The Nigerian Presidency has accused Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese company, of attempting to unlawfully seize Nigeria’s offshore assets through deceptive means.
This revelation was made by Mr. Bayo Onanuga, the Special Adviser to the President on Information and Strategy, who disclosed that the company misled a French court into targeting Nigeria’s presidential jets as part of a judgment against the Ogun State government.
Onanuga explained that the presidential jets, which were undergoing routine maintenance in France, are protected by diplomatic immunity and cannot be subjected to foreign court orders.
He emphasized that the Federal Government of Nigeria has no contractual obligations with Zhongshan, and that the dispute in question is solely between the company and the Ogun State government.
According to Onanuga, the Chinese company has no legitimate grounds for demanding restitution from Ogun State, based on a 2007 contract to manage a free-trade zone that was later revoked in 2015. At the time of the revocation, the company had only constructed a perimeter fence on the designated land.
He reassured Nigerians that the Federal Government is working closely with the Ogun State government to overturn this “frivolous” court order and protect the nation’s assets from such predatory actions.
“Zhongshan appeared to have sold the judgment they got to a venture capitalist seeking to make money by embarrassing the Federal Government and President Bola Tinubu.
“We want to assure Nigerians that the Federal Government is working with the Ogun government to discharge this frivolous order in Paris immediately.
“Nigerian government will always work to protect our national assets from predators and shylocks who masquerade as investors,” said Onanuga.
The dispute between Ogun State and Zhongshan dates back to 2007, when both parties entered into a contract for the management of a free-trade zone. However, by 2015, the contract was revoked, leading to arbitration, which concluded in 2019. The Arbitral Panel awarded Zhongshan over $60 million against Nigeria, despite the company’s minimal contribution to the project.
Ogun State has successfully resisted enforcement of the arbitration award in several jurisdictions and continues to pursue a reasonable settlement. However, efforts to negotiate with Zhongshan have repeatedly stalled, with the company recently resorting to aggressive legal maneuvers.
The Federal Government, alongside Ogun State, remains committed to defending Nigeria’s interests and ensuring that such attempts to exploit the country are effectively countered.
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