A Chinese company, Zhongshang Fucheng Industrial Investment Ltd, has successfully seized another luxury jet owned by Nigeria, valued at $57 million. This development follows a Canadian court ruling in favor of Zhongshang, allowing the firm to take custody of the Bombardier 6000 type BD-700-1A10 aircraft.
The jet, initially acquired by Nigerian fugitive Dan Etete with funds from the controversial sale of the OPL 245 oil field in 2010, had been under Nigeria's control since 2016. However, the recent court decision facilitated the transfer of ownership to Zhongshang in Montreal, Canada.
Zhongshang, which is pursuing over $70 million in arbitration awards against Nigeria, has also seized other Nigerian assets in the UK and France, with more expected in Belgium and the U.S. The dispute traces back to a 2016 breach of a 2001 trade treaty between Nigeria and China, when Ogun State rescinded the firm’s rights to a free trade zone. Despite losing multiple legal challenges, Nigeria has denied any wrongdoing in these cases.
