umahi n Ikpeazu n the position of the law taking cognizance that the foolish Igbo governors never build a single school hospital bright factory or any single project that is worthwhile yet they have colle cted 4 year allocation with nothing to show.

Why must it be me that I will be saving this foolish Biafrans from the so call bastards of governors that are mortgaging their future right in front of their eyes while the chase Tinubu that as not stolen a dime from their father or is it Tinubu that gave una father 20 pound again ?

Frustrations at its peak

there's nothing wrong with that in Zombie's voice Tinubu is a saint oo � �

Larryfest:
Nigeria can never be great as long as all this old men are still alive, they are the sole cause of this country backwardness..

my brother even the young ones are more corrupt. You can imagine a 17 years old boy doing money rituals. It is finished bro