The Socio-Economic Rights and Accountability Project (SERAP) has issued a passionate plea to U.S. President-elect Donald Trump, calling for decisive action to recover and return billions of dollars in corruption proceeds linked to Nigerian officials and deposited in the United States.
In a letter dated January 18, 2025, SERAP urged the incoming U.S. administration to identify, seize, and repatriate stolen Nigerian funds, emphasizing that such assets must be utilized transparently to benefit the Nigerian people. The letter, signed by SERAP’s deputy director Kolawole Oluwadare, also called for the publication of names of Nigerian officials involved in these corrupt practices and the imposition of travel bans on them.
Unmasking Corruption and Its Players
“Returning proceeds of corruption to Nigeria is a development imperative,” SERAP said. “By taking these steps, the U.S. would not only fulfill its commitments under the UN Convention against Corruption but also contribute to addressing the growing poverty in Nigeria.”
SERAP’s plea comes against the backdrop of a recent agreement between the U.S. and Nigeria to repatriate $52.88 million in forfeited assets linked to Diezani Alison-Madueke, a former Minister of Petroleum Resources. These funds were seized under the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative, which targets ill-gotten wealth from foreign officials.
Highlighting the magnitude of the problem, SERAP referenced allegations from as far back as 2007, when former EFCC Chairman Nuhu Ribadu accused Nigerian politicians of stealing over $400 billion. Additionally, estimates from the Stolen Asset Recovery Initiative (StAR) indicate that illicit funds tied to bribes in developing countries range between $20 billion and $40 billion annually.
Global Obligations and Local Impact
SERAP stressed that the U.S., as a state party to the UN Convention against Corruption, has a legal and moral obligation to assist Nigeria in retrieving its stolen wealth. “A whole chapter of the Convention is devoted to international cooperation in recovering and returning stolen assets,” the organization pointed out.
The group argued that corruption has entrenched poverty and inequality in Nigeria, with trillions of naira reportedly misappropriated from critical sectors like petroleum, health, and education. The country’s auditor-general’s office has consistently uncovered massive irregularities across ministries, departments, and agencies.
“Imposing temporary travel bans on corrupt officials will not violate due process if reasons for the sanctions are communicated,” the letter asserted.
The Case for Transparency
SERAP also stressed the importance of transparency in managing returned funds to avoid further mismanagement. “Funds returned must be safeguarded through strict accountability standards,” the letter read.
This call resonates with past controversies, including the looting of Nigeria’s treasury by the late military dictator General Sani Abacha. Billions stolen during his regime were later repatriated from foreign accounts, but questions about their utilization linger.
In 2023, the Nigerian government launched a fresh probe into allegations that funds recovered from the Abacha loot were re-looted. Such cases, SERAP argued, underscore the necessity of external oversight in the utilization of recovered assets.
A New Chapter of Accountability?
SERAP’s call to Trump aligns with a broader push for accountability and justice in Nigeria. Corruption has long been described as the “Achilles’ heel” of Africa’s largest economy, hindering development and fueling social unrest.
“The U.S. must fulfill its obligations under Articles 51 and 43 of the UN Convention against Corruption,” SERAP stated. These articles mandate the return of confiscated assets to their countries of origin, particularly when such assets result from public corruption.
The organization also cited a 2013 resolution by the Conference of States Parties to the UN Convention Against Corruption, which urges member states to prioritize the repatriation of stolen assets.
Poverty and Development Goals at Stake
SERAP linked the issue of stolen wealth to Nigeria’s developmental challenges. With over 60% of its population living below the poverty line, the country struggles to meet basic socio-economic rights. Repatriated funds could help address this gap by boosting investments in education, healthcare, and infrastructure.
“The return of stolen assets is not merely a legal requirement but a development imperative,” SERAP argued, adding that recovered funds could also help Nigeria achieve the Sustainable Development Goals.
