The Chinese continue to collect : “The escalating legal confrontation between Nigeria and Zhongshan Fucheng Industrial Investment Ltd, a Chinese firm, has turned a new leaf, as Zhongshan confiscates another luxury jet owned by Nigeria in Canada. This move is part of a broader campaign by Zhongshan to recover assets as compensation for an unresolved arbitration award.” This paralysis is coming from Ogun State but nobody knows Ogun or any state outside Nigeria.
If the Nigerian government signed a sovereign guarantee on the transactions, Nigeria should step forward, and take over all elements of this arbitration from Ogun State. Simply, no one cares about what Ogun State is saying now. What matters now is how Nigeria will get itself out of this maze.
If you look carefully, it was not only the Chinese company that was affected (yes, Nigerian companies could have been harmed also). However, the difference here is that it was only the Chinese firm which might have received a sovereign guarantee from Nigeria. Tekedia Mini-MBA edition 15 ( Sept 9 – Dec 7, 2024) has started registrations; register today for early bird discounts.
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Sure, I am not passing any judgment on this particular case; I am simply saying we need to do better. In Imo State a few years ago, a.