Tinubu’s govt sets to receive $9.5m allegedly looted by ex-Head of State

Authorities in the Channel Island of Jersey have agreed to return more than $9.5 million (£7 million) identified as “tainted property” to the Nigerian government, the BBC has reported.

Jersey is a self-governing dependency of the British Crown situated in the English Channel, close to France.

The funds, which were traced to a bank account in Jersey, were determined to be proceeds of corruption and are to be repatriated to Nigeria under a Memorandum of Understanding (MoU) signed in December by Jersey’s Attorney General, Mark Temple KC, and Nigerian authorities.

According to the report, the agreement builds on two previous asset recovery arrangements between Jersey and Nigeria, which resulted in the return of more than $300 million (£230 million) in alleged looted funds associated with the era of former military ruler Sani Abacha.

BBC reports that Jersey’s Royal Court ruled in January 2024 that the money was more likely than not derived from a corrupt scheme involving third-party contractors who diverted Nigerian government funds for the benefit of senior Nigerian officials and their associates.

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Confirming the development, Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi (SAN), said the recovered funds 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 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 directed toward infrastructure development, particularly the final phase of a major highway linking Abuja, Nigeria’s capital, to the country’s second-largest city, which he described as a vital transport corridor.

Jersey’s Attorney General, Mark Temple KC, also said the latest recovery highlighted the strength of the island’s legal mechanisms in combating corruption.

“The strength of our civil forfeiture legislation as a powerful tool in the fight against corruption,” Temple said.