US Bank to Repatriate $9.5 Million in Abacha-Linked Funds to Nigeria for Major Highway Project

US Bank to Repatriate $9.5 Million in Abacha-Linked Funds to Nigeria for Major Highway Project

 Authorities in Jersey have agreed to return more than $9.5 million (£7 million) in assets identified as “tainted property” to the Nigerian government, marking another step in the long-running effort to recover funds looted during the regime of former military head of state Sani Abacha.Abacha, who ruled Nigeria from 1993 until his death in 1998, is widely accused of amassing billions through corruption, with portions of the stolen wealth hidden in overseas jurisdictions, including Jersey.The funds in question were initially recovered during the administration of former President Goodluck Jonathan, but legal hurdles delayed their repatriation for years.In December 2025, Jersey's Attorney General, Mark Temple, signed a Memorandum of Understanding (MoU) with Nigeria to enable the swift return of the money, which had been held in a bank account on the island.This latest agreement builds on two prior arrangements between Jersey and Nigeria, which facilitated the return of over $300 million (£230 million) in previously recovered assets.A key milestone came in January 2024, when Jersey's Royal Court ruled that the funds were “more likely than not” proceeds of corruption. The court determined that third-party contractors had diverted public money for the benefit of senior Nigerian officials and their associates.Nigeria's Attorney General and Minister of Justice, Lateef Fagbemi, welcomed the development, emphasizing that the repatriated funds will be used strictly according to the MoU's terms.“The successful recovery and repatriation of the forfeited assets shows 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 stated.He further revealed that the money will support the final stages of a critical highway project serving as a vital link between Abuja, the nation's capital, and Kano, Nigeria’s second-largest city.Temple highlighted Jersey's commitment to combating corruption, noting: “The return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption.”This repatriation adds to ongoing global efforts to reclaim assets stolen during the Abacha era, reinforcing international cooperation in asset recovery and accountability. The move signals continued progress in ensuring stolen funds benefit the Nigerian people through targeted infrastructure development.

Source: US Bank to Repatriate $9.5 Million in Abacha-Linked Funds to Nigeria for Major Highway Project

 - NigerianEye
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