The Attorney General for Jersey, Mark Temple KC, has signed a Memorandum of Understanding (MoU) with Nigeria to facilitate the return of more than $9.5 million of looted funds to the Nigerian government thereby providing additional resources for critical infrastructure projects.
This was disclosed in a statement by the British High Commission in Nigeria.
The statement further explained that, “On 29 November 2023, the Attorney General applied to the Royal Court of Jersey under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018 in respect of tainted property held in a Jersey bank account. On 12 January 2024, the Royal Court granted a forfeiture order after determining that the funds were more likely than not the proceeds of a corrupt scheme in which third-party contractors diverted government monies for the benefit of senior Nigerian officials and their associates”.
According to the statement, the recovered funds will support critical infrastructure projects in Nigeria.
“The MOU builds on two previous agreements between Jersey and Nigeria, under which more than $300 million has already been repatriated to support three major infrastructure projects: the Lagos-Ibadan Expressway; the Second Niger Bridge; and the Abuja-Kano Road. The first two projects are now complete. Under the terms of the MOU, the forfeited funds will contribute to the final stages of the Abuja-Kano Road—a 375 km highway that will provide a vital link between Nigeria’s capital and its second-largest city”.
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The Attorney General for Jersey, Mark Temple KC, further said that “This successful return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption. I thank the Nigerian authorities for their cooperation and the Economic Crime and Confiscation Unit in my Department for their unwavering commitment to recover the proceeds of crime.”
The Attorney General of the Federation and Nigeria’s Minister of Justice, Lateef Fagbemi while welcoming the gesture said: that 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.
He appreciated the Bailiwick of Jersey assuring of the judicious use of the repatriated assets.
“I want to, on behalf of the Government of the Federal Republic of Nigeria, thank the Bailiwick of Jersey for the cooperation accorded Nigeria during the Recovery exercise. I want to further assure the Bailiwick of Jersey, that the repatriated assets will be judiciously utilized in line with the terms of the executed Memorandum of Understanding.”
The latest recovery reinforces Nigeria’s ongoing efforts to trace, recover and deploy stolen public assets for national development, particularly in the area of critical infrastructure.