‘It is against the 2011 Money Laundering (Prohibition) Act of Nigeria to have such a huge sum of money in his possession.’
Oba Rilwan Akiolu of Lagos has come under heavy criticism after he declared that large cash purported was stolen from his palace in the aftermath of the thug violence that broke out after the historic #EndSARS protest in October 2020.
Some Nigerian lawyers have condemned stashing of such an amount of money in his residence describing it as unconstitutional and contravening the Money Laundering (Prohibition) Act of 2011.
The Lagos monarch had on Wednesday revealed the ‘theft’ a huge amount of cash in a statement during the commissioning of the Glover Hall Memorial in Lagos.
Akiolu, in the statement, said “many buildings were burnt, including vehicles used to generate income. I can now publicly say that they stole $2 million and N17 million from my palace.”
But in reaction to Akiolu’s claim, a legal practitioner, Ken Eluma-Asogwa, said it is against the 2011 Money Laundering (Prohibition) Act of Nigeria to have such a huge sum of money in his possession.
“It is very provocative. How is it possible for the Oba to have $2 million in his possession contrary to the Money Laundering Act that says individuals should not transact beyond five million naira? Mr. Eluma-Asogwa queried. “EFCC, as an anti-corruption commission, should stop chasing shadows and go after him. He is still walking as a free man after admitting that he kept $2 million in his house.”
He stressed that the monarch should be invited for questioning by the anti-graft body to explain how he came about such a huge amount of money.
Another legal practitioner, Effiong Inihebe, said the monarch’s statement came as a shock, saying that it was mandatory he explain why such a huge amount of money was kept in the palace.
“The comments credited to the Oba of Lagos is shocking. I don’t think there is a commercial bank in Oba’s palace to warrant such volume of money being kept there. I also do not think the Oba is a Bureau de Change operator. It will be good if the Oba can explain the source of money.
“Also, the statement by the Oba, if true, may trigger a money-laundering investigation. I am also worried about the necessity of keeping such a humongous amount of money at home given the insecurity in the country,” he said.
Similarly, Yomi Ogunsanya, a legal practitioner said if there is proven evidence that he kept such amounts of money, the police should investigate the matter and proceed to court because he is guilty of contravening the Money Laundering Act. He, however, noted this is not a new occurrence as many political leaders keep large sums of money at home.
Also reacting to the statement of the Lagos monarch, a Human Rights lawyer, Festus Ogun, stated that the Money Laundering Act is unconstitutional.
“According to section 43 and 44 section, all Nigerians have the right to own property. If money is a form of property then the Act will be unconstitutional and it would also be a great violation of the law to tell someone not to keep a particular amount at home.
“If you have the right to keep your property, since the law prescribes that you can keep your property, you can keep as much money as you can in your residence at your own risk. No law can restrict how you are going to spend your money; it is your money,” he argued.
