Tinubu Asset Declaration

Understanding the Controversy Behind President Tinubu’s Wealth

Since assuming office in May 2023, President Bola Tinubu has made frequent political appointments and dismissals, demonstrating the extensive authority of the Nigerian presidency. His administration has notably removed more officials for corruption-related offenses in under two years than former President Muhammadu Buhari did in his entire eight-year tenure.

Tinubu’s anti-corruption stance appears more aggressive than that of his predecessor. While Buhari once declared that “if we don’t kill corruption, corruption will kill Nigeria,” his administration failed to effectively tackle the issue. In contrast, Tinubu has vowed to fight corruption “head-on,” asserting that no corrupt individual will be spared.

However, despite his strong rhetoric, Tinubu faces a significant credibility challenge—one that revolves around the source of his wealth. As Nigeria’s first multi-billionaire civilian president, his financial background remains a topic of intense speculation both locally and internationally.

The Global Scrutiny on Tinubu’s Wealth

The Financial Times, in a 2023 editorial, emphasized the urgent need to combat corruption in Nigeria, noting that Tinubu’s substantial fortune remains difficult to trace. Additionally, the Organised Crime and Corruption Reporting Project (OCCRP) named him a runner-up for its 2024 “Person of the Year in Organised Crime and Corruption” award.

These allegations and perceptions, whether accurate or not, raise serious concerns. To uphold public trust, President Tinubu must provide full disclosure by publicly declaring his assets—a step advocated by the Socio-Economic Rights and Accountability Project (SERAP). The organization has urged Tinubu to instruct the Code of Conduct Bureau (CCB) to publish his asset declaration.

Lessons from Past Nigerian Presidents on Asset Declaration

Historically, Nigerian leaders have been reluctant to disclose their assets. In 2012, when pressed to make his assets public, President Goodluck Jonathan defiantly stated, “I don’t give a damn!” This decision contributed to his loss in the 2015 election amid widespread corruption allegations.

While Buhari eventually disclosed his assets in 2015, his recent claim that he now survives on rent from one of his three houses has cast doubt on the integrity of his initial declaration. If Buhari, after two presidential terms, claims financial struggles, how does Tinubu justify his pre-presidency billionaire status?

Tinubu’s Statements on His Wealth and Political Spending

Unlike Jonathan and Buhari, Tinubu has consistently flaunted his financial power. He once proclaimed himself “richer than Osun State” and claimed to have personally funded his 2023 presidential campaign. This raises critical questions:

How did Tinubu amass such extraordinary wealth before becoming president?
Is it democratic for a single individual to self-finance an election campaign entirely?
Should Nigerians have access to information about the assets of a leader who claims to have independently bankrolled a presidential election?

Even within his administration, Tinubu’s vast fortune is acknowledged. In September 2024, Minister for Youth Development, Ayodele Olawande, remarked that Tinubu is “too rich to loot Nigeria’s treasury.” Tinubu himself stated: “I did not come to look for money; I came to work.” If that is the case, why does he continue to rely on state funds for extravagant foreign trips? Unlike some U.S. presidents, including Donald Trump, who forfeited their salaries, Tinubu continues to live off government resources.

The Need for a Transparent Asset Declaration System in Nigeria

Nigeria’s asset declaration framework is ineffective in ensuring transparency. According to the Organisation for Economic Co-operation and Development (OECD), a functional system should:

Enhance Transparency – Making asset declarations publicly accessible.
Prevent Conflicts of Interest – Ensuring government officials do not award contracts to businesses linked to their families.
Monitor Wealth Variations – Investigating unexplained financial growth among public servants.

Unfortunately, Nigeria’s system fails in all three areas. The International Monetary Fund (IMF), in its 2024 Article IV Consultation Report, recommended public access to asset declarations to promote accountability. However, Nigerian institutions continue to resist transparency. In March 2024, the Court of Appeal ruled that the CCB could not disclose the asset declarations of former Presidents Jonathan and Buhari—highlighting the judiciary’s role in enabling corruption.

Why Tinubu Must Lead by Example

If President Tinubu is genuinely committed to eradicating corruption, he must take decisive action. Publicly declaring his assets is a crucial step toward restoring credibility and strengthening public confidence in his administration. Without such transparency, his anti-corruption agenda risks being dismissed as mere rhetoric.