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States of Jersey to return £315 million Abacha loot to Nigeria

03 December 2014, 11:12

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

Micheal Birt, the Ballif of Jersey stated this at a dinner in honour of Dr Dalhatu Tafida, Nigerian High Commissioner to the UK during 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.

It will be recalled that the Island famous for its transparent banking services had previously repatriated in two tranches £140 million pounds of the loot.

The Europe Correspondent of the News Agency of Nigeria (NAN) reports on Monday in London that the money was laundered on behalf of Abacha by Raj Bhojwani an Indian businessman.

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 said that the repatriated 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"

"What we have in place is a transparent and legal finance heaven where only legal funds can be deposited and accessed by investors," Birt said.

In his response Tafida commended Birt for the Islands transparent banking sector, and informed them of government's commitment to fighting corruption and strengthening its anti-graft agencies.

The high commissioner 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 stressed.

The dinner was attended by top officials from the Jersey government and members of Tafida's delegation.

The visit marks the beginning of a bi-lateral relations with the Jersey.

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


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