Nigeria is set to receive $8.9 million from the United States as part of a historic anti-corruption agreement that will see the return of funds looted by Nigerian officials and deposited in a Jersey bank account in 2014.
The Royal Court in Jersey, a British Crown dependency, granted the forfeiture of the money last Friday after the Attorney General of Jersey successfully demonstrated that the funds belonged to the Federal Republic of Nigeria and were stolen by high-ranking officials within certain departments of the Nigerian government in 2014.
According to the court documents, the money was transferred to Jersey as part of a corrupt scheme that used third-party contractors to siphon off government funds for the personal benefit of Nigerian officials and their associates. The funds were disguised as transactions relating to government-sanctioned contracts for the purchase of arms and aviation equipment during the insurgency by Boko Haram in Nigeria between 2009 and 2015.
The court also found that the money was used to acquire a property in the US, which was subsequently forfeited to the US authorities in 2019. The US Department of Justice then agreed to repatriate the proceeds of the sale of the property to Nigeria, subject to the approval of the Jersey court.
The agreement between the US, Jersey, and Nigeria marks the first time that the three jurisdictions have collaborated to recover and return stolen assets to a victim country. It also demonstrates the commitment of the international community to combat corruption and recover illicit funds.
The Attorney General of Jersey, Mark Temple KC, said the recovery of the money was a result of the effectiveness of the 2018 Forfeiture Law in Jersey, which allows the authorities to seize the proceeds of corruption and restore them to the rightful owners.
“I now intend to negotiate an asset return agreement with the Federal Republic of Nigeria, which will ensure that the returned funds are used for the benefit of the Nigerian people,” he said.
The Nigerian government welcomed the decision of the Jersey court and expressed its appreciation to the US and Jersey authorities for their cooperation and assistance. The government also reiterated its determination to fight corruption and recover looted funds, both within and outside the country.
The government said it would use the returned funds to finance vital infrastructure projects and social programs that would improve the lives of Nigerians, especially in the areas affected by the insurgency.
The return of the looted funds is expected to boost the government’s efforts to address these issues and restore stability and prosperity to the country.
Source: The Guardian Nigeria
