Federal government finalises return of $9.5m held in Jersey since Jonathan era

Authorities in Jersey, a British Crown Dependency in the Channel Islands, are set to repatriate more than $9.5 million (£7 million) to the Nigerian government following a bilateral agreement reached in December.

The funds will be deployed to support infrastructure development in Nigeria, particularly the final stages of the Abuja–Lagos highway project.

The repatriation follows a Memorandum of Understanding signed between Jersey’s Attorney General, Mark Temple KC, and the Federal Government of Nigeria. The agreement builds on two previous arrangements between both parties that led to the return of more than $300 million previously held in bank accounts on the island.

Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, said the recovered assets would be utilised strictly in accordance with the terms of the agreement.

He described the recovery as a reflection of Nigeria’s growing cooperation with international partners in tackling illicit financial flows, stressing that foreign jurisdictions are increasingly unwilling to serve as safe havens for illegally acquired wealth.

The Jersey Attorney General, Mark Temple KC, said the case demonstrated the strength of the island’s civil forfeiture laws as an effective tool in combating corruption and recovering proceeds of crime.

In 2024, Jersey’s Royal Court ruled that the funds were more likely than not proceeds of a corrupt scheme involving third-party contractors who diverted public funds for the benefit of senior Nigerian officials and their associates.

Although the money was recovered during the administration of former President Goodluck Jonathan, its repatriation was delayed for several years due to protracted legal proceedings.