After Listing Nigeria’s Assets on eBay, Chinese Firm Seizes Another Nigerian Jet in Another Country

• The Chinese firm in the hunt for Nigeria’s assets abroad has seized yet another jet in Canada
• The company obtained a change of ownership paperwork for the Bombardier 6000 type BD-700-1A10 from the Canadian government
• The jet, seized initially by Nigerian from a former minister, was awarded to the Chinese firm by a Quebec court

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

In what appears to be a global hunt for Nigeria’s assets, Zhongshan Fucheng Industrial Investment Limited, a Chinese firm, has taken possession of another luxury jet belonging to Nigeria in Canada.

The company obtained a change of ownership paperwork for the Bombardier 600 type BD-700-1A10 aircraft from the Canadian government in Montreal after a Quebec court issued a judgement empowering it to seize the jet from Nigeria.

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The jet belonged to a former minister

To enforce the arbitration awards of over $700 million against Nigeria, the firm has confiscated many  Nigerian assets overseas, including two properties in Liverpool, a Dassault Falcon 7X in Paris, a Boeing 737, and an Airbus A330 valued at over $100 million.

According to a report, on March 21, 2024, the Superior Court of Quebec dismissed Nigeria’s attempt to retain ownership of the Bombardier 6000 jet, which Dan Etete reportedly acquired for $57 million.

Nigeria secured a court order to seize the jet from Etete in 2016 and held it in Dubai.

The jet was later flown to Dubai on May 29, 2020, where Nigeria quickly secured a court order to seize and keep it in Montreal.

In 2023, Zhongshan Fucheng seized the aircraft to recover a judgment debt against the country.

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More seizures are expected in other countries

Reports say Judge Collier ruled against Nigeria, rejecting pleas, including the claim that it could not respond to the lawsuit due to the general elections in February and March 2024.

The judge also dismissed Nigeria’s claim of sovereign immunity, aligning with earlier rulings by a panel and courts in the UK and the US.

Zhongshang successfully used tracking tools to gain control of the luxury jet, and more seizures are expected in Belgium, the British Virgin Islands, and the US.

Nigeria has continued to deny any wrongdoing in a legal battle from the soured deal between the company and the Ogun State government over managing a free trade zone.

Nigeria’s debt to China in focus as Chinese firm seizes FG’s assets globally

Legit.ng earlier reported that the Federal Government of Nigeria was facing international embarrassment.

A French court had seized three presidential jets following a legal dispute with a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited.

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The seizure is linked to a contract dispute with the Ogun state government, which terminated a contract with Zhongshan in 2016 and failed to pay the $74.5 million awarded by an arbitral tribunal.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng