Former President Chief Olusegun Obasanjo has stated that corruption in all sectors of Nigeria has led to many poor Nigerians becoming even poorer. He made this statement at the public presentation of a three-volume book titled "Unexplained Wealth: A trilogy of Nigerian Financial Law", written by Dr. Wahab Shittu. Obasanjo described corruption as 'development's greatest, deadly peril', adding that unexplained wealth is anti-social, anti-development, and anti-progress.
Obasanjo expressed regret that it is the underprivileged who suffer most in a corrupt society, as such practices further impoverish them. He emphasized that it would be virtually impossible for the country to make any meaningful progress where corruption is allowed to thrive. To combat this, Obasanjo mentioned that some of his efforts while in office included establishing anti-corruption agencies such as the Independent Corrupt Practices and Other Related Offences Commission and the Economic and Financial Crimes Commission.
The Emir of Kano, Muhammadu Sanusi II, also spoke at the event, calling for legal reforms to tackle unexplained wealth, accompanied by political and judicial reforms. Sanusi argued that for good laws to achieve their intended purpose, investigators, prosecutors, and judges must apply them fairly and transparently. He noted that in the current society, individuals with unexplained wealth and the right political cover are often not held accountable.
Sanusi further emphasized the need for authorities to ensure that anti-corruption laws apply consistently to everyone, not just those in government. Former Vice President Professor Yemi Osinbajo called for a fair and constitutionally sound system for recovering stolen assets without criminalizing legitimately acquired wealth. Osinbajo's representative, Ade Ipaye, read out his remarks.
The book reviewer, Professor Olanrewaju Fagbohun, SAN, noted that a lack of conventional documentation should not be taken for automatic proof of criminality. Dr. Wahab Shittu explained the rationale behind the three-volume book, stating that it aimed to help create a system capable of distinguishing legitimate wealth from illicit enrichment. Shittu emphasized that reliable records are essential to the fight against corruption.
Shittu clarified that becoming wealthy is not a crime, but acquiring wealth through dubious means is. He warned that without reliable records, society could end up "suspecting everyone and proving nothing". The event featured various speakers who discussed the importance of tackling corruption and unexplained wealth in Nigeria.
The book, "Unexplained Wealth: A trilogy of Nigerian Financial Law", provides an in-depth analysis of Nigeria's financial laws and offers solutions to the problem of corruption. Key stakeholders, including Obasanjo, Sanusi, and Osinbajo, have emphasized the need for a comprehensive approach to tackle corruption and promote transparency in the country.
Key points
- Corruption has made many poor Nigerians poorer, according to former President Olusegun Obasanjo.
- Obasanjo demands that those responsible for the nation's woes be made to account for their crimes.
- Legal reforms are necessary to tackle unexplained wealth, says Emir of Kano Muhammadu Sanusi II.
