£315million Abacha loot ‘coming back to Nigeria’

The States of Jersey, the biggest territory in the Channels Island, is set to return £315 million Abacha loot to Nigeria.

Micheal Birt, the bailiff of Jersey, disclosed this at a dinner in honour of Dalhatu Tafida, Nigerian high commissioner to the United Kingdom, who was on a state visit to the Island.

Birt, who doubles as the Island’s civic head of state and ceremonial head, is the highest-ranking official in the Jersey order of precedence.

Famous for its transparent banking services, the island had previously repatriated £140 million pounds of the loot.

Raj Bhojwani, an Indian businessman, reportedly laundered the money on behalf of Abacha.

Bhojwani is currently serving an eight-year sentence in a UK prison.

Speaking on Jersey’s financial services and global perception of the Island, Birt explained that repatriation of the loot was in line with ongoing campaign against money laundering.

“We have done a lot to clean up the image of the Island as a safe haven for stolen wealth,” he said.

“What we have in place is a transparent and legal finance heaven where only legal funds can be deposited and accessed by investors.”

Responding, Tafida commended Birt for the Islands transparent banking sector, and assured him of Nigeria’s commitment to fighting corruption and strengthening its anti-graft agencies.

He also spoke on the investment opportunities in all sectors of the economy, while laying emphasis on the nation’s GDP, and high return on investment rate.

Nigeria’s GDP has grown above 6.5 per cent per annul in the last six years.

“The array of investment opportunities that abound in the country and generous incentives available to investors in all sectors of the economy, has continued to make it a global investment destination,” he said.

In what could be described as the beginning of a bi-lateral relations with Jersey, the dinner was attended by top officials from the Jersey government and members of Tafida’s delegation.

Officials from Jersey are expected to carry out a similar visit to Nigeria.