Chinese firm targets Nigeria’s global assets after seizing presidential jets
Zhongshan Fucheng Industrial Investment Co. Limited, the Chinese firm that previously secured a court injunction to ground three Nigerian presidential jets in Europe, has now set its sights on seizing other Nigerian assets across eight countries, including the United Kingdom and the United States, according to recent reports.
The legal tussle, which has expanded to include proceedings in Belgium, Canada, France, Singapore, and the British Virgin Islands, stems from a protracted dispute involving a joint venture agreement signed between the Ogun State Government and the Chinese company.
This agreement, dating back to 2007, was intended to develop and manage the Ogun Guangdong Free Trade Zone (OGFTZ). However, the deal soured in 2016, leading to the current legal battles.
Zhongshan’s aggressive move to confiscate Nigerian assets is a bid to enforce a $74.5 million compensation awarded by an independent arbitral tribunal, which found Ogun State had breached the terms of the contract.
Despite this, Nigeria has vowed to protect its foreign assets from what it describes as “predatory” attempts by the Chinese firm.
The Federal Government has faced international embarrassment over the seizure of its presidential jets, with two of the three jets—a Dassault Falcon 7X and a Boeing 737—part of the presidential air fleet recently listed for sale. The third jet, an Airbus 330, was purchased by Nigeria but had not yet been delivered when it was also targeted by Zhongshan.
This complex situation is further muddied by the Chinese company’s efforts to attach other Nigerian assets abroad, including a private jet linked to former petroleum minister Dan Etete.
The jet was previously grounded by Nigerian authorities, who claimed it was purchased with proceeds from the notorious $1.3 billion Malabu OPL245 oil deal.
In response to these developments, Nigeria’s Attorney General and Minister of Justice, Lateef Fagbemi (SAN), alongside the National Security Adviser, has initiated legal and diplomatic efforts to recover the seized presidential aircraft. The federal government maintains that these aircraft, used solely for sovereign purposes, are protected by diplomatic immunity and should not be subject to foreign court orders.
READ ALSO: Nigeria’s inflation rate continues to fall
The presidency has condemned Zhongshan’s actions as fraudulent, accusing the company of misleading the Paris Judicial Court about the nature of the assets it seeks to seize. Meanwhile, the Ogun State Government has criticized the legal process that led to the seizure, describing it as a “charade” and accusing the Chinese firm of deliberately withholding information from Nigerian authorities.
As the legal battle intensifies, the Federal Government and Ogun State are determined to resist any further attempts by Zhongshan to strip Nigeria of its assets abroad. Despite the ongoing challenges, the government remains resolute in defending its interests on the global stage.
Follow the Neptune Prime channel on WhatsApp: https://whatsapp.com/channel/0029Va74ZvU2v1IqKByXoX3d
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
