France declared its decision on Friday to return $150 million from the General Sani Abacha loot to Nigeria. Following the death of Abacha, Nigeria’s military leader from 1993 to 1998, the country has strived to recover vast sums of money stashed abroad.
The disclosure was made by Catherine Colonna, the France Minister for Europe and Foreign Affairs, during her visit to Abuja. Colonna informed President Bola Tinubu about the intended return of the seized funds.
She revealed that the misappropriated funds would be repatriated to Nigeria in the form of a grant. Discussions are anticipated to begin with the Nigerian government regarding the allocation of the fund for various development projects.
“I also informed President Tinubu that in response to the request submitted by the Nigerian Federal Ministry of Justice, and in agreement with the US Administration, France will return to Nigeria the assets stolen from the Nigerian people by General Sani Abacha and his family, that have been frozen in France since 2021,” Colonna stated.
“We will start discussions with the Nigerian administration in order to allocate these 150 million US dollars to development projects benefiting the population, according to the priorities of the Nigerian government.”
Highlighting France’s ongoing investment in Nigeria, Colonna noted that over €10 billion had been invested in the country over the last decade. She pointed out that more than 100 French companies have operations in Nigeria, contributing significantly to the local economy by creating over 10,000 jobs.
“Our goal for the coming years is to further increase these investments in Nigeria, but also the investments of Nigerian companies in France,” she added.
Colonna also underscored the direct investments made by the French government in Nigeria through financing from the French Development Agency (AFD).
“Since 2010, we have mobilized close to 3 billion euros to support the emergence of Nigeria. AFD is carrying out projects in 26 out of the 36 states of Nigeria,” she explained.
The French minister’s visit emphasized not only the return of the Abacha loot but also the commitment to bolstering economic ties between the two nations and fostering development in Nigeria through substantial investments in various sectors.
