Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese firm involved in a legal dispute with Nigeria, has agreed to release one of the Nigerian government’s seized presidential jets.
This move follows a recent French court decision permitting the seizure of three Nigerian presidential aircraft due to a contract dispute between the Chinese company and the Ogun State Government.
The French court ordered the jets, currently at Paris-Le Bourget and Basel-Mulhouse airports, to be held as collateral against Nigeria’s €74.5 million debt. This ruling came after a U.S. appeals court rejected Nigeria’s claim to sovereign immunity in a related commercial case, upholding a $70 million investment treaty award in favor of Zhongshan Fucheng for its investments in a free trade zone.
In response to the legal conflict, the Nigerian presidency and Ogun State Government have accused Zhongshan Fucheng of trying to illegally seize Nigeria’s assets abroad. Despite these allegations, Zhongshan Fucheng has shown a willingness to resolve the dispute.
The company’s spokesperson reported that Nigerian President Bola Tinubu needs one of the seized jets, an Airbus A330, for a meeting with French President Emmanuel Macron. The spokesperson highlighted the company’s commitment to handling the situation “reasonably and fairly” and decided to release the jet for the presidential visit.
The release of the jet highlights the ongoing and complex nature of the legal dispute between Zhongshan Fucheng and Nigerian authorities, with the broader issue still unresolved.
