France To Return $150m Abacha Loot To Nigeria

The French Government Friday announced its decision to return $150 million of the late General Sani Abacha loot.

The France Minister for Europe and Foreign Affairs, Catherine Colonna, disclosed the planned return of the seized fund when she visited President Bola Tinubu in Abuja.

Colonna noted that the stolen funds will be returned to the country in the form of grants, and discussions will soon be opened with the Nigerian government on where to invest the funds.

“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.

“It was a long process, but we are glad that it was concluded. Sometimes, justice may be slow, but this is a very good achievement,” she said.

“We will start discussions with the Nigerian administration in order to allocate these $150 million to development projects benefiting the population, according to the priorities of the Nigerian government.”

The highly-elated President hailed the strengthening of bilateral relations between Nigeria and France, noting that this progress followed his visit to Paris after his inauguration.

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“Thank you for the good news on the return of Abacha loot. We appreciate your effective cooperation concerning the return of Nigeria’s money. It will be judiciously applied in attaining our development objectives,” Tinubu was quoted as saying.

While emphasising the need to reinforce collaboration on both political and economic fronts, the President welcomed the growing cooperation between the two countries in areas of shared interest, such as climate change, economic integration, education, and culture.

The minister noted that France has invested over €10 billion in Nigeria in the last ten years, with over 100 French companies doing business in the country, creating over 10,000 jobs.

She said, “Over the last ten years and now exceed 10 billion euros. More than 100 French companies are already working here. They do not simply sell French products, they invest in Nigeria’s economy, creating jobs (10 000 jobs as we speak), factories, farms and vocational training centers.

“Our goal for the coming years is to further increase these investments in Nigeria, but also the investments of Nigerian companies in France.

“The French Government also invests directly in Nigeria, through financing from the French Development Agency (AFD, Agence française de développement).

“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.”