Authorities in the UK Crown Dependency of Jersey have finalized an agreement to repatriate over $9.5 million (£7 million) in recovered funds linked to former Nigerian military ruler Sani Abacha.
The assets, described by Jersey’s Royal Court as “tainted property,” were held in a Jersey bank account and have been the subject of prolonged legal proceedings.
Okay News reports that the repatriation follows a Memorandum of Understanding (MoU) signed in December between Jersey’s Attorney-General, Mark Temple, and the Nigerian government. This agreement builds on previous successful recoveries from the island nation, which have totaled more than $300 million to date.
Nigeria’s Minister of Justice, Lateef Fagbemi, confirmed that the returned funds will be strictly utilized for infrastructure development.
Specifically, the money is earmarked for the final stages of a major highway project connecting Abuja to Nigeria’s second-largest city. Both officials hailed the move as a testament to the effectiveness of international civil forfeiture laws in combating corruption and ensuring there are no safe havens for illicit wealth.
