UK’s Jersey to return $9.5 Abacha loot to Nigeria

Authorities in the UK Crown Dependency of Jersey will repatriate more than $9.5 million (7 million) in funds linked to corruption to the Nigerian government. The funds, described as proceeds of tainted property, are believed to have been stolen by the late former military head of state, Sani Abacha, who ruled Nigeria between 1993 and 1998. The money was held in a bank account on the island of Jersey and had been the subject of prolonged legal proceedings. 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. 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, Nigerias attorney-general and minister of justice, said the recovered assets would be utilised strictly in line with the terms of the MoU. The successful recovery and repatriation of the forfeited assets underscores the effectiveness of Nigerias 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 Nigerias second-largest city. Temple said the repatriation demonstrates the effectiveness of Jerseys 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.The post UK’s Jersey to return $9.5 Abacha loot to Nigeria appeared first on Linda Ikeji Blog.