SERAP Calls On Trump Administration To Expose And Return Nigeria’s Stolen Wealth

In a letter dated January 18, 2025, signed by SERAP Deputy Director Kolawole Oluwadare, the group called for transparency and accountability in the return of any recovered funds to ensure they directly benefit the Nigerian people. SERAP also recommended that the U.S. Department of Justice initiate civil asset forfeiture proceedings for any corrupt proceeds traced to Nigerian officials within American jurisdiction.

SERAP noted that looted funds connected to former Petroleum Minister Diezani Alison-Madueke and other recently returned sums are only a fraction of the over $500 billion allegedly stolen from Nigeria and held in or under U.S. jurisdiction. The group also demanded the publication of the names of Nigerian officials suspected of corruption and storing stolen wealth in U.S. banks. Additionally, SERAP proposed travel restrictions for these individuals under existing U.S. presidential proclamations.

U.S. Obligations Under International Conventions

SERAP emphasized the U.S.’s commitment to asset recovery under the UN Convention Against Corruption, highlighting the nation’s obligations to trace, freeze, and return stolen assets to their countries of origin. The group stressed the importance of using the recovered funds to combat poverty and drive sustainable development in Nigeria.

“Returning proceeds of corruption is not just a legal obligation but also a moral and developmental imperative,” SERAP stated. The organization urged the U.S. to share information with Nigerian civil society groups about stolen Nigerian assets and implement measures to prevent future concealment of illicit funds.

Recent Developments and Historical Context

SERAP’s letter follows the recent agreement between the U.S. and Nigerian governments to repatriate approximately $52.88 million in forfeited funds linked to Alison-Madueke. The funds were recovered through the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative.

The group highlighted past corruption cases, including allegations by former EFCC Chairman Nuhu Ribadu, who claimed Nigerian politicians had stolen over $400 billion. It also referenced the late dictator Sani Abacha, who reportedly withdrew billions of naira from Nigeria’s Central Bank.

Broader Implications

SERAP stressed that corruption undermines Nigeria’s sustainable development and exacerbates poverty. The organization cited the Stolen Asset Recovery Initiative, which estimates illicit funds linked to bribes alone amount to $20–$40 billion annually—equivalent to 20–40% of global official development assistance.

Quoting provisions of the UN Convention Against Corruption, SERAP reaffirmed that returning stolen assets is a fundamental principle of international cooperation and justice. It urged the Trump administration to dismantle barriers that allow Nigerian officials to launder funds in U.S. jurisdictions.

In conclusion, SERAP reiterated its commitment to promoting transparency, combating corruption, and ensuring that recovered assets benefit the Nigerian populace, aligning with global standards and Nigeria’s developmental goals.