Nigeria, Africa’s acclaimed giant, on Thursday had another of its asset seized by a Chinese company, Zhongshang Fucheng Industrial Investment Ltd, has seized another Nigerian jet, a Bombardier 6000, in Canada.
The latest seizure adds to the growing list of Nigerian assets taken by the firm.
As a backstory, the confiscation of these assets was due to a legal dispute with Ogun State Government, a sub-national government in the country.
So, Newsmen take a look at Nigeria’s assets seized so far by the Chinese firm.
The seized assets by the Chinese firm so far include properties in Liverpool, a Dassault Falcon 7X in Paris, a Boeing 737, and an Airbus A330, with the Bombardier 6000 in Canada being the most recent.
Guest Houses
The Chinese Company, Zhongshang Fucheng took over Nigeria’s guest houses as a result of an arbitration ruling on Wednesday, August 21, 2024.
A report by People’s Gazette says the investors will now put the guest houses for sale on e-commerce platform, eBay for $2.2 million.
This is because the investors plan to recover up to $70 million from the arbitration ruling issued in 2021.
Located at 15 Aigburth Hall Road and 49 Calderstones Road, the properties were confisticated in June, 2024 following a British court order.
The assets were targeted after Nigeria failed to settle the arbitration debt, which stemmed from a dispute involving Ogun State and a 2001 trade treaty violation.
The arbitration awarded Zhongshang $55.7 million, with additional interest and costs bringing the total to approximately $70 million.
Despite attempts by Nigeria to claim sovereign immunity, European courts have granted enforcement orders, allowing Zhongshang to pursue the recovery of assets across the UK, Belgium, France, and other countries.
The properties in Liverpool were not classified as diplomatic assets, making them eligible for seizure.
A UK High Court ruling highlighted that these buildings were being rented out for commercial purposes, unrelated to Nigeria’s diplomatic mission, thus allowing their confiscation.
Nigerian jet Bombardier 6000
Judge David Collier of the Superior Court of Quebec dismissed Nigeria’s bid to retain ownership of the Bombardier 6000 on March 21, 2024.
The jet, acquired for $57 million by Dan Etete, a fugitive linked to the corrupt sale of the OPL 245 oil field in 2010, was among the assets targeted by Zhongshang.
Nigeria’s Three Presidential Planes
Recall that on August 17, the Chinese company had seized three Nigeria’s presidential planes.
The row stems from a 2007 contract between Zhongshan Fucheng Industrial Investment and Ogun State to develop a free-trade zone where a massive industrial park was to be developed to attract investors.
The agreement was terminated between 2015 and 2016.
Reports quoted Zhongshan as saying it was forced out of the deal through a “campaign of illegal acts”.
Following the seizure of the planes, the Nigerian government accused accused Zhongshan of mounting a wider campaign to seize its assets overseas.
Meanwhile, a few days after the seizure, Zhongshang released one of the three presidential aircraft in France as a gesture of goodwill ahead of a meeting between Nigerian President, Bola Tinubu and French President Emmanuel Macron.
Tinubu had travelled to France on Monday, August 19, aboard the released Airbus A330 despite ongoing controversies surrounding its purchase. CONTINUE READING……………..
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