The Charity Commission has granted consent for the University of Cambridge to return 116 artefacts to Nigeria.
The objects, known as the Benin Bronzes, were taken by British armed forces during the sacking of Benin City in 1897, the university said.
The legal ownership of the items will be transferred to the Nigerian National Commission for Museums and Monuments.
The Charity Commission concluded the university was "under a moral obligation" to return the artefacts.
A spokesperson for the university said it was "working with the commission to finalise next steps regarding these Benin Bronzes".
