The government of Jersey is set to repatriate more than $9.5 million, equivalent to £7 million, to Nigeria after the funds were linked to what authorities described as “tainted property,” according to a report by the BBC.
The money, which has been held in a Jersey bank account, will be returned to the Nigerian government to support an infrastructure project.
The repatriation follows the signing of a Memorandum of Understanding in December between Jersey’s Attorney General, Mark Temple KC, and Nigerian authorities. The agreement builds on two previous arrangements between Jersey and Nigeria that led to the return of more than $300 million, or £230 million, in recovered assets.
In January 2024, Jersey’s Royal Court ruled that the funds were “more likely than not” the proceeds of corruption.
The court determined that the money was connected to a scheme in which third-party contractors diverted public resources “for the benefit of senior Nigerian officials and their associates.”
Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, said the repatriated funds would be utilised strictly in line with the provisions of the Memorandum of Understanding. He described the recovery as a clear indication of strengthening international cooperation in the fight against corruption.
“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.
The BBC reported that the funds will be used for the final phases of a major highway project described as a “vital link” between Nigeria’s capital city and its second-largest city.
Jersey’s Attorney General, Mark Temple KC, said the development demonstrated the strength of the island’s legal framework in addressing financial crime. “The return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption,” he said.
