International Asset Freeze: Chinese Company Targets Ex-Minister’s Jet and Nigerian Assets in US, UK, and Canada

A Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, which previously obtained a court order grounding three Nigerian presidential jets in Europe, is now reportedly taking steps to seize additional Nigerian assets in eight countries, including the United States, United Kingdom, Belgium, Canada, France, Singapore, and the British Virgin Islands. This move has raised concerns among Nigerian officials, who have vowed to protect the country’s foreign assets.

According to documents obtained by The Security Nigeria, Zhongshan has initiated legal proceedings in multiple jurisdictions to enforce its claims against Nigerian assets. The dispute originated from a joint venture between Ogun State and a Chinese entity to develop the Ogun Guangdong Free Trade Zone. Zhongshan’s parent company was contracted to develop an industrial park within the zone but had the agreement terminated in 2016, leading to legal action.

Recently, a French court authorized the seizure of three Nigerian presidential jets, which are now tied up in litigation. Zhongshan has also attempted to seize other Nigerian assets, including a private jet previously owned by former petroleum minister Dan Etete. The company claims Nigeria breached a bilateral investment treaty by failing to provide fair treatment and wrongfully expropriating its investments without compensation, seeking $130.6 million in compensation.

The Nigerian government disputes these claims, and the Attorney General has announced efforts to recover the seized aircraft, asserting they are sovereign assets protected by international law. The Presidency has accused Zhongshan of attempting to mislead the French court and fraudulently acquire Nigerian assets abroad. The Ogun State Government has also condemned the judicial process, alleging Zhongshan concealed critical information. Both governments have pledged to resist Zhongshan’s efforts, with ongoing legal battles in multiple jurisdictions.