Jersey to return $9.5m Abacha loot to Nigeria in fresh asset recovery deal

Authorities in Jersey have approved the repatriation of more than $9.5 million (£7 million) in corruption-linked funds to the Nigerian government, marking another significant step in Nigeria’s decades-long campaign to recover assets looted during the military era.

The funds, described by Jersey authorities as proceeds of “tainted property,” are believed to be part of the vast fortune stolen by Nigeria’s late former military ruler, General Sani Abacha, who governed the country between 1993 and 1998. The money had been stashed in a bank account on the island of Jersey and tied up in years of legal disputes.

Although the assets were originally recovered during the administration of former President Goodluck Jonathan, their return to Nigeria was stalled by prolonged legal challenges. Progress was finally made in December when Jersey’s Attorney-General, Mark Temple, signed a Memorandum of Understanding (MoU) with the Nigerian government to facilitate the funds’ repatriation.

According to the BBC, the latest agreement builds on two previous deals between Nigeria and Jersey, which had earlier led to the return of over $300 million (£230 million) in Abacha-linked assets.

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

Reacting to the development, Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, hailed the decision as proof of growing international cooperation in the fight against corruption. He assured that the recovered funds would be used strictly in line with the provisions 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,” Fagbemi said.

He disclosed that the funds would be deployed to complete the final phases of a major highway project linking Abuja to Nigeria’s second-largest city, describing the road as a critical national transport corridor.

On his part, Jersey’s Attorney-General, Mark Temple, said the repatriation highlights the strength of the island’s legal framework in tackling financial crimes.

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

The latest recovery adds to a long list of Abacha-era asset returns and reinforces Nigeria’s ongoing anti-corruption drive, decades after the death of the former military ruler.

Join Very Nigerian WhatsApp Channel
For Verified Breaking News, Exclusive Reports, Trending Stories, And Real-time Updates.
CLICk HERE TO JOIN!