Former President Olusegun Obasanjo has described corruption as Nigeria’s greatest threat to development, warning that it deepens poverty among the most vulnerable.
He spoke on Monday in Lagos while chairing the public presentation of Unexplained Wealth: A Trilogy of Nigerian Financial Law, a three-volume book by Senior Advocate of Nigeria, Dr Wahab Shittu.
Obasanjo called corruption “development’s greatest, deadly peril” and described unexplained wealth as “anti-social, anti-development and anti-progress.”
“Those who suffer most in the corrupt society are the poor. And it makes them poorer,” he said.
He argued that Nigeria cannot achieve meaningful development while corruption thrives. He called for stronger institutions and effective accountability for those who divert public resources. He also recalled his administration’s efforts to strengthen the anti-corruption framework, including the establishment and strengthening of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).
Political protection and selective enforcement
The Emir of Kano, Muhammadu Sanusi II, said legal reforms on unexplained wealth would have limited impact without matching political and judicial reforms.
He said the effectiveness of anti-corruption laws depends on the integrity and impartiality of the institutions that investigate, prosecute and adjudicate cases of illicit enrichment.
“We live in a society where if you have unexplained wealth and if you have the right political cover, nobody asks you. And if you are on the wrong side of politics, you get into trouble,” Sanusi said.
He urged authorities to apply anti-corruption laws consistently and impartially, rather than selectively against people because of their political affiliations or positions.
Recovering stolen assets, protecting lawful wealth
Representing former Vice President Yemi Osinbajo, his former Chief of Staff, Ade Ipaye, said Nigeria needs a transparent and constitutionally sound framework for recovering suspected stolen assets, without undermining the rights of citizens who acquired their wealth legitimately.
In a message delivered at the event, Osinbajo said the immediate priority should be a system that recovers stolen assets while protecting lawfully acquired property.
“What we need now most urgently is a clear, fair, and constitutionally sound approach that can recover what was stolen without threatening what was lawfully earned,” he said.
Informal economy and documentation
The book reviewer, Professor Olanrewaju Fagbohun, SAN, cautioned against treating the absence of conventional documentation as conclusive proof that wealth was criminally acquired.
He said enforcement of unexplained wealth laws should reflect the realities of Nigeria’s informal economy, where legitimate transactions and business activities may not leave the documentary trail typical of the formal sector.
Author’s position
Shittu said the book aims to contribute to a legal and institutional framework that can distinguish legitimate wealth from illicit enrichment.
He stressed the importance of reliable records in establishing the legitimacy of assets and financial transactions. Without them, he warned, the country risks a system in which citizens can be suspected of wrongdoing without sufficient evidence of criminal conduct.
He said becoming wealthy is not in itself an offence. What matters is whether the wealth was acquired legitimately.
“Making wealth, becoming rich, is not a crime. It’s not a crime at all. But becoming rich and making wealth dubiously is a crime,” Shittu said.
He added that reliable financial records would be central to separating legitimate wealth from assets acquired through corruption and other unlawful means. In the absence of credible documentation and an effective legal framework, he warned, anti-corruption enforcement could degenerate into suspicion without proof.
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