France agrees to release $150 Million Abacha loot to Nigeria

France is set to release a total of $150 million stolen by former Head of State, late General Sani Abacha, back to Nigeria.

Mrs Catherine Colonna, Minister of Europe and Foreign Affairs of the French Republic, disclosed this during a press briefing in Abuja on Friday.

She said the fund would be returned to Nigeria in the form of a grant.

“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.

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“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,” Mrs Colonna said.

She disclosed that she was in Nigeria to meet with the new government and to reaffirm France’s will to strengthen her cooperation with Nigeria in all areas.

While noting that her country had greatly reinforced her partnership in the economic sector over the last few years, she said France wanted to go even further in the relationship.

“Nigeria, the Giant of Africa, the continent’s leading economy, is also France’s first trade partner in Sub-Saharan Africa. French foreign direct investments in Nigeria have doubled 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 centres.

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

She said the French Government also invests directly in Nigeria through financing from the French Development Agency (AFD, Agence française de développement), adding that since 2010, France had mobilized close to 3 billion euros to support the emergence of Nigeria.

She said AFD is carrying out projects in 26 out of the 36 States of Nigeria.

Mrs Colonna said her country’s top priority was to help develop the cultural and creative industries in Nigeria.

“They are already recognized worldwide and have a huge potential to be developed. We support creators and entrepreneurs in the fields of animation, video games, music, fashion and design, to help them tap into international markets.

“l signed this morning with the Minister of Finance an investment agreement for an amount of 100 million euros, for the l-Dice program, through which AFD is going to support Nigerian entrepreneurs in digital and creative industries. We provide financing, expertise, but also exposure in France and in our outstanding Cultural network in Nigeria, including the French Institute in Abuja and 10 Alliances Francaises,” she said.