Godwin ShaibuIn a fresh blow to Nigeria’s assets abroad, Zhongshang Fucheng Industrial Investment Ltd, a Chinese firm, has seized another Nigerian luxury jet, this time in Canada. This latest action adds to the growing list of Nigerian assets that Zhongshang has successfully confiscated in its pursuit to enforce a $70 million arbitration award.
The jet, a Bombardier 6000, was originally acquired by former Petroleum Minister. Dan Etete. After being held in Dubai, it found its way to Canada, where a court recently transferred custody to Zhongshang.
Join our WhatsApp ChannelThis development follows similar asset seizures in France and the UK, reflecting the ongoing legal battle stemming from a failed free trade zone deal between the Ogun State Government and Zhongshang. As Nigeria struggles to retain ownership of its properties, further confiscations are anticipated in other countries, including the U.S. and Belgium.
The legal tides seem unrelenting, with courts in multiple countries rejecting Nigeria’s sovereign immunity claims. Despite efforts to resolve the dispute, the situation remains tense, with no sign of resolution in sight.
