The Illegality And Other Implications Of Raising Funds Abroad For Campaign Financing In Nigeria 

The Nigeria electoral law forbids political parties from raising funds from abroad to use to finance their electioneering campaigns or elections.

Section 85 of the Electoral Act is explicit. Section 85 (a) (b) provides that

any political party that:

(a) holds or possesses any fund outside Nigeria in contravention of section 225 (3) (a) of the Constitution, commits an offence, and shall on conviction forfeit the funds or assets purchased with such funds to the Commission and in addition may be liable to a fine of at least N5,000,000; or

(b) retains any fund or other asset remitted to it from outside Nigeria in contravention of section 225 (3) (a) of the Constitution commits an offence and shall on conviction forfeit the funds or assets to the Commission and in addition may be liable to a fine of at least N5,000,000.

The 1999 Constitution of the Federal Republic of Nigeria also forbids possession of funds by the candidate or political party from abroad.

Section 225 (2) (3) (4) (a) (b) & (5)  of the Constitution  provides that:

(2) Every political party shall submit to the Independent National Electoral Commission a detailed annual statement and analysis of its sources of funds and other assets together with a similar statement of its expenditure in such form as the Commission may require.

(3) No political party shall –

(a) hold or possess any funds or other assets outside Nigeria; or

(b) be entitled to retain any funds or assets remitted or sent to it from outside Nigeria.

(4) Any funds or other assets remitted or sent to a political party from outside Nigeria shall be paid over or transferred to the Commission within twenty-one days of its receipt with such information as the Commission may require.

Additionally, a candidate or political must be wary of accepting money or fund from abroad.

Doing that may expose a candidate or political party to an investigation for money laundering. The law concerning money laundering is strict.

A political party or candidate receives campaign funds from a criminal syndicate or corrupt people, arms traffickers, human trafficking, drug traffickers, etc., and runs the risk of a money laundering or terrorism financing investigation in Nigeria or abroad.