In a landmark decision, a court has ruled that stolen assets amounting to £6.9 million ($8.9 million) are to be returned to Nigeria.
This legal development follows Jersey’s Attorney General serving a forfeiture notice to the Royal Court in Jersey back in November.
The court concluded that the funds, initially deposited in a Jersey bank account, were looted by officials within the Nigerian Government in 2014. The Process of returning these assets will now involve negotiations with the Federal Republic of Nigeria.
The origins of the money traced back to a complex scheme where the transfer was disguised as government-approved contracts for arms purchases during Boko Haram attacks in Nigeria between 2009 and 2015.
The Government of Jersey revealed suspicions that a significant portion of the funds intended for legitimate arms deals had been diverted through foreign bank accounts.
The Attorney General’s office asserted that the funds were believed to have been directed towards family members of the former ruling party. It’s alleged that these funds were distributed among party members during the 2015 general elections in Nigeria, and the tainted property was intended for use in such an “illicit transaction.”
Mark Temple KC, the Court’s Attorney General, noted that the close collaboration between the Government of Jersey and the Federal Republic of Nigeria in the effort to recover the property on behalf of the Nigerian people.
He said: “This case again demonstrates the effectiveness of the 2018 Forfeiture Law in recovering the proceeds of corruption and restoring that money to victims of crime.
“I now intend to negotiate an asset return agreement with the Federal Republic of Nigeria.”
