SERAP urges Obama to take aggressive steps on stolen funds

PAUL DADA

The Socio-Economic Rights and Accountability Project (SERAP) has urged the US President Barack Obama to take decisive steps in assisting Nigeria to recover stolen funds kept in US banks.

SERAP, which stated this ahead of the meeting between President Muhammadu Buhari and Obama in Washington DC, said by doing so, Obama would be helping to right the wrong that had been done to the Nigerian masses over the years.

In a statement yesterday by its Executive Director, Adetokunbo Mumuni, SERAP noted that US banks had aided and abetted the fraud perpetrated against the Nigerian masses by corrupt public officials and therefore urged Obama to “seize the rare opportunity that his government now has to right this injustice.”

The group suggested for Obama to set up a Presidential Advisory Committee and facilitate a Congressional hearing on stolen assets from Nigeria, which it believes would be tremendously important in renewing attention to repatriation of stolen assets to Nigeria.

“Corruption, money laundering and systematic violations of human rights go hand-in-hand and that is why President Obama should do everything within his power to get to the bottom of the stolen assets from Nigeria kept in the US.

“Recovering stolen assets from the US is a lingering issue that requires justice and fairness especially given the complicity of US banks and other institutions in corruption and money laundering in Nigeria, and the fact that stolen assets have contributed to the growth of US economy.

“Therefore, thoughtful and aggressive steps are needed if the Obama government is to change the asset recovery fatigue that characterised previous US administrations.

“President Obama should also propose legislation to assist Nigerians in pursuing stolen assets in US banks and other institutions.

“Any such legislation should also require every bank and financial institution doing business in the US and their European affiliates to post on a central Internet site bank accounts of politically exposed persons and their families and friends from Nigeria.

“Indeed, the US government has an important responsibility to ensure not only that it returns stolen assets to the country but that it takes proactive steps to stop the stashing of such assets in its jurisdiction. When it comes to stolen assets from Nigeria, the US government should use the same methodologies it adopts against terrorists using its banking system.”

SERAP further urged Obama to use his influence to convince European governments and other financial centres keeping stolen assets from Nigeria to be more proactive in returning such assets through transparent procedures that are fair, just, and meritorious without technical defences.

According to the group, except Obama took the lead, the US and European financial centres will continue to serve as safe havens to stolen assets from Nigeria and elsewhere.