A plot by a Chinese firm, Zhongshan Fucheng Industrial Investment Co. Limited, to seize Nigerian government assets abroad has been uncovered.
The Federal Ministry of Education and the Ogun State government are making efforts to overturn a court order that targets Nigeria’s presidential jets in Paris.
This development was confirmed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, in a statement to Vanguard.
Onanuga described Zhongshan’s actions as “fraudulent” and an attempt to “strip our offshore assets through subterfuge.”
Federal Government’s Response
Onanuga stated, “The Presidency is aware of the various failed attempts by a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, to take over offshore assets of the Federal Government of Nigeria through subterfuge.
The Federal Government is not under any contractual obligation with the company.”
He further elaborated, “The case in which Zhongshan is trying to use every unorthodox means to strip our offshore assets is between the company and the Ogun State Government.
The federal government is fully aware of efforts being made by the Ogun state government to reach an amicable resolution to the matter.”
Background of the Dispute
The dispute stems from a 2007 contract between the Ogun State Government and Zhongshan to manage a free-trade zone.
In 2015, the contract was revoked after Zhongshan had only erected a perimeter fence on the designated land.
The matter led to arbitration, and in 2019, an Arbitral Panel awarded over $60 million against the Federal Government of Nigeria, a co-defendant.
Despite Zhongshan’s legal efforts in various jurisdictions, Ogun State has successfully resisted the enforcement of the award.
Settlement discussions continued until September 2023, but negotiations broke down when Zhongshan insisted on full payment of the arbitration debt.
Legal Actions and Court Orders
Zhongshan obtained two ex-parte orders from the Judicial Court of Paris on March 7, 2024, and August 12, 2024, without proper notice to the Federal Government of Nigeria and Ogun State.
These orders aimed to attach Nigeria’s presidential jets, which were undergoing routine maintenance in France.
“This arm-twisting tactic by the Chinese company is the latest in a long list of failed moves to attach Nigerian government-owned assets to foreign jurisdictions,” Onanuga remarked.
“Material facts in the transaction between the Ogun State Government and Zhongshan point to another P&ID case in which unscrupulous and questionable individuals falsely present themselves as investors with the sole objective of cheating and scamming governments in Africa.”
Government’s Assurance
Onanuga assured the public, “We want to assure Nigerians that the Federal Government is working with the Ogun State 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.”
The Attorney-General of the Federation and Minister of Justice are collaborating with Ogun State to resolve the issue amicably.
Onanuga expressed confidence that the Chinese company misled the Judicial Court of Paris regarding the assets’ nature and use.
Conclusion
The Nigerian government remains committed to safeguarding its assets and addressing the challenges posed by foreign entities attempting to undermine its sovereignty.
