Nigeria has lost another valuable asset to the Chinese firm Zhongshang Fucheng Industrial Investment Ltd.
This time, it is a luxury jet worth $57 million.
The jet was taken from Canada, adding to a series of asset seizures by the Chinese company.
The firm secured an order from a French court to confiscate Nigerian properties over a failed trade deal involving Ogun State. Zhongshang has already seized three Nigerian presidential jets in France and two guest houses in Liverpool, UK.
On Thursday, Zhongshang announced that it had completed the repossession of a Bombardier 6000 type BD-700-1A10 aircraft in Canada. “The court granted orders for Zhongshang to seize the plane earlier this year, but the change of custody was only recently concluded,” a source close to Zhongshang revealed. The firm has obtained the paperwork to claim ownership of the jet.
The company had previously seized Nigerian properties in the UK and listed them for sale on eBay for $2.2 million. Zhongshang’s actions are linked to a 2021 arbitration verdict that awarded them $55.7 million plus interest and costs, due to Nigeria’s breach of a trade agreement.
Nigeria has challenged the court orders but has not been successful in five countries. The country maintains that it did nothing wrong.
Zhongshang has indicated it will continue to seize Nigerian assets until it receives the full amount of the arbitration award.
The situation remains tense, with more Nigerian assets in Belgium and the US potentially at risk.
