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Authorities in Jersey will repatriate more than $9.5 million (£7 million) linked to “tainted property” to the Nigerian government.
TheCable understands that the funds were looted by Sani Abacha, former head of state, who ruled Nigeria from 1993 until his death in 1998.
The sum was recovered under ex-President Goodluck Jonathan but legal proceedings stalled the return to Nigeria.
Mark Temple, attorney-general of Jersey, signed a memorandum of understanding (MoU) with Nigeria in December to facilitate the return of the funds, which were held in a bank account on the island.
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The BBC reports that the agreement builds on two earlier arrangements between Jersey and Nigeria that led to the repatriation of over $300 million (£230 million) in recovered assets.
In a ruling delivered in January 2024, the Royal Court in Jersey held that the funds were “more likely than not” proceeds of corruption, finding that third-party contractors diverted public funds “for the benefit of senior Nigerian officials and their associates”.
Lateef Fagbemi, Nigeria’s attorney-general and minister of justice, said the recovered assets would be utilised strictly in line with the terms of the MoU.
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“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 funds would be channelled towards the final stages of a major highway project that serves as a “vital link” between Abuja and Nigeria’s second-largest city.
Temple said the repatriation demonstrates the effectiveness of Jersey’s legal framework in tackling corruption.
“The return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption,” he said.