On Thursday, the Presidency addressed the recent attempts by a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, to seize offshore assets belonging to the Nigerian government through deceptive means Continue Reading…...For More READ THE FULL STORY▶▶
In a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, it was clarified that the Federal Government has no contractual obligations with the Chinese company. The ongoing legal dispute is between Zhongshan and the Ogun State Government, not the Federal Government.
This response follows reports that a French court had authorized the seizure of three Nigerian presidential jets after Zhongshan successfully petitioned for the action Continue Reading…
The seizure is linked to an unresolved $74.5 million arbitration award that the Ogun State Government allegedly failed to honor, as ruled by an independent arbitral tribunal led by a former UK Supreme Court President.
The seized aircraft are part of Nigeria’s presidential air fleet.
Onanuga’s statement emphasized that the Federal Government is fully aware of the Ogun State Government’s efforts to resolve the matter amicably. He condemned the Chinese company’s tactics, describing them as part of a broader attempt to attach Nigerian government assets in foreign jurisdictions.
The statement noted, “This tactic by Zhongshan is reminiscent of the P&ID case, where unscrupulous entities falsely pose as investors to scam African governments. Zhongshan misled the Judicial Court in Paris into seizing presidential jets, which are protected by diplomatic immunity as sovereign assets.”
The statement further explained that the Chinese company had previously failed in attempts to enforce its questionable judgment in the UK and the USA. It suggested that Zhongshan had likely sold its judgment to a venture capitalist seeking to profit by embarrassing the Nigerian government and President Bola Tinubu.
The Presidency assured Nigerians that the Federal Government is collaborating with the Ogun State Government to overturn the court order in Paris swiftly…..For More READ THE FULL STORY▶▶
