Jersey To Return $9.5Million Abacha Loot To Nigeria

THE authorities in Jersey have agreed to repatriate more than $9.5 million (£7 million) linked to so-called “tainted property” to the Nigerian government, according to the BBC.

The Channel Island of Jersey is a self-governing dependency of the British Crown located in the English Channel, near France.

The funds, traced to a Jersey bank account, were adjudged to be proceeds of corruption and will be returned to Nigeria under a Memorandum of Understanding (MoU) signed in December by Jersey’s Attorney General, Mark Temple KC, and Nigerian authorities.

According to the report, the agreement builds on two earlier asset recovery deals between Jersey and Nigeria, which previously led to the repatriation of over $300 million (£230 million) in looted funds connected to the late military dictator Sani Abacha’s era.

BBC reports that in January 2024, Jersey’s Royal Court ruled that the funds were more likely than not derived from a corrupt scheme in which third-party contractors diverted Nigerian government funds for the benefit of senior Nigerian officials and their associates.

Confirming the development, Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi (SAN), said the recovered assets would be deployed strictly in accordance with the terms of the MoU.

“The successful recovery and repatriation of the forfeited assets underscores the effectiveness of Nigeria’s collaborative efforts with its international partners in ensuring that there is no safe haven for illicitly acquired wealth or assets moved to foreign jurisdictions,” Fagbemi said.

He added that the money would be channelled into infrastructure, specifically contributing to the final stages of a major highway linking Abuja, Nigeria’s capital, to the country’s second-largest city, described as a vital transport corridor.

MESSAGE us @ https://Wa.me/+2348072633727 for business relationship, Advert, PR, Publicity, Awareness, Interviews, Feature Stories, Press Release/Statement and so on…

On his part, Jersey’s Attorney General, Mark Temple KC, said the latest recovery demonstrated the effectiveness of the island’s legal framework in tackling corruption.

“The strength of our civil forfeiture legislation as a powerful tool in the fight against corruption,” Temple said.