The tribunal declared his challenger, Albert Akintoye of the All Progressives Congress as the winner of the February 23 election.
The three-man panel led by Justice Nuhu Adi in its judgment held that Gboluga was not eligible to contest the election having sworn an allegiance to the United Kingdom and acquired the citizenship of the country.
It ordered the Independent National Electoral Commission to withdraw the Certificate of Return earlier issued to Gboluga and issue it to Akintoye who came second in the election.
However, Gboluga, in his reaction rejected the judgement, saying he had instructed his lawyer to challenge the tribunal’s verdict at the Court of Appeal.
Meanwhile, the state APC chairman, Ade Adetimehin, hailed the judgement as a good development for the country’s democracy.