Nigeria's national assets in at least eight countries have been reportedly under threat to be taken over by Zhongshan Fucheng Industrial Investment Co. Limited, a Chinese firm This is as Zhongshan was said to have initiated legal actions to take over the assets over a dispute between it and the Ogun state government Zhongshan recently secured a court injunction to ground three presidential jets belonging to the federal government Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now! The Chinese firm Zhongshan Fucheng Industrial Investment Co.
Limited, which secured a court order to ground three of the federal government's presidential jets , was reportedly plotting to get similar court injunctions in eight other countries. It was learnt that the Chinese firm has commenced a legal move in at least eight global jurisdictions over the dispute between it and the Ogun state government. Countries Chinese firm targets Nigeria's assets Read also BREAKING: Peter Obi fires Tinubu, laments "international embarrassment" According to The Punch , some countries Zhongshan has initiated legal actions to seize federal government assets are the United Kingdom, the United States of America, Canada, Belgium, Singapore, France, and the British Virgin Islands.
PAY ATTENTION : Share your outstanding story with our editors! Please reach us through [email protected]! This revelation was made as the federal government vowed to protect the country's assets from the Chinese firm and others, which it described as "predators".
In 2010, the Ogun Guangdong Free Trade Zone Company partnered with Zhongshan's parent company to develop an industrial park. However, their agreement was terminated in 2016, leading to Zhongshan filing lawsuits in Nigerian courts. Although the legal proceedings were discontinued in 2018, Zhongshan pursued further action.
Why French Court grounded Nigeria's assets A French court recently authorized the seizure of three Nigerian presidential jets due to an unpaid $74.5m compensation awarded to Zhongshan by an independent arbitral tribunal. The tribunal, chaired by the former President of the UK Supreme Court, ordered Ogun to pay the compensation, which remains unpaid.
Read also Presidential jet: Ogun state reacts to court seizure order, hints at next step The court order prohibits Nigeria from moving or selling the presidential jets until compensation is paid. The seized jets include a Dassault Falcon 7X, a Boeing 737, which has been put up for sale, and an undelivered Airbus 330. Interestingly, documents reveal that Zhongshan attempted to seize a luxury private jet recovered by the Nigerian government from Dan Etete, a former petroleum minister.
The jet was purchased with proceeds from the notorious $1.3bn Malabu OPL245 oil deal. Presidential jets: Peter Obi knocks FG Legit.
ng earlier reported that President Bola Tinubu has again been fired for buying presidential jets amid the economic hardship Nigerians are experiencing. Peter Obi, the Labour Party 2023 presidential candidate, made the claim while commenting on the reported seizure of three presidential jets belonging to the Nigerian government in France. The former Anambra government said the development exposed Nigeria's failure of leadership and the country's attitude to the rule of law.
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