Obasanjo: Corruption, illicit wealth hinder development

Former Nigerian President Olusegun Obasanjo has stated that corruption and illicit wealth impede societal progress and development. This message was conveyed during his recent chairing of the public presentation and launch of “Unexplained Wealth: A Trilogy of Nigerian Financial Law,” authored by Senior Advocate of Nigeria, Dr. Wahab Shittu.

Obasanjo, a wartime prosecutor and later a farmer, has been a long-time advocate against corruption. He met Dr. Shittu through Transparency International, an organisation founded by Peter Eigen, a former World Bank official. Obasanjo emphasized that corruption is anti-social, anti-development, and anti-progress. He recounted a time when Bob McNamara, a former U.S. Secretary of Defence and World Bank president, dismissed their appeal for support, claiming it as an impossible task.

Undeterred, Obasanjo and Dr. Shittu travelled globally to convince others of the need for anti-corruption efforts. One of their initial targets was the Organisation for Economic Co-operation and Development (OECD), which had permitted tax deductions for bribe payments. They successfully lobbied for the OECD to abolish such practices.

Obasanjo also highlighted his administration's efforts to establish the Independent Corrupt Practices and Other Related Offences Commission (ICPC), modelled on a law provided by Transparency International. The anti-corruption legislation faced opposition in the Nigerian National Assembly due to lawmakers' fears of personal consequences.

Despite this, the law was eventually passed after 18 months of debate. Obasanjo lauded Nuhu Ribadu, a key figure in Nigeria's fight against corruption, and commended the trilogy authored by Dr. Shittu, which focuses on three essential components of combating illicit wealth: law, prosecution, and recovery. He underlined that Nigeria had implemented anti-corruption measures before the UN adopted its global anti-corruption framework, indicating that Nigeria was ahead of the UN in this regard.