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.
Tekedia AI in Business Masterclass opens registrations here. Join Tekedia Capital Syndicate and i nvest in Africa’s finest startups here . It is a lesson for Nigerian leaders: you do not just abandon projects recklessly.
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 new governor came and froze a real estate project started by his predecessor, with no feeling that ordinary citizens took loans to invest in that project. In Kano, a governor bulldozed a fully developed project.
They did those things and got away, but here, we are learning how it could look when the victims are not Nigerians and Nigerian companies. Chinese Firm, Zhongshan Fucheng, Seizes Another Nigeria’s Jet in Canada Register for Tekedia Mini-MBA (Sept 9 – Dec 7, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here ..
