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Chinese Firm Seizes Another Nigeria’s Luxury Jet in Canada

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Zhongshang Fucheng Industrial Investment Ltd, the Chinese firm involved in legal dispute with Nigeria over contract breach by Ogun State government, has dealt another devastating blow to Nigeria, by confiscating a luxury jet worth $57 million belonging to the country in Canada.

This recent international embarrassment is coming after it also concluded plans to list two residential structures in United Kingdom it seized from the country for sale on global online marketplace eBay on Wednesday.

Meanwhile, the Bombardier 6000 type BD-700-1A10 aircraft, valued at $57 million, was repossessed by Canadian authorities in Montreal, following a court judgment in favour of Chinese investors.

A source familiar with the development revealed, that the change of custodian paperwork was concluded recently, months after a Canadian court granted orders for Zhongshang to takeover the jet.

“The court granted orders for Zhongshang to seize the plane earlier this year, but the change of custody from Nigeria to Zhongshang was only recently concluded,” the source said.

Zhongshang Fucheng has vowed to continue seizing Nigeria’s assets globally until the last cent of the arbitration awards has been paid.

“Zhongshang will not stop seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid,” the source added.

Original Owner Of Luxury Jet Seized In Canada:

The luxury jet was originally purchased by Chief Dan Etete, a former Nigerian Minister of Petroleum under the regime of late General Sani Abacha, who made over $350 million from the corrupt sale of OPL 245 oil field in 2010.

Nigerian government seized the aircraft from Etete in 2016 and held it in Dubai before it was flown to Canada in 2020, where Nigeria quickly obtained a court order for seizure and held it at the main airport in Montreal.

Zhongshang moved to seize the jet in 2023, as part of its efforts to enforce arbitration awards of over $70 million against Nigeria.

Judge David Collier of the Superior Court of Quebec ruled in favour of Zhongshang, rejecting Nigeria’s arguments and sovereign immunity claim as the recent arbitration in the UK has held.

This development is the latest in a series of seizures of Nigeria’s assets by Zhongshang in various countries, including the UK, France, and Canada.

Source: NewsBand

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Milk of Human Kindness: Glo Foundation Spreads ‘Food Drive’ Joy to More Communities 

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Glo Foundation, the Corporate Social Responsibility (CSR) arm of Globacom, on Saturday extended its Food Drive Initiative “Giving Back Together” to more communities as thousands of families in Ikota, Ajah, Lagos, received packages of food and household items from the team.

Two Saturdays ago, the foundation was in Bariga where it shared food and other household items to thousands of other vulnerable members of the community.

In a similar vein, Glo Foundation officials and the project partners, the Lagos Food Bank Initiative, last Saturday presented packages containing Rice, Garri, Spaghetti, noodles, tomato paste, tooth brushes, sardines, salt, vegetable oil, bread and seasoning cubes to thousands of beneficiaries, the majority of whom were women, at a ceremony held within the Ikota neighborhood.

Thousands of beneficiaries had assembled at the New Generation Baptist School in Ikota as early as 7 a.m. to await the start of the distribution.

Before the gifts were distributed, Globacom’s Head of Corporate Social Responsibility (CSR), Jumobi Mofe-Damijo, welcomed the recipients and reaffirmed the company’s dedication to aiding the underprivileged in the society. She pointed out that helping the most disadvantaged members of society nationwide was one of the Foundation’s goals.

“Giving brings joy and smiles to the faces of the beneficiaries as we have seen here today. It also makes us happy that we are able to do something to touch the lives of others in a highly interdependent world,” she noted, adding that the Foundation was working on other projects that would impact various segments across the country.

At the occasion, the beneficiaries, who were mostly women, expressed their happiness and gratitude to Globacom by singing and dancing. Some of them who expressed their opinions were happy that they were able to benefit from the gesture and prayed that Globacom would continue to thrive.

The recipients were ecstatic and unable to control their excitement. After getting their food gifts, a few of them spoke up and thanked and prayed for Globacom for showing their community such love and concern.

Christina Itoro, an Akwa Ibom indigene, who operates a POS business within the community, expressed happiness at the content of the package. “When I opened the carton and saw the content, I was so excited. May God bless the company and the staff,” she said.

For Godwin Mary, who sells Kunu drink, Globacom has come to her aid at a time that her business was crumbling. The native of Benue State thanked Globacom for remembering her and other women in the Ikate neighborhood.

