A Chinese company, Fucheng Industrial Investment Co. Limited, has initiated legal actions to seize Nigerian assets in several countries, including the UK, USA, Canada, France, and others. This follows a court injunction that allowed the company to ground three Nigerian presidential jets in Europe. The legal dispute originates from a 2007 joint venture agreement between Ogun State, Nigeria, and the Chinese company to develop the Ogun Guangdong Free Trade Zone.
The agreement was terminated in 2016, leading to arbitration where the Chinese company was awarded $74.5 million in compensation, which Ogun State has yet to pay. The Chinese firm has filed court proceedings in eight jurisdictions to enforce the award. Despite the ongoing legal battles, the Nigerian government has vowed to protect its assets from what it describes as "predatory" actions.
The Federal Government, represented by the Attorney General and the National Security Adviser, has begun diplomatic and legal efforts to recover the seized aircraft, arguing that the jets are sovereign assets protected by diplomatic immunity. The Nigerian government and the Ogun State Government have both criticized the Chinese company's actions as fraudulent and have accused it of misleading courts to secure the seizure orders.
The situation is reminiscent of past cases where foreign companies have attempted to seize Nigerian assets abroad due to unresolved disputes, with both the federal and state governments determined to contest the latest developments through legal and diplomatic channels.
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