PARIS, November 3, 2023 – In a significant development, the French Government has revealed its decision to return $150 million of the late General Sani Abacha’s illicitly acquired wealth to Nigeria. General Sani Abacha, who served as Nigeria’s military leader from 1993 to 1998, amassed a substantial fortune abroad.
France’s Minister for Europe and Foreign Affairs, Catherine Colonna, made the announcement during her visit to Abuja, where she met with President Bola Tinubu. She conveyed the decision to return the seized funds, emphasizing that the restitution would take the form of grants. Additionally, discussions will soon commence with the Nigerian government to determine how the repatriated funds will be strategically invested.
Minister Colonna stated, “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.”
She further explained, “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.”
Highlighting the existing strong economic ties between France and Nigeria, Minister Colonna noted that France has invested over €10 billion in Nigeria over the past decade. This investment has resulted in over 100 French companies operating in the country, creating more than 10,000 jobs.
She emphasized, “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.”
Minister Colonna underscored the intent to further increase investments in Nigeria in the coming years, while encouraging Nigerian companies to invest in France as well. The French Government has been directly involved in supporting Nigeria’s development through financing from the French Development Agency (AFD).
“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,” Minister Colonna concluded, emphasizing the commitment to fostering strong economic and developmental cooperation between France and Nigeria.