By Ziggy Ojiegbe

The United Kingdom and Nigeria have signed a Memorandum of Understanding (MoU) to facilitate the return of $9.5 million identified as proceeds of corruption and traced to bank accounts in the Bailiwick of Jersey.

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Under the agreement, the funds will be repatriated to Nigeria on the condition that they are deployed strictly for critical infrastructure projects.

The British Attorney General for Jersey, Mark Temple KC, signed the MoU on behalf of the UK authorities. According to a statement issued by the British High Commission (BHC) in Lagos and made available to Oracle Intelligence, the funds were stolen by third-party contractors acting for former Nigerian government officials.

The Bailiwick of Jersey had classified the money as proceeds of corruption and approved its release to Nigeria following court proceedings.

The BHC disclosed that on 29 November 2023, the Attorney General of Jersey applied to the Royal Court under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018 for the forfeiture of the tainted funds held in a Jersey bank account. The Royal Court granted the forfeiture order on 12 January 2024, having determined that the funds were more likely than not linked to a corrupt scheme involving the diversion of public funds for the benefit of senior Nigerian officials and their associates.

The statement, however, did not disclose the identities of the contractors or public officials involved.

Oracle Intelligence reports that Nigeria has previously recovered stolen funds through similar international agreements, particularly those linked to the late military ruler, General Sani Abacha, whose illicit assets have been repatriated over several years through diplomatic cooperation.

According to the BHC, the new MoU builds on two earlier agreements between Jersey and Nigeria under which more than $300 million has already been returned. Those funds were used to support three major infrastructure projects: the Lagos–Ibadan Expressway, the Second Niger Bridge, and the Abuja–Kano Road. The first two projects have been completed.

Under the latest agreement, the recovered $9.5 million will be applied to the final stages of the Abuja–Kano Road, a 375-kilometre highway linking Nigeria’s capital to its second-largest city.

Commenting on the development, His Majesty’s Attorney General for Jersey, Mark Temple KC, said the successful repatriation demonstrated the effectiveness of Jersey’s civil forfeiture laws in combating corruption.

“This successful return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption,” he said. “I thank the Nigerian authorities for their cooperation and the Economic Crime and Confiscation Unit in my department for their unwavering commitment to recovering the proceeds of crime.”

Nigeria’s Attorney General of the Federation and Minister of Justice, Lateef Fagbemi SAN, described the recovery as evidence of the country’s effective collaboration with international partners.

“The successful recovery and repatriation of the forfeited assets underscore the effectiveness of Nigeria’s collaborative efforts in ensuring that there is no safe haven for illicitly acquired wealth,” Fagbemi said.

He also expressed appreciation to the Bailiwick of Jersey for its cooperation and assured that the funds would be used strictly in line with the terms of the MoU.

“I want to assure the Bailiwick of Jersey that the repatriated assets will be judiciously utilised in accordance with the executed Memorandum of Understanding,” he added.