The island of Jersey has agreed to return more than $9.5m (£7.5m) to Nigeria after a court ruled the money was likely the result of a “corrupt scheme” involving senior officials.
The funds, which were held in a Jersey bank account, were repatriated following a Memorandum of Understanding (MoU) formally confirmed in the Nigerian capital, Abuja, on Friday.
The money has been earmarked to help complete the Abuja-Kano Road, a vital 375km (230-mile) highway linking the capital to the country’s second-largest city.
‘No safe haven’
The Royal Court of Jersey ruled in 2024 that the assets were “more likely than not” government funds diverted by third-party contractors for the benefit of Nigerian officials and their associates.
Jersey’s Attorney General, Mark Temple KC, said the recovery proved that the island’s civil forfeiture laws were a “powerful tool” against global corruption.
Nigeria’s Attorney General, Lateef Fagbemi, welcomed the move, stating it sends a clear message that there is “no safe haven for illicitly acquired wealth” moved to foreign jurisdictions.
Where is the money going?
This is not the first time the British Crown Dependency has sent seized assets back to West Africa. More than $300m has previously been returned to Nigeria from Jersey, funding several landmark projects:
- Lagos–Ibadan Expressway: Now completed.
- Second Niger Bridge: Now completed.
- Abuja–Kano Road: The latest $9.5m will be used for the final stages of this ongoing project.
The Nigerian government has promised that the funds will be “judiciously utilised” under the terms of the agreement, which includes international monitoring to ensure the money is spent only on the designated infrastructure.
The move comes at a time of increased international pressure on tax havens and offshore financial centres to identify and return wealth stolen by politically exposed persons.
Add Comment