Many of Nigeria’s national assets are threatened with seizure in different countries worldwide following a breach of an agreement between the Ogun state government and a Chinese firm, Zhongshan Fucheng Industrial Investment Company Limited.
Naturenex learnt that Gbenga Daniel, ex-governor of Ogun state, entered into an agreement with the Chinese firm, which his successor, Ibikunle Amosun, terminated.
Daniel, Amosun address deal with Chinese firm
While the Chinese firm announced its openness to negotiations with the Nigerian government, the former governors involved in the deal disagreed over the company’s claims.
Amosun warned Nigeria against negotiating with the Chinese firm, describing it as a fraudulent organisation and vowed to defend his actions at any time. On the other hand, Daniel promised to provide the necessary documents for Nigeria to reclaim the seized assets.
The firm has tried to retrieve its rights in several courts in Nigeria but has failed. However, it has secured a judgment to seize some of Nigeria’s assets in at least three countries so far. The assets are worth millions of dollars.
Earlier reports indicated that Zhongshan is targeting some of Nigeria’s assets in at least eight countries worldwide, and it has already gained favour in at least three of them.
Below is the list of Nigeria’s assets under seizure so far:
Three presidential jets seized in France
Due to a legal dispute, a French court has authorised the seizure of three Nigerian presidential jets. The jets include two currently put up for sale and a third, an Airbus 330, purchased but not yet delivered.
The seizure followed an application by Zhongshan, a Chinese company, which had its contract revoked by the Ogun state government in 2016.
Two Nigerian properties in the US
In the same vein, a United States Court of Appeal issued a final charging order to Zhongshan Fucheng Industrial Investment Co. Ltd, a Chinese firm, to take over two properties belonging to the federal government.
The court ordered the enforcement of the $70 million arbitration award against the Ogun state government in favour of the Chinese firm.
The verdict was delivered on Friday, August 9. In the majority judgment, the court affirmed the ruling of the US District Court for the District of Columbia, which maintained that the arbitration award could be enforced.
Another Nigeria jet seized in Canada
The Chinese firm also seized another Nigerian luxury jet, a Bombardier 600, in Canada as part of a global hunt for Nigeria’s assets. The seizure is to enforce arbitration awards of over $700 million against Nigeria.
The firm has already confiscated several Nigerian assets overseas, including properties, jets, and an Airbus A330. The latest seizure was made possible by a Quebec court judgment, which dismissed Nigeria’s attempt to retain ownership of the jet.
The jet was previously acquired by Dan Etete for $57 million and had been the subject of a legal battle between Nigeria and Etete since 2016.
