France has announced its decision to return $150 million of the late General Sani Abacha’s loot to Nigeria. This comes two decades after his reign, during which large sums of money were illicitly transferred abroad. The Nigerian government has already successfully recovered hundreds of millions of dollars in stolen funds.
During a press conference on Friday, France’s Minister for Europe and Foreign Affairs, Ms Catherine Colonna, revealed that she has informed President Bola Tinubu about the planned repatriation of the seized funds. She further explained that the stolen money would be returned to Nigeria in the form of a grant. Discussions will soon commence with the Nigerian government on how to allocate and invest the funds effectively.
Ms Catherine Colonna stated, “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. 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.”
France has already made substantial investments in Nigeria, amounting to over €10 billion. More than 100 French companies currently operate in Nigeria, going beyond merely selling products to actively investing in the economy. This investment has resulted in the creation of 10,000 jobs, as well as the establishment of factories, farms, and vocational training centers.
Acknowledging the French government’s direct investment in Nigeria through the French Development Agency (Agence française de dévelopement, AFD), Ms Catherine Colonna highlighted the close to three billion euros mobilized since 2010 to support the country’s development. AFD is involved in various projects across 26 states of Nigeria, including infrastructure development, rural roads, marketplaces, urban transportation, water supply, and support for SMEs and local start-up incubators. Additionally, there has been a focus on vocational training for youth.
Ms Catherine Colonna emphasized that France’s primary aim in the coming years is to further support Nigeria’s cultural and creative industries, which have already gained international recognition and present significant potential for growth and development. French support will be channeled towards creators and entrepreneurs in the fields of animation, video games, music, fashion, and design to enable them to access global markets.
The Minister of Finance and Ms Catherine Colonna signed an investment agreement worth 100 million euros for the l-Dice program. Through this initiative, AFD will provide support to Nigerian entrepreneurs in the digital and creative industries, offering financing expertise and exposure in France and through their extensive cultural network in Nigeria, including the French Institute in Abuja and 10 Alliances Françaises.
France’s commitment to returning the Abacha loot and its substantial investments in Nigeria demonstrate a positive bilateral relationship between the two countries. The repatriation of the stolen funds will significantly contribute to Nigeria’s development and help address key social and economic challenges.