In a significant move against international financial corruption, the Government of Jersey has formally agreed to repatriate $9.5 million (£7 million) in illicit funds to Nigeria. The restitution follows a landmark ruling by Jersey’s Royal Court, which determined the assets were “more likely than not” derived from a corrupt scheme involving Nigerian officials.
The funds, held in a Jersey-based financial institution, were identified as proceeds from a corruption network where third-party contractors systematically diverted government money for the benefit of senior Nigerian officials and their associates. His Majesty’s Attorney General for Jersey, Mark Temple KC, finalized the restitution process through a Memorandum of Understanding (MOU) signed with Nigerian authorities in December.
This agreement represents the third major asset repatriation arrangement between Jersey and Nigeria, following previous agreements that facilitated the return of over $300 million in stolen assets. The latest recovery underscores Jersey’s robust anti-corruption framework and its commitment to international judicial cooperation.
Nigerian Attorney-General and Minister of Justice Lateef Fagbemi confirmed the returned assets would be allocated according to the MOU’s provisions, specifically supporting the completion of a critical highway infrastructure project connecting Nigeria’s capital with its second-largest city. Fagbemi emphasized that the successful recovery demonstrates Nigeria’s effective collaboration with international partners in combating illicit wealth transfer to foreign jurisdictions.
Attorney General Temple highlighted the case as evidence of Jersey’s powerful civil forfeiture legislation, which serves as an essential tool in the global fight against corruption. The restitution sets another precedent for international cooperation in tracking and returning illicit assets to their rightful owners.