According to Metro report, late Sani Abacha moved the money into channel Island through the United States of America and kept it in an account in Jersey, the largest place in the Channel Island.
A British Virgin Island company named Doraville properties corporation is said to have been looking after the money.
The Island authorities, according to the report, said that they are ready to come to a term with the US and Nigeria government on the Fate of the looted fund.
The Attorney General of the Island, Robert MacRae in 2014 at the request of the US authorities applied for, and the Royal Court granted the order of restraint over the Jersey bank account balance of Doraville.
Mr MacRae said that by preventing the money, “Jersey has once again demonstrated its commitment to tackling international financial crime and money laundering.”