Following a drug trafficking allegation, the All Progressives Congress (APC) has explained why President-elect Bola Tinubu forfeited $460,000 to the government of the United States of America in 1993.
In its filings with the Presidential Election Petition Court, the ruling party argued that Tinubu merely returned the funds in ten bank accounts opened in his name or the name of Compass Finance and Investment Co.
Peter Obi, the Labour Party’s presidential candidate, had contested Tinubu’s victory, arguing, among other things, that the APC candidate was ineligible to run.
The forfeiture of Tinubu’s funds to the U.S. government over a drug trafficking allegation, according to him, is evidence that he committed violations that disqualify him from running for office.
The APC informed the tribunal, however, that the funds in the aforementioned accounts, which were domiciled at two commercial institutions, were subject to a civil forfeiture proceeding in Case No. 93C4483.
According to the APC, the purported decision of the United States District Court for the Northern District of Illinois, Eastern Division in the aforementioned case was not a fine but rather a decree of forfeiture of $460,000 to the United States pursuant to the settlement of claim by the parties in the case.
In addition, the APC, through its team of attorneys led by Prince Lateef Fagbemi, SAN, informed the court that the Federal Government had inquired about Tinubu’s criminal record through the American Consulate in Nigeria as early as 2003.
It stated that the results of the investigation conducted by the Federal Government through the Inspector-General of Police exonerated Tinubu of any criminal record in the United States of America.
It further argued that the forfeiture Tinubu made to the United States government, which persisted for 29 years, was no longer a valid reason to contest his eligibility to run for president.
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