Nigeria Set to Receive $8.9M of Stolen Assets Starched in US
- Following a court ruling by a judge in Jersey, Nigeria is set to receive $8.9 million, as stated on the Jersey government website
- The decision was made in response to a forfeiture notice served by the Attorney General to the Royal Court
- The funds, held in a Jersey bank account since 2014, are believed to be linked to a high-ranking government official in Nigeria
Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro
New Jersey, United States - A court has ruled that stolen assets worth $8.9 million are set to be returned to Nigeria following a declaration by Jersey's Attorney General serving a forfeiture notice to the Royal Court in Jersey in November.
The court has determined that funds deposited in a Jersey bank account in 2014 were likely stolen by officials in the Nigerian Government.
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Negotiations for the return of these assets will now take place with the Federal Republic of Nigeria, BBC reported.
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Court says money linked to top Nigerian government official
The money transfer, initially disguised as government-approved contracts for arms purchases during Boko Haram incursions in Nigeria from 2009 to 2015, is believed to involve the diversion of funds meant for legitimate arms deals.
The Government of Jersey stated that it is probable that most of these funds were rerouted through foreign bank accounts and shell companies.
The Attorney General's office stated that funds were suspected to have been directed towards relatives of the previous governing party, distributed among its members during the 2015 general elections in Nigeria.
The implicated property was intended to facilitate such an "unlawful transaction."
Mark Temple KC, the Attorney General of His Majesty, highlighted the collaborative efforts between the Government of Jersey and the Federal Republic of Nigeria to reclaim the property for the Nigerian people.
As contained on the official website of the government of Jersey, 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."
France set to return $150M Abacha loot, Tinubu reacts
Meanwhile, France has promised to return $150 million looted by former Nigerian military leader General Sani Abacha.
This development was confirmed when President Bola Tinubu received the envoy of President Emmanuel Macron at the presidential villa.
Delighted by the news, President Tinubu promised that the federal government would utilise the money judiciously.
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