Zhongshang Fucheng Industrial Investment Ltd, a Chinese company, has successfully repossessed a Bombardier 6000 type BD-700-1A10 private jet valued at $57 million from the Nigerian government.
The aircraft, previously seized from Dan Etete, a former Nigerian petroleum minister, had been stored in Canada since its seizure.
This development marks a significant victory for Zhongshang in its ongoing efforts to confiscate Nigerian assets worldwide, as part of its pursuit of over $70 million in arbitration awards against Nigeria.
The jet was originally purchased by Etete, a fugitive, following a $350 million windfall from the controversial sale of the OPL 245 oil field in 2010. The Nigerian government had initially seized the aircraft in 2016, keeping it in Dubai before moving it to Canada on May 29, 2020.
Despite legal challenges from various parties, including a Canadian firm, Tibit, Nigeria retained control of the aircraft until recently.
In March 2024, Judge David Collier of the Superior Court of Quebec ruled in favor of Zhongshang, allowing the company to seize the aircraft. The court dismissed Nigeria’s arguments, including claims of sovereign immunity and delays due to the 2023 general elections, as frivolous and unacceptable.
The transfer of custodianship was finalized following the court’s decision, with Canadian authorities in Montreal issuing the necessary paperwork to Zhongshang.
A source familiar with the matter stated, “Zhongshang will not stop seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid.”
The company has already successfully seized Nigerian assets in the UK, France, and Canada, and further actions are expected in Belgium and the U.S. in the coming weeks.
The legal disputes between Nigeria and Zhongshang stem from a failed free trade zone contract in Ogun State.
Despite losing all legal challenges in at least five countries, the Nigerian government maintains that it has done no wrong.
Efforts to resolve the matter have been ongoing, but no significant progress has been made since the parties last met in London in September 2023.
A spokesperson for President Bola Tinubu declined to comment on the recent developments.
As the situation unfolds, Nigeria faces the potential for more asset seizures as Zhongshang continues its global enforcement campaign.