Former President Olusegun Obasanjo has described corruption as “development’s greatest, deadly peril,” warning that it continues to make Nigeria’s poorest citizens even poorer while undermining national progress.
Obasanjo spoke in Lagos on Monday while chairing the public presentation of Unexplained Wealth: A Trilogy of Nigerian Financial Law, a three-volume work by Senior Advocate of Nigeria Dr Wahab Shittu.
“Those who suffer most in the corrupt society are the poor. And it makes them poorer,” the former president said. He characterised unexplained wealth as “anti-social, anti-development and anti-progress” and called for stronger institutions and effective accountability for those who divert public resources.
Obasanjo recalled the anti-corruption architecture built during his administration, including the strengthening of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC). He stressed that meaningful development remains impossible while corruption thrives.
Emir of Kano Muhammadu Sanusi II warned that legal reforms targeting unexplained wealth will have limited impact without matching political and judicial reforms. The effectiveness of anti-corruption laws, he said, 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 observed. He urged consistent and impartial application of the law rather than selective enforcement based on political affiliation.
Representing former Vice President Yemi Osinbajo, Ade Ipaye delivered a message emphasising the need for a transparent, constitutionally sound framework for recovering stolen assets. “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,” Osinbajo stated.
Book reviewer Professor Olanrewaju Fagbohun, SAN, cautioned against treating the absence of conventional documentation as automatic proof of criminal acquisition. He noted that Nigeria’s large informal economy means many legitimate transactions do not generate the formal paper trails typical of the formal sector.
Author Dr Wahab Shittu said the trilogy aims to help build a legal and institutional framework capable of distinguishing legitimate wealth from illicit enrichment. Reliable records, he stressed, are essential.
“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 declared. Without credible documentation and a robust legal framework, he warned, anti-corruption efforts risk degenerating into suspicion without proof.