Daily Post Nigeria Chinese investors Zhongshang seize another $57m Nigerian jet in Canada Home News Politics Metro Entertainment Sport News Chinese investors Zhongshang seize another $57m Nigerian jet in Canada Published on August 22, 2024 By Francis Ugwu A Chinese firm, Zhongshang Fucheng Industrial Investment Ltd., has finalised the repossession of a luxury jet owned by Nigeria in Canada. Peoples Gazette reports that Zhongshang recently received a change of custodian paperwork for the Bombardier 6000 type BD-700-1A10 aircraft from Canadian authorities in Montreal after a Canadian court issued a judgement that empowered the firm to seize the jet from Nigeria.
“The court granted orders for Zhongshang to seize the plane earlier this year, but the change of custody from Nigeria to Zhongshang was only recently concluded,” a person familiar with Zhongshang’s activities said anonymously. “Zhongshang will not stop seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid.” According to the report, Judge David Collier of the Superior Court of Quebec quashed Nigeria’s arguments to keep ownership of the aircraft on March 21, 2024.
Records showed the aircraft was purchased for $57 million by fugitive Dan Etete as part of his spending binge shortly after netting over $350 million windfall from the lucrative but corrupt sale of the OPL 245 oil field in 2010. The report said Nigeria first seized the aircraft from Etete in 2016 and trapped.