Jersey to return $9.5m linked to ‘tainted property’ to Nigeria

More than $9.5 million (£7 million) held in a Jersey bank account and linked to “tainted property” will be repatriated to the Nigerian government to support an infrastructure project, the BBC reports.

The return of the funds follows the signing of a Memorandum of Understanding (MoU) in December by Jersey’s Attorney General, Mark Temple KC, and Nigerian authorities. The agreement builds on two earlier arrangements between Jersey and Nigeria that facilitated the repatriation of over $300 million (£230 million) in recovered assets.

In January 2024, Jersey’s Royal Court ruled that the money was “more likely than not” the proceeds of corruption.

The court found that the funds were linked to a scheme in which third-party contractors diverted public resources “for the benefit of senior Nigerian officials and their associates.”

Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, said the repatriated assets would be deployed strictly in accordance with the terms of the MoU. He described the recovery as evidence of growing international cooperation against corruption.

“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.

According to the BBC, the funds will be applied to the final stages of a major highway project regarded as a “vital link” between Nigeria’s capital and its second-largest city.

Temple said the repatriation highlighted the effectiveness of Jersey’s legal framework in tackling financial crime. “The return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption,” he said.

The post Jersey to return $9.5m linked to ‘tainted property’ to Nigeria appeared first on Vanguard News.