Chinese Company Grabs Nigerian National Assets Worldwide

New reports show that a Chinese company has taken hold of many Nigerian national assets around the globe because of a legal fight. This mess started when Gbenga Daniel, who used to run Ogun State made a deal with a Chinese firm called Zhongshan Fucheng Industrial Investment Co. Ltd. The next guy in charge, Ibikunle Amosun, killed this agreement, which kicked off the current battle.

Zhongshan says it’s open to talks with the Nigerian government, but the former governors who made the original deal still don’t see eye to eye. Amosun, who scrapped the contract, has told the Nigerian government not to deal with Zhongshan calling the company a fraud. He’s made it clear he’ll stand by his choice to end the contract saying he did what was best for the state. On the other hand, Daniel has said he’ll hand over all the paperwork needed to help Nigeria get back its seized assets.

Zhongshan has tried to get its rights back through many legal channels, including Nigerian courts. But these attempts haven’t worked out well in Nigeria. Even so, the company has won cases to take Nigerian assets in at least three different countries. These assets are worth millions of dollars. Word is that Zhongshan is going after Nigerian assets in up to eight countries. They’ve already won cases in at least three of them.

List of Nigeria’s Seized Assets:

1. Three Presidential Jets Taken in France:

A French court has given the green light to seize three Nigerian presidential planes because of an ongoing legal fight. These planes include two that are now up for grabs and a third, an Airbus A330, which someone has bought but hasn’t gotten yet. The court made this call after Zhongshan asked for it. They’ve said they have rights to these things since Ogun State ended their contract back in 2016.

2. Two Nigerian Properties in the United States:

In a related development, the United States Court of Appeal has handed down a final charging order that benefits Zhongshan. This ruling allows the company to take control of two properties that belong to the Nigerian federal government. The court made this decision to enforce a $70 million arbitration award against Ogun State, which favors the Chinese firm. The court announced its verdict on Friday August 9 backing up the ruling of the US District Court for the District of Columbia. This lower court had earlier supported the enforcement of the arbitration award.

3. Nigerian Jet Seized in Canada:

Continuing its worldwide hunt for Nigerian assets, Zhongshan has taken control of another Nigerian luxury jet, a Bombardier 600, in Canada. This move is to enforce arbitration awards that add up to over $700 million against Nigeria. The capture was made possible when a Quebec court ruled to reject Nigeria’s efforts to keep ownership of the jet. Dan Etete bought the Bombardier 600 for $57 million, and it’s been at the heart of a legal fight between Nigeria and Etete since 2016.