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
