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A Canadian court has ordered Chinese company, Zhongshan Fucheng Industrial Investment Ltd, to take over a Nigerian luxury jet as part of ongoing efforts to recover over $70 million of arbitration awards.
This recent development is followed by a series of global asset seizures targeting Nigerian properties in various countries.
According to the Gazette, the Chinese company recently finalized the custody transfer of the Bombardier 6000 type BD-700-1A10 aircraft from Canadian authorities in Montreal.
It would be recalled that Former Nigerian Minister of Petroleum Dan Etete, had initially purchased the aircraft for $57 million. However, it was seized by the Nigerian government in 2016 over allegations linked to the controversial sale of the OPL 245 oil field.
Delivering the ruling in Canada, Judge David Collier, in March 2024, dismissed Nigeria’s attempts to retain ownership of the jet.
Collier also declined 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.
TNG recalls that the Chinese firm, recently 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 involving Zhongshang and the state government in Ogun State, Nigeria.
Despite ongoing negotiations between Nigerian authorities and Zhongshang to resolve the issue, significant progress has yet to be made.