Nigeria will receive some of its stolen assets believed to be worth £6.9m ($8.9m), following the verdict of an American court, which ruled that the source of the funds is ambiguous and was likely stolen by officials in the Nigerian Government in 2014.
It comes after Jersey’s Attorney General served a forfeiture notice to the Royal Court in Jersey in November.
The return of the assets will now be negotiated with the Federal Republic of Nigeria.
Funds originally intended for arms deals during Boko Haram incursions rerouted through shell companies to family members and party members during the 2015 Nigerian general elections.
According to a report by the BBC, funds valued at £6.9 million ($8.9 million) were looted from Nigeria’s coffers and deposited in a Jersey bank in 2014.
The crime is said to have been perpetrated by some members of the Nigerian government at the time.
Based on the statement from the office of the Attorney General, the money was thought to have gone to family members of the administration in question and was distributed among its party members during the 2015 Nigerian general elections.
Representing the Nigerian people’s interest, the Nigerian government has been working closely with Jersey officials to retrieve the stolen property, as disclosed by Mark Temple KC, His Majesty’s Attorney General.
“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,” the Attorney General stated,
“I now intend to negotiate an asset return agreement with the Federal Republic of Nigeria,” he added.