Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese company embroiled in a legal battle with Nigeria, has agreed to release one of the Nigerian government’s seized presidential jets. This decision comes in the wake of a recent French court ruling that authorized the seizure of three Nigerian presidential aircraft due to a contractual dispute between the Chinese firm and the Ogun State Government.
The French court had ordered the jets, located at Paris-Le Bourget and Basel-Mulhouse international airports, to be held as security against Nigeria’s debt, which amounts to €74.5 million. The ruling followed a judgment from a United States appeals court, which dismissed Nigeria's claim to sovereign immunity in a related commercial case. The U.S. court upheld a $70 million investment treaty award in favor of Zhongshan Fucheng, stemming from its investments in a free trade zone.
In response to the ongoing legal battle, the Nigerian presidency and Ogun State Government accused Zhongshan Fucheng of attempting to unlawfully seize Nigeria's assets abroad. Despite these accusations, Zhongshan Fucheng has expressed a willingness to resolve the dispute.
A spokesperson for the company informed Premium Times that they had received information that Nigerian President Bola Tinubu requires the use of one of the seized jets—an Airbus A330—for an upcoming meeting with French President Emmanuel Macron. The spokesperson emphasized the firm's commitment to acting "reasonably and fairly" throughout the legal proceedings and noted the decision to release the aircraft for the presidential trip.
The release of the jet underscores the complex and ongoing nature of the legal confrontation between Zhongshan Fucheng and Nigerian authorities, with the resolution of the broader dispute still pending.
| Posted: at | |
TRENDING GISTS 
Police Arrest 228 Suspects In Enugu
Fan Gushes As MC Oluomo’s Daughter Gets Engaged
VIDEO; "Davido Gifted My Girlfriend ₦10 Million For Supporting Me" - Rapper, Odumodublvck
Mayor Of Boston Celebrates Nigerian Singer, Rema’s Role In Championing Afrobeat Worldwide
PHOTOS: Troops Arrest Four Suspected Terrorists, Recover Arms And Ammunition In Taraba
Labour Party Suspends Abia Governor Alex Otti, Five Others Over Alleged Anti-Party Activities