In a significant development, a Chinese company, Zhongshang Fucheng Industrial Investment Ltd, has completed the repossession of a luxury jet owned by Nigeria in Canada.
This move is part of an ongoing effort by the firm to confiscate Nigerian assets globally.
The aircraft in question, a Bombardier 6000 type BD-700-1A10, was officially transferred to Zhongshang following a change of custodian paperwork issued by Canadian authorities in Montreal. This action follows a ruling by a Canadian court earlier this year, which granted Zhongshang the right to seize the jet from Nigeria.
A source familiar with the situation revealed, “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. Zhongshang will not stop seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid.”
The legal battle over the jet, which records show was purchased for $57 million by Dan Etete—a former Nigerian petroleum minister involved in the controversial OPL 245 oil field sale—has been ongoing for years. Nigeria initially seized the aircraft in 2016 from Mr. Etete and held it in Dubai. In 2020, the plane was moved to Canada, where it has been the subject of legal wrangling ever since.
Zhongshang’s latest victory is part of its broader efforts to enforce arbitration awards totaling over $70 million against Nigeria. Judge David Collier of the Superior Court of Quebec, who presided over the case, dismissed Nigeria’s attempts to retain ownership of the aircraft, labeling the country’s defense as “frivolous and unacceptable.” The judge also rejected Nigeria’s claim to sovereign immunity, echoing decisions made by arbitration panels and courts in the United Kingdom and the United States.
With the seizure of the Bombardier jet, Zhongshang has now successfully confiscated Nigerian assets in the UK, France, and Canada, including guest houses, presidential jets, and the Etete jet. Further seizures are anticipated in Belgium and the United States in the coming weeks.
The ongoing conflict between Nigeria and Zhongshang stems from a failed free trade zone contract in Ogun State. Despite Nigeria losing legal challenges in at least five countries, the government continues to assert its innocence in the matter. Efforts to resolve the dispute, including recent negotiations in London, have so far been unsuccessful.
As the situation unfolds, Nigeria faces increasing pressure to settle its obligations or risk further asset seizures, which could have significant implications for its international relations and financial standing.
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