France to Return $150 Million in Abacha Loot to Nigeria

France has announced its intention to return $150 million in assets linked to the late Nigerian military leader, General Sani Abacha. This restitution comes as part of ongoing efforts to recover funds stashed abroad since Abacha’s rule between 1993 and 1998.

During her visit to Abuja, Catherine Colonna, the French Minister for Europe and Foreign Affairs, confirmed the impending return of the seized funds to President Bola Tinubu. Notably, these funds will be repatriated to Nigeria in the form of a grant, with plans to collaborate with the Nigerian government on investment areas.

Colonna emphasized, “In response to the Nigerian Federal Ministry of Justice’s request, and in alignment with the US Administration, France will repatriate the assets looted by General Sani Abacha and his family, frozen in France since 2021.” She added, “We will engage in discussions with the Nigerian administration to allocate these $150 million to development projects that prioritize the Nigerian population’s needs.”

The Minister highlighted France’s substantial investments in Nigeria, totaling over €10 billion in the past decade, and the presence of more than 100 French companies. These investments have contributed to job creation, industrial development, and vocational training centers, benefitting the Nigerian economy.

Colonna revealed future ambitions, stating, “Our goal is to further bolster these investments in Nigeria and promote reciprocal investments by Nigerian companies in France. The French Government also directly invests in Nigeria through the French Development Agency, mobilizing approximately €3 billion since 2010 to support the country’s development. AFD is actively involved in projects across 26 of Nigeria’s 36 states.” France’s commitment to returning the Abacha loot and supporting Nigeria’s growth underscores the strengthening ties between the two nations.