The French Government declared on Friday its intention to give back $150 million from the embezzled funds linked to the late General Sani Abacha.
Since the demise of Abacha, who ruled Nigeria from 1993 to 1998, the country has retrieved substantial funds stashed abroad, amounting to hundreds of millions of dollars.
During her stay in Abuja, Catherine Colonna, the France Minister for Europe and Foreign Affairs, conveyed to President Bola Tinubu the intended return of the confiscated fund.
Colonna highlighted that the misappropriated funds would be returned to the nation as grants, with talks set to begin soon with the Nigerian government on how to distribute the funds.
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.’
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‘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.’
The minister mentioned that France has contributed over €10 billion to Nigeria in the last decade, with over 100 French companies operating in the country, leading to the creation of 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.’
‘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.’