OBASANJO SAYS CORRUPTION, ILLICIT WEALTH HINDER NIGERIA’S DEVELOPMENT

Former President Olusegun Obasanjo has said corruption and illicit wealth remain major obstacles to Nigeria’s development, warning that the effects are felt most severely by poor citizens.

Obasanjo spoke in Lagos while chairing the public presentation of “Unexplained Wealth: A Trilogy of Nigerian Financial Law,” authored by Senior Advocate of Nigeria, Wahab Shittu.

The former President said corruption was incompatible with national development and stressed the need for stronger laws and institutions to prevent it from becoming entrenched.

Obasanjo recalled his involvement in Nigeria’s anti-corruption efforts, including the establishment of the Independent Corrupt Practices and Other Related Offences Commission and the Economic and Financial Crimes Commission during his administration.

He also recounted his involvement in the early development of Transparency International, saying the organisation’s campaign contributed to efforts to address corruption globally.

According to Obasanjo, Nigeria cannot make meaningful development progress if corruption is allowed to thrive. He said although no country had completely eliminated corruption, governments could establish systems that prevent it from becoming widespread.

The former President commended Shittu for the book, which focuses on the legal framework, prosecution and recovery of illicit wealth.

He urged Nigeria and other African countries to strengthen their institutions, enforce anti-corruption laws and sustain efforts to prevent the diversion of public resources.