More than $300m (\u00a3230m) seized from Nigeria’s former dictator is set to be returned to the country from Jersey.<\/p>\n
The money was laundered through the US under the presidency of Sani Abacha in the 1990s, before being transferred to the Channel Island, according to Jersey’s Civil Asset Recovery Fund.<\/p>\n
The sum was recovered\u00a0from a Jersey bank account<\/a>\u00a0belonging to shell company Doraville in June 2019.<\/p>\n The governments of Nigeria, the US and Jersey signed the agreement this week.<\/p>\n As part of the repatriation Jersey will retain $5m (\u00a33.8m) and the US is eligible for the same, the States said.<\/p>\n Jersey will pay the US government on or before 6 March, and the US will then have 45 days to return it to Nigeria.<\/p>\n US courts ruled in 2014 Mr Abacha had stolen the money from Nigeria while he was in power from 1993 until his death in 1998.<\/p>\n The Doraville bank account was subsequently frozen by Jersey’s Royal Court in 2014, prompting a five-year legal battle.<\/p>\n The returned money will be administered by the Nigeria Sovereign Investment Authority and will be independently audited,\u00a0according to a joint statement from all three governments.<\/a><\/p>\n Mark Temple QC, Solicitor General and Attorney General designate of Jersey, said: “The agreement establishes a framework based on fruitful co-operation, trust and respect so that the forfeited funds can be repatriated to benefit the people of Nigeria, from whom they had been taken.”<\/p>\n Abubakar Malami, signing on behalf of Nigeria, described it as a “major victory” for the country.<\/p>\n Swiss authorities have already returned $300m (\u00a3230m) to Nigeria as part of the seizures.<\/p>\n A further $30m (\u00a323m) in Britain and $144m (\u00a3111m) in France is expected to be recovered, according to the US Department of Justice.<\/p>\n Brian Benczkowski, assistant Attorney General to the department, said the “landmark” agreement ensured “transparency and accountability.”<\/p>\n Source: bbc.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Legal battle<\/h2>\n