On her part, Sarah Oliseh, who is a housewife, said: “I am very happy and so excited getting this from Globacom. It will definitely go a long way to help me and my family”.

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Palladium Residences: CEO Benjamin Otchere, BDM Jessica Zwennes Speak

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The Palladium Residences, the new mixed-use development in partnership with Construction Logistics Limited and Pegasus Realty Ghana located at ABC Junction in Achimota aims to offer a blend of residential and commercial spaces within a self-sustaining community.

It will feature 24 four-bedroom townhouses alongside a 70-unit apartment complex offering one, two, and three-bedroom options.

The development is tailored for middle-class families and professionals, to provide them with an opportunity to own high-quality homes through flexible payment plans.

It will also feature a range of smart home technologies, powered primarily by solar energy, to enhance the convenience, security, and efficiency of everyday living.

The design incorporates green spaces, state-of-the-art amenities, and cutting-edge security systems, ensuring that the development is not just a residence but a vibrant, inclusive community.

The Chief Executive Officer (CEO) of YADL, Dr Benjamin Otchere, highlighted the company’s vision for the future of housing in Ghana.

He explained that YADL has been at the forefront of Ghana’s real estate sector for over a decade, known for projects such as Painite Residences in Dzorwulu, Strawberry Vale in Abelenkpe, and Platinum Place in Ridge.

These developments, he said, have not only redefined luxury but also transformed their respective neighbourhoods, raising the standard for modern urban living.

The BDM of Pegasus Realty, Jessica Zwennes, emphasized the company’s commitment to bridging Ghana’s housing deficit.

“Our goal is to offer modern, high-quality living spaces that remain accessible to hardworking Ghanaians.

Palladium Residences is designed with affordability, convenience, and long-term value in mind,” she said.

Culled from graphic.com.gh

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The Face Behind the Mask, (Richard) Yaw Addo Devts Ltd

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By Eric Elezuo

Behind most successes is always a brain of articulate importance, and intelligence personified.

As a result, our searchlight beams on the estate guru, whose sole responsibility is to create this palacious edifice and facilities, otherwise known as Palladium Residences. He is Richard Yaw Addo.

His details as well as.his entrepreneurial concerns are captured below:

Richard Yaw Addo Esq is the founder and Chief Executive of TG Holdings. Richard has over 25 years of experience in the fields of law, finance, printing & publishing, travel & tourism, hotel management, property development and real estate management and business development acquired both in Ghana and overseas.

Richard’s relentless hard work and dynamic leadership have inspired phenomenal personal growth for his staff and remarkable corporate growth for his corporate organisations.

As an excerpt from their website, Yaw Addo Developments Ltd was established in 2012, and Lanre Asare is its present Managing Director. The firm has been “shaping landscapes and lives in Ghana, with world class real estate development and luxury residential apartments. Having built a reputation for delivering high quality residential and commercial mid to high-end properties, Yaw Addo Developments is doubtlessly a preferred choice for real estate investment in luxurious apartments, homes, hotels and other commercial developments. Our formula for success lies in our customer oriented approach and delivering projects to the highest possible standards. From the selection of architects, designers, contractors, to the handover of keys, Yaw Addo Developments strives to ensure every detail is flawless.”

It further noted that Yaw Addo Developments has proudly flourished for over 20 YEARS, establishing itself as a privately held luxury real estate group headquartered in Dubai with a global reach.

The firm is renowned for its innovative architectural designs and commitment to excellence, and has created iconic properties worldwide, offering unparalleled luxury living experiences. Their dedication to quality and customer satisfaction has solidified their reputation as a leader in the luxury real estate market.

According to the Founder,  who is the Chairman of Board of Directors, Mr. Richard Yaw Addo, “We are incredibly honoured to have been recognized and awarded by some of the most prestigious awarding bodies. Winning these awards is the ultimate measure of excellence and a testament to the exceptional work of Pegasus Realty from around the globe. Being showcased alongside some of the World’s Best is a source of great pride for us.”

Yaw Addo Developments has become synonymous with luxury living. We bring the first luxury branded residences to Ghana and the wider West African market, contributing to the region’s expanding tourism sector.

Mission

We deliver world-class real estate projects with the highest standards of professionalism, ethics, quality, safety, and customer service. Our commitment is to earn the trust of our clients.

Vision

 To transform the way people perceive real estate quality. We strive to maintain synergy with all stakeholders while remaining environmentally and socially responsible.

Value Proposition

Our success is driven by our dedicated and efficient team working around the clock to deliver projects.

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