Yar'Adua has made history by making his assets public in a bid to battle corruption

The President of Nigeria has publicly declared assets worth around $5m (£2.5m) in a bold move which he hopes will kick-start a new era of financial transparency in the troubled country.

In an election mired in violence and controversy, Umaru Yar'Adua came to power in May with a manifesto packed full of promises that he would strive to fight the widespread corruption that has had a stranglehold on the country’s economy for years.

A spokesman for Yar’Adua said, “While the constitution does not currently compel any public official to declare his assets publicly, the President 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.”

Details of Yar’Adua’s assets show that he has amassed considerable wealth through his family who are prominent in both politics and business. According to the information, he holds no assets outside of Nigeria.

Statistics published by the World Bank suggest that at least $300m (£150m) in government funds cannot be accounted for over the decades since Nigeria became Africa's foremost oil producer.

In a recent survey conducted by the Economist Intelligence Unit to find the most peaceful nations in the world (entitled the Global Peace Index), Nigeria was placed 117th out of 121 countries, surpassing only Israel, Iraq, Sudan and Russia.

Read more about the corruption and politics surrounding the Nigerian conflict here.