Chinese Firm Repossesses $57 Million Jet from Nigeria in Ongoing Asset Seizure Dispute

Chinese Firm Repossesses $57 Million Jet from Nigeria in Ongoing Asset Seizure Dispute: A private jet valued at $57 million has been repossessed by Zhongshang Fucheng Industrial Investment Ltd, a Chinese company, from the Nigerian government.

The Bombardier 6000 type BD-700-1A10 jet was previously seized

from Dan Etete, a former Nigerian petroleum minister, and stored in Canada.

Zhongshang successfully obtained the necessary paperwork for the transfer

of custodianship from Canadian authorities in Montreal, following a

Canadian court ruling in their favor. This development is part of

Zhongshang’s efforts to confiscate Nigerian assets worldwide to enforce arbitration awards totaling over $70 million.

The jet was initially purchased by Etete for $57 million in 2010,

using funds from the corrupt sale of the OPL 245 oil field. Nigeria

seized the aircraft in 2016 and later flew it to Canada, where it was

stored at the Montreal airport.

Zhongshang moved to seize the jet in 2023, and Judge David Collier

of the Superior Court of Quebec ruled in their favor, rejecting Nigeria’s arguments and claim of sovereign immunity.

the Nigerian Assets

This is the latest in a series of seizures of Nigerian assets by Zhongshang,

including properties in the UK, France, and Canada. Nigeria has

maintained that it has done no wrong in the matter, which stems from a disputed free trade zone contract in Ogun State.

Efforts to resolve the issue between Nigeria, Ogun State, and

Zhongshang have so far been unsuccessful. The seizure of the jet

is a significant development in the ongoing dispute, and it remains

to be seen what further actions will be taken by Zhongshang to enforce its arbitration awards.