France has announced on Friday its intention to return $150 million previously looted by Nigeria’s former military leader, General Sani Abacha.InformationGuideNigeria

The funds, which were stashed abroad following the death of General Abacha, have been part of an ongoing recovery effort by Nigeria. Since Abacha’s reign as military leader from 1993 to 1998, Nigeria has successfully reclaimed hundreds of millions of dollars from various countries.

The declaration was made public by the France Minister for Europe and Foreign Affairs, Catherine Colonna, during her official visit to Nigeria’s capital. Colonna has already informed Nigerian President, Bola Tinubu, regarding the planned restitution of the confiscated funds.

Highlighting the details, Minister Colonna specified that the returned amount would not be in the form of a loan but a grant. Furthermore, she stated that forthcoming discussions with the Nigerian government would focus on suitable sectors for investing the reclaimed funds to ensure its optimal use for the nation’s development.

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She said, “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.NYSC Portal

“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.”JAMB Result

The Minister noted that France has invested over €10 billion in Nigeria in the last ten years while 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.JAMB Portal

“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.”