The French government has announced its intent to repatriate a substantial sum of $150 million in looted funds linked to the former Nigerian military President, Sani Abacha, back to Nigeria. This significant development was unveiled in a statement by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, on November 3.
During a meeting with Catherine Colonna, the Minister of Europe and Foreign Affairs of France, President Bola Tinubu conveyed his heartfelt gratitude for the cooperation between Nigeria and France in the arduous process of repatriating the Abacha loot. President Tinubu expressed his commendation for this positive step, articulating, “Thank you for the good news on the return of Abacha loot. We appreciate your effective cooperation concerning the return of Nigeria’s money. It will be judiciously applied in attaining our development objectives.”
In recognition of the strengthening bilateral relations between Nigeria and France, President Tinubu emphasized the significance of the two nations working together on both political and economic fronts. He further expressed his appreciation for the growing cooperation between the two countries in areas of common concern, such as addressing climate change, enhancing economic integration, fostering education, and promoting culture.
Additionally, President Tinubu underscored the recent signing of a €100 million agreement between Nigeria and France, designed to provide support for the i-DICE program. This Federal Government initiative aims to boost investments in Information and Communications Technology (ICT) and Creative Arts Industries. The agreement was formally signed by ‘Bosun Tijani, the Minister of Communications, Innovation, and Digital Technology, and the French Minister of Europe and Foreign Affairs at the headquarters of the Federal Ministry of Foreign Affairs.
The French Minister conveyed the goodwill of President Emmanuel Macron and expressed France’s readiness to expand mutually beneficial collaboration with Nigeria across various sectors. Minister Colonna emphasized that the repatriation of the stolen funds was made possible after the successful completion of legal processes, noting, “It was a long process, but we are glad that it was concluded.”
The funds in question are part of the infamous “Abacha Loot,” which includes money allegedly stolen from Nigeria’s national treasury by the late General Sani Abacha. Over the years, numerous countries in Europe and the Americas have successfully repatriated trillions of Naira worth of these ill-gotten assets. Despite substantial recoveries, it is widely believed that more of the looted funds may still be held in the vaults of Western and Asian banks.
The Nigerian government has been actively involved in recovering multibillion Naira from Abacha’s loot, with one notable success being the repatriation of approximately $723 million in Abacha loot from Switzerland.
However, in the ongoing process of asset recovery, a Federal High Court in Abuja, on July 3, issued an order instructing the Nigerian government to disclose how the $5 billion Abacha loot had been spent. The court mandated the Nigerian government to reveal “the exact amount of money stolen by General Sani Abacha from Nigeria, and the total amount of Abacha loot recovered, along with all agreements signed on the matter by the governments of former Presidents Obasanjo, Yar’Adua, Jonathan, and Buhari.”
In response to the court’s order, the Ministry of Finance was required to provide the Socio-Economic Rights and Accountability Project (SERAP) with the full spending details of the approximately $5 billion Abacha loot within seven days of the judgment. Additionally, the government was instructed to disclose specific information about the projects executed with the recovered funds.
This recent development of repatriating $150 million from France is a monumental stride in the effort to recover stolen assets and ensure that the proceeds of corruption are returned to benefit the Nigerian people.