Zhongshang Fucheng Industrial Investment Ltd, a Chinese company embroiled in a high-profile dispute with Nigeria, has seized another Nigerian jet in Canada. This comes in the wake of a series of asset seizures by the firm, including three Nigerian aircraft in France, linked to a legal battle with the Ogun State Government.
Recently, a French court ruled in favor of Zhongshang Fucheng, leading to the confiscation of three presidential aircraft. However, in a gesture of goodwill, the company agreed to release one of the jets ahead of a scheduled meeting between Nigerian President Bola Tinubu and French President Emmanuel Macron. Tinubu traveled to France aboard the released Airbus A330 business jet amidst ongoing controversies surrounding its acquisition.
The latest development in this dispute involves the seizure of a Bombardier 6000 type BD-700-1A10 aircraft by Canadian authorities in Montreal. This action followed a Quebec court judgment empowering Zhongshang Fucheng to seize the jet from Nigeria. The court’s decision marks another significant blow to Nigeria’s efforts to retain its overseas assets.
Zhongshang Fucheng’s enforcement of arbitration awards totaling over $70 million has led to the confiscation of several Nigerian assets abroad, including properties in Liverpool, a Dassault Falcon 7X in Paris, a Boeing 737, an Airbus A330 valued at over $100 million, and now the Bombardier 6000 in Canada.
The Bombardier 6000 jet, which was acquired for $57 million by Dan Etete, a fugitive and former Nigerian oil minister, was part of a massive spending spree following his receipt of over $350 million from the controversial sale of the OPL 245 oil field in 2010. On March 21, 2024, Judge David Collier of the Superior Court of Quebec dismissed Nigeria’s attempt to retain ownership of the jet, further complicating Nigeria’s efforts to recover its seized assets.
As the legal battle continues, the seizure of Nigerian assets by Zhongshang Fucheng underscores the ongoing challenges Nigeria faces in protecting its assets abroad and resolving disputes with foreign entities.
Source:https://dailytrust.com
