Lagos, Nigeria – The Government of Nigeria has taken receipt of more than £7 million (about $9.5 million) in recovered assets from the Bailiwick of Jersey, in what officials describe as another successful step in international efforts to recover and repatriate funds misappropriated from the Nigerian State.
The funds, held in a Jersey bank account and legally determined to be “tainted property”, were ordered for forfeiture by Jersey’s Royal Court in January after evidence showed they were “more likely than not” proceeds of a corrupt scheme in which third-party contractors siphoned Nigerian government funds to benefit senior officials and their associates.
In December 2025, His Majesty’s Attorney General for Jersey, Mark Temple KC, signed a Memorandum of Understanding (MOU) with Nigerian authorities to formalize the return of the assets to Abuja.
The agreement outlines how the money will be applied, reinforcing transparency and mutual accountability.
Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, welcomed the repatriation, noting that it reflects strong cooperation between Nigeria and international partners in the fight against illicit financial flows and corruption.
He added that the return underscores that offshore jurisdictions cannot serve as safe havens for unlawfully acquired wealth.
Under the terms of the MOU, the returned funds will be put toward the final stages of the Abuja–Kano Road project, a critical infrastructure link between Nigeria’s capital and its second-largest city, which plays a major role in national trade, mobility, and economic integration.
This repatriation builds on earlier cooperation between the two governments.
Previous agreements have resulted in more than $300 million in repatriated assets from Jersey being directed toward major Nigerian infrastructure projects, including the Lagos–Ibadan Expressway and the Second Niger Bridge.
Officials on both sides emphasized that civil forfeiture laws and collaborative legal frameworks are crucial tools in tracing and recovering stolen public assets, particularly in cases where criminal convictions in the originating country may be challenging or protracted.
Image Credit: Reuters
Source: BBC NEW
