The Bailiwick of Jersey, a self-governing British Crown Dependency in the English Channel, has signed a Memorandum of Understanding (MoU) with the Federal Government of Nigeria to return over $9.5 million in funds identified as proceeds of corruption. This significant development is expected to support critical infrastructure projects in Nigeria, particularly the final stages of the Abuja-Kano Road, a 375-kilometre highway linking the nation’s capital to its second-largest city.
The funds, held in a Jersey bank account, were forfeited by the Royal Court of Jersey on January 12, 2024, after investigations revealed they were “more likely than not” the proceeds of a corrupt scheme involving the diversion of government monies for the benefit of senior Nigerian officials and their associates.
Nigeria’s Attorney General, Lateef Fagbemi, welcomed the repatriation, stating that it underscores the country’s collaborative efforts with international partners to ensure no safe haven for illicitly acquired wealth. Jersey’s Attorney General, Mark Temple KC, praised the cooperation between the two jurisdictions, highlighting the effectiveness of Jersey’s civil forfeiture legislation in tackling corruption.
Jersey, known for its financial services sector and picturesque landscapes, has been working to enhance its reputation as a clean and transparent financial hub. This repatriation is part of its efforts to strengthen international cooperation in fighting financial crime.
This latest agreement builds on two previous deals between Jersey and Nigeria, which have already seen over $300 million repatriated to support major infrastructure projects, including the Lagos-Ibadan Expressway and the Second Niger Bridge. The returned funds will be judiciously utilized in line with the terms of the MoU, with independent auditors and a civil society organization monitoring the spending.
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