More than $300m seized from a foreign account of Nigeria’s former military dictator is set to be returned to the country from Jersey.

The sum was recovered from a Jersey bank account belonging to a shell company named Doraville in June 2019. The governments of Nigeria, the US and Jersey signed the agreement this week.

According to a joint statement from Nigeria, the United States and Jersey, the returned money will be administered by the Nigeria Sovereign Investment Authority and will be independently audited.

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.

Swiss authorities have already returned $300m (£230m) to Nigeria as part of the seizures.

According to the United States Department of Justice, $30m in Britain and $144m in France is expected to be recovered.