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The Fascists were the ones who loved and spread all over all that iconography celebrating The Discoveries, to make up for a country which was incredibly poor except for a handful of selected Families. It was pretty standard Fascist ultra-nationalism in the same style as Moussulini's Italy.
A lot of those ill-gotten gains were blown up centuries ago, and whatever was left never actually made its way down from the Old Wealth to most people.
Real compensation should go to the ones that were being exploited much more recent in the "colonies" before the Revolution that brought Democracy to Portugal and should be coming from the ones doing the exploitation, many of whom are still alive, got given a whole lot of benefits as "Returnees" following the Revolution and many who whom are still today in the top political parties.
It should also be done in a way that it ends up with the most in need, not in the hands of the rich and crooked of places like Angola.
As I said elsewhere, group blame is how the wealthy who benefited from such abuses get to diffuse the blame through entire etnicities/nationalities so that they don't have to loose a significant chunk of their wealth for compensation. Curiously, the President Of Portugal who started with all this talk is the son of a Minister of the old Fascist Dictator - Salazar - and got to go study in France at a time were most of the country was way too poor to even dream of going for a week all expenses paid to Lisbon, much less a couple of years to Paris.