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Nairaland Forum / Nairaland / General / Politics / Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli (32981 Views)
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Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by chilan: 12:04am On Mar 06, 2019 |
Tinubu’s Bullion vans in the eyes of the law ................................................ 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/ 18 Likes 6 Shares |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by Paperwhite(m): 12:09am On Mar 06, 2019 |
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. 123 Likes 11 Shares
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Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by tollyboy5(m): 12:16am On Mar 06, 2019 |
Lalasticlacla let's see what apologist has to say concerning this. No one spends hard earn currency this way. Not even bill gate 30 Likes 1 Share
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Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by Nobody: 12:29am On Mar 06, 2019 |
In the eyes of Buhari, Tinubu is not corrupt so stop wasting your time analyzing nonsense. 83 Likes 1 Share |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by Larryfest(m): 12:41am On Mar 06, 2019 |
Nigeria can never be great as long as all this old men are still alive, they are the sole cause of this country backwardness.. 58 Likes |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by ivandragon: 5:09am On Mar 06, 2019 |
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... 134 Likes 8 Shares |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by allthingsgood: 5:39am On Mar 06, 2019 |
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 10 Likes 2 Shares |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by wallex1983(m): 6:05am On Mar 06, 2019 |
Many of those complaining would wish the vans came into their own premises, even if it's just to say hi. 14 Likes 2 Shares |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by chriskosherbal(m): 6:08am On Mar 06, 2019 |
1 Like |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by aolawale025: 6:10am On Mar 06, 2019 |
Nobody should be above the law 7 Likes |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by DesChyko: 6:14am On Mar 06, 2019 |
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. 20 Likes 3 Shares |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by omoiyalayi(m): 7:25am On Mar 06, 2019 |
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 25 Likes 1 Share |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by bamasite(m): 8:29am On Mar 06, 2019 |
Naija things |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by Tinny1: 8:29am On Mar 06, 2019 |
And they are insulting Atiku for sharing dollars especially that Osho wey do head like monkey ass 5 Likes |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by eben1marketer: 8:29am On Mar 06, 2019 |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by sambrow(m): 8:29am On Mar 06, 2019 |
Just imagine Tinubu is a PDP chieftain. He would have been in Kuje by now 31 Likes 1 Share |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by jnrbayano(m): 8:29am On Mar 06, 2019 |
omoiyalayi: Does hitting like makes one rich? 12 Likes 1 Share |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by Alejob: 8:32am On Mar 06, 2019 |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by sainttwist1(m): 8:32am On Mar 06, 2019 |
aolawale025:many Nigerians are above the law e.g...... 2 Likes |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by Lighthammer(m): 8:32am On Mar 06, 2019 |
[color=#990000][/color]this lawyer needs to be lobotomised 1 Like |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by lekbel09(m): 8:32am On Mar 06, 2019 |
Base1line:have sense for once Na,nothing tribal in the fact that tinubu launders money 24 Likes |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by allisso: 8:32am On Mar 06, 2019 |
there's nothing wrong with that in Zombie's voice
Tinubu is a saint oo
� � 6 Likes |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by NkayStory(f): 8:32am On Mar 06, 2019 |
Base1line: Frustrations at its peak 27 Likes 2 Shares |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by allisso: 8:33am On Mar 06, 2019 |
there's nothing wrong with that in Zombie's voice
Tinubu is a saint oo
� � 10 Likes |
Re: Tinubu’s Bullion Vans In The Eyes Of The Law By Lawrence Nnoli by sambrow(m): 8:33am On Mar 06, 2019 |
Larryfest:my brother even the young ones are more corrupt. You can imagine a 17 years old boy doing money rituals. It is finished bro 6 Likes |
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