Nigeria to get $150m Abacha loot from France

The French government has resolved to return $150 million recovered from the family of the late dictator, Gen. Sani Abacha, to Nigeria.

The country’s Minister for Europe and Foreign Affairs, Catherine Colonna, disclosed this at a meeting with President Bola Tinubu at the State House, Abuja.

The Federal Government has recovered over $3 billion stashed abroad by the former head of state in the last 24 years.

The French minister, who revealed that the looted funds would be returned to the country in the form of grants, and discussions, said President Emmanuel Macron’s administration would hold talks with the Nigerian government on where to invest the funds.

READ ALSO: Court orders Obasanjo, Yar’Adua, Jonathan, Buhari govts to account for $5bn Abacha loot

She said France has invested over €10 billion in Nigeria in the last 10 years, with over 100 French companies doing business in the country.

Colonna 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 Gen. 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 to development projects benefiting the population, according to the priorities of the Nigerian government.

“Over the last 10 years and now exceed €10 billion. More than 100 French companies are already working here. They do not simply sell French products, they invest in Nigeria’s economy, creating jobs 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).”

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