Zhongshang Fucheng Industrial Investment Ltd, a Chinese company, has successfully repossessed a private jet valued at $57million from the Nigerian government.
The Bombardier 6000 type BD-700-1A10 jet was previously seized from Dan Etete, a former petroleum minister, and had been stored in Canada.
The repossession follows a Canadian court ruling in favor of Zhongshang, granting permission to seize the aircraft. The company has been seeking to confiscate Nigerian assets over a disputed arbitration award of over $70 million.
The jet was purchased by Etete in 2010 with funds from the corrupt sale of OPL 245 oil field. Nigeria seized the aircraft in 2016 but was later forced to relinquish custody to Zhongshang.
Judge David Collier of the Superior Court of Quebec had on March 21, 2024, quashed Nigeria’s arguments to keep ownership of the aircraft.
Zhongshang will not stop seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid, according to a source familiar with the company’s activities.
This development comes after Zhongshang seized Nigerian assets in the UK, France, and Canada, with potential seizures expected in Belgium and the US.
Nigeria has maintained no wrongdoing in the lawsuits, stemming from a botched free trade zone contract in Ogun State.
Efforts to resolve the matter between Nigeria, Ogun State, and Zhongshang have been ongoing since September 2023, but no headway has been recorded.
A spokesperson for President Bola Tinubu did not immediately comment on the latest development.
