Obasanjo, Sanusi, Osinbajo Differ On Unexplained Wealth Enforcement

Former President Olusegun Obasanjo, the Emir of Kano, Muhammadu Sanusi II, and former Vice President Yemi Osinbajo have offered differing perspectives on how Nigeria should tackle unexplained wealth, with emphasis ranging from stronger anti-corruption enforcement to safeguards for legitimate assets.

The trio spoke yesterday in Lagos at the public presentation of “Unexplained Wealth: A Trilogy of Nigerian Financial Law,” a three-volume work authored by anti-corruption lawyer Dr Wahab Shittu (SAN).

Obasanjo, who chaired the event, focused on the developmental consequences of corruption, saying the diversion of public resources ultimately worsens the plight of poor Nigerians.

He described corruption as “development’s greatest, deadly peril,” while characterising 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,” the former President said.

Obasanjo said Nigeria could not make meaningful progress while corruption continued to thrive.

He recalled efforts during his administration to strengthen the country’s anti-corruption framework through institutions including the Independent Corrupt Practices and Other Related Offences Commission and the Economic and Financial Crimes Commission.

Emir Sanusi, however, emphasised the need for fair and consistent enforcement, warning that legal reforms would have limited effect without corresponding political and judicial reforms.

The Emir said investigators, prosecutors, and judges must apply anti-corruption laws fairly and transparently, regardless of the political standing of those being investigated.

“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,” he said.

Sanusi therefore urged the authorities to apply anti-corruption laws consistently, not selectively.

Represented at the event by his former Chief of Staff, Ade Ipaye, Osinbajo said asset recovery must be pursued within a framework that protects constitutionally guaranteed property rights.

Osinbajo said Nigeria needed “a clear, fair, and constitutionally sound approach” to recover stolen assets without threatening legitimately acquired wealth.

The former Vice President’s position was reinforced by the book reviewer, Professor Olanrewaju Fagbohun, SAN, who cautioned against treating the absence of conventional documentation as automatic proof of criminality.

Fagbohun said enforcement of unexplained wealth laws must balance asset recovery with protecting legitimate property rights, particularly for Nigerians operating within the informal economy.

He argued that the absence of an orthodox paper trail did not necessarily establish that wealth had been illegally acquired.

The author, Shittu, said the three-volume work aimed to help develop a system capable of distinguishing legitimate wealth from illicit enrichment.

He stressed the importance of reliable records in establishing the legitimacy or otherwise of assets, warning that without credible records, society could end up “suspecting everyone and proving nothing.”.l

Shittu said wealth creation was not a crime in itself, but acquiring wealth through dubious means should attract legal consequences.

“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,” he said.

He called for an enforcement framework that would enable honest citizens to establish the legitimacy of their assets while ensuring that illicit enrichment was effectively detected and recovered.

“The fight against corruption is won not on the day the thief is convicted, but on the day the honest man is believed,” Shittu said.