Nigeria to Receive Fresh $9.5m Looted Funds from Jersey

Nigeria to Receive Fresh $9.5m Looted Funds from Jersey

JOEL OLADELE, Abuja

The Bailiwick of Jersey has signed a Memorandum of Understanding (MoU) with the Federal Government of Nigeria to repatriate more than $9.5 million recovered as proceeds of corruption, to support critical infrastructure development in the country.

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

According to the statement, the recovered money originated from a Jersey bank account linked to a corrupt scheme in which government funds were diverted by third-party contractors for the benefit of senior Nigerian officials and their associates.

On 29 November 2023, the Attorney General of Jersey applied to the Royal Court under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018, and on 12 January 2024, the court granted a forfeiture order, having determined that the funds were “more likely than not the proceeds of a corrupt scheme.”

The MoU builds on earlier cooperation between Nigeria and Jersey, under which more than $300 million had previously been repatriated to fund major projects, including the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Road.

While the first two projects have been completed, the newly returned funds will be applied to the final stages of the 375-kilometre Abuja-Kano Road, a key highway linking the nation’s capital to its second-largest city.

Speaking on the development, Mark Temple KC said:
“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.”

On his part, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, described the recovery as a testament to effective international collaboration.

He said:
“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 also assured that the funds would be properly deployed, adding:
“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.”