Tinubu to Receive Over $9.5m Looted Funds from Abroad, Mentions How it Will Be Spent
- Jersey has agreed to return more than $9.5 million in looted funds to Nigeria following a landmark Memorandum of Understanding signed in December 2025
- The repatriated assets, forfeited by the Royal Court of Jersey in January 2024, will be channelled into completing the Abuja–Kano Road project
- Officials from both countries said the move underscored their joint commitment to tackling corruption and ensuring stolen wealth is recovered for public benefit
The Bailiwick of Jersey signed a Memorandum of Understanding with the Federal Government of Nigeria to return more than $9.5 million identified as proceeds of corruption. Officials confirmed that the repatriated funds would be directed towards a major infrastructure project.
His Majesty’s Attorney General for Jersey, Mark Temple KC, signed the agreement in December 2025. The British High Commission, through Stephen Odekunle, disclosed that the MoU was formally confirmed in Abuja on Friday, January 9, 2026.
Source: Twitter
Court ruling on forfeited assets
The funds were forfeited following a decision of the Royal Court of Jersey on January 12, 2024. The court ruled that the money held in a Jersey bank account was “more likely than not” the proceeds of a corrupt scheme in which third-party contractors diverted government funds for the benefit of senior Nigerian officials and their associates.
The forfeiture was brought under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018.
Jersey highlights anti-corruption framework
Temple said the recovery demonstrated the effectiveness of Jersey’s anti-corruption framework and its cooperation with Nigeria.
“This successful return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption.
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I thank the Nigerian authorities for their cooperation and the Economic Crime and Confiscation Unit in my department for their unwavering commitment to recover the proceeds of crime,” he stated.
Previous repatriations to Nigeria
The MoU built on two earlier agreements between Jersey and Nigeria, under which more than $300 million had already been repatriated. Those funds supported three major infrastructure projects: the Lagos–Ibadan Expressway, the Second Niger Bridge and the Abuja–Kano Road. The first two projects have now been completed.
Under the latest agreement, the $9.5 million forfeited funds will be channelled towards the final stages of the Abuja–Kano Road. The 375-kilometre highway has been described as a vital transport link between Nigeria’s capital and its second-largest city.
Nigeria welcomes recovery of looted funds
Nigeria’s Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), welcomed the development, saying it reflected Nigeria’s determination to track illicit funds overseas.
“The successful recovery and repatriation of the forfeited assets underscores the effectiveness of Nigeria’s collaborative efforts with its international partners in ensuring that there is no safe haven for illicitly acquired wealth or assets moved to foreign jurisdictions,” Fagbemi said.
He expressed appreciation to Jersey authorities, adding, “On behalf of the Government of the Federal Republic of Nigeria, I thank the Bailiwick of Jersey for the cooperation accorded Nigeria during the recovery exercise.
“I further assure the Bailiwick of Jersey that the repatriated assets will further be judiciously utilised in line with the terms of the executed Memorandum of Understanding.”
Tinubu messages to Adichie after tragic loss
Legit.ng earlier reported that President Bola Ahmed Tinubu has condoled with Chimamanda Ngozi Adichie and her husband, Dr Ivara Esege on the passing of their son, Nkanu Nnamdi. Tinubu said no grief is as devastating for a parent as losing a child.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
