Zhongshan Fucheng Industrial Investment Co. Limited, the Chinese firm that recently grounded three Nigerian presidential jets in Europe, is now targeting other Nigerian assets in the UK, US, and six additional countries. Legal proceedings have been initiated in eight jurisdictions, including Belgium, Canada, France, and Singapore.
The dispute stems from a 2016 terminated agreement related to the Ogun Guangdong Free Trade Zone, leading to a $74.5 million compensation award to Zhongshan by an arbitral tribunal. The Federal Government has vowed to protect its foreign assets, arguing that the jets are immune due to their sovereign status.
Zhongshan has also filed a lawsuit in the US District Court, claiming Nigeria violated an investment treaty with China. The Federal Government and Ogun State have challenged the validity of the claims, labeling the legal process as misleading and fraudulent.
The Nigerian government, supported by Ogun State, is pursuing legal and diplomatic avenues to recover the seized assets and prevent further attachments, emphasizing that the assets in question are protected by sovereign immunity.
