Jersey To Return $9.5m Abacha Loot To Nigeria

Jersey, a British Crown Dependency, has agreed to repatriate more than $9.5m (£7m) to the Nigerian government.

The money, described as proceeds of “tainted property”, is believed to be part of the vast fortune stolen by the late former military head of state, Sani Abacha, who ruled Nigeria between 1993 and 1998.

The funds were kept in a bank account in Jersey and had been tied up in legal proceedings for several years.

Although the assets were first recovered during the administration of former President Goodluck Jonathan, court challenges stalled their return to Nigeria.

Progress was made in December when Jersey’s Attorney-General, Mark Temple, signed a memorandum of understanding (MoU) with Nigerian authorities to enable the repatriation.

The BBC reports that the latest agreement builds on two earlier arrangements between Jersey and Nigeria that led to the return of more than $300m (£230m) in recovered assets.

In a judgment delivered in January 2024, Jersey’s Royal Court ruled that the funds were “more likely than not” the proceeds of corruption. The court found that third-party contractors had diverted public funds for the benefit of senior Nigerian officials and their associates.

Nigeria’s Attorney-General and Minister of Justice, Prince Lateef Fagbemi, a Senior Advocate of Nigeria, said the recovered money would be used strictly in line with the terms of the MoU.

He described the development as a major boost to Nigeria’s anti-corruption drive and proof that illicit wealth can no longer find safe haven abroad.

“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 channeled towards the final stages of a major highway project that serves as a vital transport link between Abuja and Nigeria’s second-largest city.

Temple, on his part, said the repatriation demonstrated the strength of Jersey’s legal framework in the fight against corruption.

“The return demonstrates the strength of our civil forfeiture legislation as a powerful tool in tackling corruption,” he said.