Prof Sagay said further that a confession from Jonathan could ensure that he would enjoy a peaceful retirement.
The prominent lawyer made the comments during a recent interview with Punch.
"To start with, the great reputation he (Jonathan) seems to have is the fact that he admitted defeat. There are thousands of actions that are negative actions so I don't think that we should overplay it," he said.
"But on the issue of the former President going to prison, I agree that it is a bit touchy politically but the case of Jonathan is particularly bad if you see the manner with which the country's resources and government coffers have been turned into a bazaar parlour where everyone goes to collect his own share. Just like Warri boys would ask, 'You don obtain your own?'
"Everyone was going to 'obtain' under Jonathan. It was just bizarre but I understand that dealing with a former Head of State is always a sensitive issue but I would say he should have a private chat with President Muhammadu Buhari and say all that he knows and if there is anything he has to release, then he should release it and be allowed to go quietly into retirement," he added.
Earlier reports had it that Jonathan wasplanning a private meeting with Buhari in order to have a discussion with him on the ongoing arms deal probe.
Corruption under Jonathan's government has been a major subject of discussion in recent times after it was alleged that officials misappropriated funds meant for Nigeria's war against Boko Haram.
The discovery was made by a special panel constituted by Buhari to investigate arms purchases in the country from 2007-2015.
Former National Security Adviser (NSA) Sambo Dasuki is at the fore of the investigations and is alleged to have supervised the alleged laundering of $2 billion funds meant for the procurement of arms.
He was arrested by the Department of State Services (DSS) on December 1, 2015 and handed over to the Economic and Financial Crimes Commission (EFCC) the day after.
The former NSA is reported to have implicated several prominent persons in the deal including former governors, ex-ministers and members of Jonathan's party, Peoples Democratic Party(PDP).
Dasuki's lawyer denied the report that his client had become an informant while the former NSA has insisted that Jonathan was aware of the expenditure.
Jonathan has however denied authorizing the release of the stated funds despite the former NSA's claim that he got the necessary presidential approval for the transactions.
