On November 3rd, 2023, France, through its Ministry of Foreign Affairs, declared its commitment to returning US$150 million looted by former Nigerian head of State, Sani Abacha. This announcement was made during the 10th Conference of the State Parties (CoSP) to the United Nations Convention Against Corruption (UNCAC). The funds are part of the larger forfeiture proceedings initiated in the United States in 2014, which targeted approximately US$500 million scattered across accounts worldwide.

The return process stems from a civil forfeiture complaint filed by the U.S. Department of Justice, leading to the judgment of forfeiture. The total sum included assets held in France, Jersey, the U.K., and other locations. In a significant development, France has never returned confiscated assets before but has recently established a legal framework for asset restitution, emphasizing transparency and accountability.

This restitution, part of ongoing proceedings, raises critical questions about the negotiation timeline between France and Nigeria, the selection of projects or programs financed by the returned funds, and the inclusion of civil society organizations in the process. The Global Forum on Asset Recovery (GFAR) Action Series, organized by the Stolen Asset Recovery Initiative (StAR), is facilitating communication and negotiation between origin and destination countries.

Nigeria, with a history of recovering over US$4 billion from various jurisdictions, faces challenges in the transparent and accountable utilization of repatriated assets. The upcoming return provides an opportunity for both France and Nigeria to leverage their recently established legal frameworks—France’s Law No 2021-1031 and Nigeria’s Proceeds of Crime (Recovery and Management) Act 2022—to ensure a transparent and accountable return process, with active involvement from civil society organizations.

While France aims to set an example for other destination countries handling stolen assets, Nigeria has the chance to showcase its commitment to transparent asset management. The restitution of US$150 million serves as a litmus test for both nations, emphasizing the need for collaboration, adherence to legal frameworks, and a dedication to combating corruption on the global stage.