Jersey to return over $9.5m looted funds to Nigeria

The Bailiwick of Jersey has signed a Memorandum of Understanding with the Federal Government of Nigeria to return more than $9.5 million identified as proceeds of corruption, with the repatriated funds earmarked to support a major infrastructure project.

His Majesty’s Attorney General for Jersey, Mark Temple KC, signed the MoU in December 2025, paving the way for the return of the funds to Nigeria.

The development was disclosed in a statement issued by the British High Commission, through Stephen Odekunle, where it added that the agreement was formally confirmed in Abuja on Friday, January 9, 2026.

The funds were forfeited following a decision of the Royal Court of Jersey on January 12, 2024.

The court ruled that the money held in a Jersey bank account was “more likely than not” the proceeds of a corrupt scheme in which third-party contractors diverted government funds for the benefit of senior Nigerian officials and their associates.

The application for forfeiture was brought under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018.

Temple said the recovery highlights the effectiveness of Jersey’s anti-corruption framework and cooperation with Nigeria.

“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,” He said.

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 have now been completed.

Under the latest agreement, the $9.5 million forfeited funds will be channelled towards the final stages of the Abuja–Kano Road, a 375-kilometre highway described as a vital transport link between the nation’s capital and its second-largest city.

Nigeria’s Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), welcomed the development, saying it demonstrates Nigeria’s determination to track illicit funds overseas.

“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.

He expressed appreciation to Jersey authorities, adding, “On behalf of the Government of the Federal Republic of Nigeria, I thank the Bailiwick of Jersey for the cooperation accorded Nigeria during the recovery exercise.

“I further assure the Bailiwick of Jersey that the repatriated assets will further be judiciously utilised in line with the terms of the executed Memorandum of Understanding.”

Source: Punch