Asset declaration has always been a crucial issue in governance, especially in nations where corruption and transparency remain key concerns. Since Bola Tinubu assumed office as Nigeria’s president in May 2023, his administration has been characterized by frequent appointments and dismissals, signaling an aggressive approach to governance. While this pattern highlights the vast influence of the Nigerian presidency, it also underscores Tinubu’s strong stance against corruption. He has dismissed more government officials on corruption-related charges in less than two years than his predecessor, Muhammadu Buhari, did in his entire eight years in power.
Tinubu’s rhetoric on fighting corruption is uncompromising. He has pledged to tackle corruption “head on” and has stated unequivocally that “no corrupt Nigerian will be spared.” This aligns with Section 15 (5) of the 1999 Constitution, which mandates that “the State shall abolish all corrupt practices.” While his stance is commendable, the challenge lies in the credibility of his anti-corruption drive, given the long-standing controversies surrounding his personal wealth.
Historically, no civilian president in Nigeria has assumed office under such intense scrutiny regarding the origins of their wealth. Tinubu, a known billionaire, is the first plutocrat to lead the country, and while wealth itself is not an issue, the opacity surrounding its source has raised both local and international concerns. Global observers have taken note, with the Financial Times remarking in a 2023 editorial that corruption in Nigeria “needs to be tackled” and adding pointedly, “It does not help that Tinubu’s vast wealth is not easy to decipher.”
The Organised Crime and Corruption Reporting Project (OCCRP), a global investigative network, named Tinubu the second runner-up for the 2024 “Person of the Year in Organised Crime and Corruption.” While this does not prove any wrongdoing, the perception is damaging, further fueling calls for transparency. The Socio-Economic Rights and Accountability Project (SERAP), a leading Nigerian NGO, has urged Tinubu to request the Code of Conduct Bureau (CCB) to publish his asset declaration publicly. Such a move would be in line with global best practices and would demonstrate true leadership in governance.
Nigeria has a troubled history regarding asset declaration. In 2012, when pressured to make his assets public, former President Goodluck Jonathan dismissed the calls, infamously declaring, “I don’t give a damn!” This perception of arrogance contributed to his electoral defeat in 2015. Buhari, on the other hand, reluctantly published his asset declaration upon assuming office. However, his credibility took a hit when, after serving two terms, he claimed he now relied on rental income from one of his three houses—an assertion widely ridiculed by the public.
Tinubu, unlike Jonathan and Buhari, has never downplayed his wealth. He has been openly boastful about his financial success, once claiming he was “richer than Osun State.” In 2024, he further stated that he solely funded his presidential campaign, saying, “I have no cabal. I have no sponsor. The money I spent on the election was my personal fortune.” This raises fundamental questions about the nature and sources of his wealth. In many democratic nations, the idea of a single individual funding a presidential campaign without external backing is practically unheard of. Such a claim, if left unexplained, erodes trust in Nigeria’s democratic process and raises legitimate concerns about political accountability.
Tinubu’s Minister for Youth Development, Ayodele Olawande, reinforced the narrative of his immense wealth by stating that the president is “too rich to loot Nigeria’s treasury.” Tinubu himself has echoed similar sentiments, asserting, “I did not come to look for money; I came to work.” Yet, despite these proclamations, his presidency has been marked by extravagant state-funded foreign trips, prompting concerns about the prudent use of national resources. Nigeria’s Foreign Minister, Yusuf Tuggar, recently defended the frequency of Tinubu’s international travel, insisting that “Nigeria has money to fund Tinubu’s frequent foreign trips.” This statement has sparked debates over the necessity and cost-effectiveness of these travels, especially in a nation struggling with economic hardship.
The lack of a credible asset declaration system in Nigeria exacerbates this issue. International standards, as outlined by the OECD, highlight three primary goals for asset declaration systems: increasing transparency, preventing conflicts of interest, and monitoring wealth variations. Nigeria’s current system fails to meet these benchmarks. There are no mechanisms to prevent public officials from awarding contracts to businesses owned by their associates or family members. The system also lacks stringent checks against unexplained wealth accumulation, allowing political figures to amass fortunes without accountability. Furthermore, the absence of mandatory public disclosure means that asset declarations remain private documents, fostering a culture of secrecy and impunity.
The International Monetary Fund (IMF), in its 2024 Article IV Consultation report on Nigeria, called for “public access to the declarations of public servants.” However, resistance to this level of transparency remains deeply entrenched. In March 2024, the Nigerian Court of Appeal ruled that the CCB could not publish the asset declarations of former Presidents Jonathan and Buhari, further illustrating the institutional barriers that hinder transparency efforts. This ruling reinforces the perception that state institutions, including the judiciary, often serve as enablers of corruption rather than as instruments of accountability.
If Tinubu is genuinely committed to fighting corruption “head on,” as he has vowed, he must lead by example. Publicly declaring his assets would not only reinforce his credibility but also set a new standard for transparency in Nigerian governance. Without such a decisive move, his anti-corruption rhetoric risks being perceived as mere political posturing. In a country where public trust in leadership is already fragile, Tinubu has an opportunity to rebuild confidence through decisive and transparent governance.
The Nigerian people deserve accountability. The world is watching. The time for Tinubu to act is now.
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