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A Chinese company, Zhongshan Fucheng Industrial Investment Ltd, has taken possession of a luxury jet owned by Nigeria in Canada as part of ongoing efforts to recover arbitration awards totaling over $70 million.
The move marks the latest in a series of global asset seizures targeting Nigerian properties in various countries.
Zhongshang recently finalized the custody transfer of the Bombardier 6000 type BD-700-1A10 aircraft from Canadian authorities in Montreal.
According to Gazette, the legal process followed a Canadian court ruling that allowed the firm to confiscate the jet.
The aircraft, initially purchased for $57 million by former Nigerian Minister of Petroleum, Dan Etete, had previously been seized by Nigeria in 2016 over allegations linked to the controversial sale of the OPL 245 oil field.
The court ruling in Canada, delivered by Judge David Collier in March 2024, dismissed Nigeria’s attempts to retain ownership of the jet.
The judge also rejected Nigeria’s claim of sovereign immunity, echoing similar rulings from arbitration panels in the United Kingdom and a recent appellate court decision in the United States.
This latest confiscation is part of a broader effort by Zhongshang to reclaim Nigerian assets worldwide.
The firm has already seized properties in the United Kingdom, France, and Canada, including Nigerian guest houses, presidential jets, and now, the luxury Bombardier aircraft.
Further seizures are anticipated in Belgium and the United States.
The legal battle stems from a botched free trade zone agreement in Ogun State, Nigeria, involving Zhongshang and the state government.
Despite ongoing negotiations between Nigerian authorities and Zhongshang to resolve the issue, no significant progress has been made.
– Naija News.
