France has announced its intention to return $150 million of the General Sani Abacha loot to Nigeria.

This move follows years of efforts by the Nigerian government to repatriate assets linked to the late military leader, General Sani Abacha.

Catherine Colonna, the France Minister for Europe and Foreign Affairs, revealed this decision during her visit to Abuja.

She informed President Bola Tinubu about the planned return of the seized funds, emphasizing that the stolen assets would be returned to Nigeria in the form of a grant.

ALSO READ: Borno fish traders and union leaders trade words N3bn revenue

Furthermore, discussions are expected to commence between France and the Nigerian government regarding the allocation of the $150 million to development projects that benefit the Nigerian population.

Colonna stated, “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.”

France has demonstrated a strong commitment to its relationship with Nigeria. Over the past decade, France has invested over €10 billion in the country.

More than 100 French companies have been conducting business in Nigeria, contributing to the creation of over 10,000 jobs.

The French government is looking to further increase investments in Nigeria in the coming years and encourages Nigerian companies to invest in France as well.

ALSO READ: France set to withdraw ambassador and troops from Niger

Moreover, the French Development Agency (Agence française de développement) has been actively financing projects in Nigeria since 2010, mobilizing close to 3 billion euros to support the country’s development.

AFD has been involved in projects spanning 26 out of Nigeria’s 36 states, fostering economic growth and development in various sectors.