According to reports, authorities in Jersey will repatriate over $9.5 million (£7 million) linked to the Abacha loot to the Nigerian government.
According to sources, the Abacha loot came from funds embezzled by former Nigerian leader Sani Abacha, who ruled from 1993 until his death in 1998.
However, under former President Goodluck Jonathan, the money was recovered, but the repatriation to Nigeria was delayed by legal actions.
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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.
According to the BBC, the deal expands upon two previous agreements between Jersey and Nigeria that resulted in the return of assets valued at more than $300 million (£230 million).
The Royal Court in Jersey ruled in January 2024 that the money was “more likely than not” the result of corruption, concluding that third-party contractors had misappropriated public monies “for the benefit of senior Nigerian officials and their associates.”
Nigeria’s attorney general and minister of justice, Lateef Fagbemi on his part, stated that the recovered assets would be used strictly in accordance with the conditions of the Memorandum of Understanding.
“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.
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He further stated that the money recovered from the Abacha loot would be used to complete a significant highway project that would provide a “vital link” between Abuja and the second-biggest city in Nigeria.
According to Temple, the repatriation shows how well Jersey’s legal system combats corruption.
“The return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption,” he said.
