President Umaru Yar’Adua revealed personal wealth of $5 million on Thursday, saying public financial disclosures should be standard practice as Nigeria battles official corruption.
Yar’Adua, who took power May 29 with a promise to fight graft, said he owned several buildings across northern Nigeria, where his family is prominent in business and politics.
Yar’Adua, who was required only to declare his finances to authorities, made the declaration public as an inducement to other politicians, said presidential spokesman Olusegun Adeniyi.
“While the constitution does not currently compel any public official to declare his assets publicly, President Yar’Adua intends to work with the leadership of the National Assembly to see what can be done to make assets declaration an effective weapon in the fight against corruption and abuse of office,” Adeniyi said.
Nigeria is regularly rated among the world’s most corrupt nations and politicians and government workers are routinely found pilfering from the public coffers.
The World Bank says at least $300 million in government funds cannot be accounted for over the decades in Africa’s biggest oil producer.
Yar’Adua’s predecessor, Olusegun Obasanjo, made fighting corruption a stated goal, and Yar’Adua promised to continue the efforts.