Nigeria Loses Another Luxury Jet Worth $57 Million to Chinese Firm

• A Chinese firm has seized a presidential jet that belongs to Nigeria following a recent court judgement
• Reports making the round on Thursday disclosed that Zhongshang Fucheng Industrial Investment Ltd., has finalised the takeover of an aircraft that belonged to Nigeria in Canada
• Legit.ng reports that Zhongshan recently secured a court order to seize three presidential jets belonging to Nigerian government

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements

A Chinese firm, Zhongshang Fucheng Industrial Investment Ltd., has finalised the repossession of a luxury jet owned by Nigeria in Canada.

Leadership reported on Thursday, August 22, that the firm Zhongshang recently received a change of custodian paperwork for the Bombardier 6000 type BD-700-1A10 aircraft from Canadian authorities in Montreal.

This is as after a Canadian court issued a judgement that empowered the firm to seize the jet from Nigeria.

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“The court granted orders for Zhongshang to seize the plane earlier this year, but the change of custody from Nigeria to Zhongshang was only recently concluded,” a source familiar with Zhongshang’s activities said anonymously.

The company has vowed to continue seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid.

“Zhongshang will not stop seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid,” the source added.

Jet seizure: The court ruling

According to the report, Judge David Collier of the Superior Court of Quebec quashed Nigeria’s arguments to keep ownership of the aircraft on March 21, 2024.

Records showed the aircraft was purchased for $57 million by fugitive Dan Etete as part of his spending binge shortly after netting over $350 million windfall from the lucrative but corrupt sale of the OPL 245 oil field in 2010.

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After listing Nigeria’s assets on eBay, Chinese Firm seizes another Nigerian jet in another country

The report said Nigeria first seized the aircraft from Etete in 2016 and trapped it in Dubai, disclosing that flight tracking websites showed it was then flown suddenly to Canada on May 29, 2020, where Nigeria quickly obtained a court order for seizure and held it at the main airport in Montreal.

However, a Canadian firm, Tibit, had sought to claim ownership, but Canadian courts allowed Nigeria to remain in charge of the aircraft.

Chinese firm seized three presidential jets

Meanwhile, the Chinese firm Zhongshan Fucheng Industrial Investment Co. Limited, earlier secured a court order to ground three of the federal government's presidential jets.

Legit.ng reported that the Chinese firm has commenced a legal move in at least eight global jurisdictions over the dispute between it and the Ogun state government.

Amid its battle with Nigeria, some countries Zhongshan has initiated legal actions to seize federal government assets are the United Kingdom, the United States of America, Canada, Belgium, Singapore, France, and the British Virgin Islands.

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DSS told to immediately arrest Amosun over seized presidential jets, details emerge

This revelation was made as the federal government vowed to protect the country's assets from the Chinese firm and others, which it described as "predators".

Peter Obi asks 3 questions about presidential jet

Meanwhile, Legit.ng reported that Peter Obi of the Labour Party demanded accountability and transparency on the controversies about the new presidential jet.

Obi is asking President Bola Tinubu-led government to disclose the price of the new presidential jet and other details surrounding it.

The former Anambra governor also demanded the state and conditions of the former one that the government was planning to dispose.

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

Source: Legit.ng