Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Government

Broken Deals and Seized Assets: The Latest in Nigeria’s Legal Struggle

Benita OrumabyBenita Oruma
November 21, 2024
in Government
0
Broken Deals and Seized Assets: The Latest in Nigeria’s Legal Struggle
Share on FacebookShare on TwitterShare on Whatsapp

The ongoing legal battle between Nigeria and Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese firm, has taken another turn. The Nigerian Presidency recently announced plans to appeal a British Virgin Islands (BVI) High Court ruling that allows Zhongshan to seize $25 million worth of Nigeria’s foreign assets.

Table of Contents

Toggle
  • Background on the Dispute
  • The Court’s Perspective
  • Failed Settlement Talks
  • Nigeria’s Response
  • Moving Forward
  • Bottom Line

Background on the Dispute

The controversy dates back to a failed arbitration award against Nigeria, which initially drew public criticism when a French court sanctioned the seizure of three Nigerian presidential jets. Among these was the newly purchased Airbus A330 by President Bola Tinubu. Additionally, Zhongshan confiscated two Nigerian-owned residential properties in Liverpool, UK, with plans to auction them on eBay as part of the $70 million arbitration award, now inflated to $81 million due to accrued interest.

While the aircraft were eventually released following legal and diplomatic efforts by Nigeria’s Attorney General and National Security Adviser, the dispute has continued in court.

The Court’s Perspective

The BVI High Court based its decision on the bilateral investment treaty between Nigeria and China. According to the court, the treaty obliges both nations to enforce arbitral awards, effectively granting Zhongshan the right to pursue the debt through UK-based Nigerian assets.

Failed Settlement Talks

The Nigerian government and Ogun State officials, including Governor Dapo Abiodun and Attorney General Lateef Fagbemi, have made multiple attempts to resolve the issue through negotiations.

The most notable talks took place in September 2023 in London, lasting three days. Although Zhongshan initially seemed open to a settlement, it later insisted on full payment of the arbitration debt, causing the mediation to collapse.

According to a statement by Bayo Onanuga, Special Adviser on Information and Strategy to President Tinubu, Ogun State has not given up on reaching an amicable settlement. The state recently sent another proposal to Zhongshan but only received a response after the Chinese firm secured the latest court order.

Nigeria’s Response

Special Adviser to the President on Policy Communications, Daniel Bwala, framed the BVI ruling as a cautionary note. He emphasized that Nigeria still has the opportunity to appeal and address the legal challenges effectively.

“We will continue to examine all options and take necessary steps to address these legal challenges, ensuring Nigeria’s rights and assets are preserved,” Bwala stated.

Moving Forward

While the Nigerian government explores options to overturn the ruling, officials remain critical of Zhongshan’s actions. They argue that the Chinese firm’s aggressive enforcement measures, including obtaining ex-parte orders, undermine ongoing negotiation efforts.

For now, the legal tug-of-war continues, with Nigeria vowing to protect its assets and rights, even as the case raises broader questions about the implications of international treaties and arbitration enforcement.

Bottom Line

The dispute with Zhongshan highlights the complex intersection of diplomacy, international law, and economic consequences. As Nigeria fights to preserve its assets, the case serves as a critical lesson in managing bilateral agreements and safeguarding national interests.

Tags: assetBroken Deals and Seized Assets: The Latest in Nigeria's Legal Strugglefederal charactergovernmentNewsNigeriaseized
Benita Oruma

Benita Oruma

Benita Oruma is a lawyer in training, a 400 level student in the university of Ibadan. She is a content writer with interest in corporate affairs and the marketplace.

Related Posts

Nnamdi Kanu Fires Legal Team in Open Court, Vows to Defend Himself
Government

Nnamdi Kanu Fires Legal Team in Open Court, Vows to Defend Himself

October 23, 2025
Ghana in Mourning as Former First Lady Nana Konadu Agyeman-Rawlings Dies at 76
Government

Ghana in Mourning as Former First Lady Nana Konadu Agyeman-Rawlings Dies at 76

October 23, 2025
Nigeria Bans Sex with Minors but Ignores Muslim Marriages to Minors
Government

Nigeria Bans Sex with Minors but Ignores Muslim Marriages to Minors

October 22, 2025
Next Post
“If I Were President”: Aisha Yesufu Shares Her Plan for Nigeria’s Transformation

“If I Were President”: Aisha Yesufu Shares Her Plan for Nigeria’s Transformation

Senate Approves Tinubu’s ₦1.77 Trillion Loan Request

Senate Approves Tinubu's ₦1.77 Trillion Loan Request

“My Eyes Don See Shege”: Davido Reflects On Life At 32

"My Eyes Don See Shege": Davido Reflects On Life At 32

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Public Services in Niger State Grind to a Halt as Workers Strike Over Alleged Corruption

Public Services in Niger State Grind to a Halt as Workers Strike Over Alleged Corruption

2 years ago
Morocco’s Bold Stand: Rallying for Palestine Amid Israeli-Hamas Conflict

Morocco’s Bold Stand: Rallying for Palestine Amid Israeli-Hamas Conflict

2 years ago
Fresh Crisis Brews In Edo PDP As Deputy Governor Set To Dump Obaseki And PDP

Fresh Crisis Brews In Edo PDP As Deputy Governor Set To Dump Obaseki And PDP

4 years ago
Two Kids Under 10yrs Allegedly Attempt to Kidnap 2-year-old Boy in Kwara State.

Two Kids Under 10yrs Allegedly Attempt to Kidnap 2-year-old Boy in Kwara State.

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Why Making Music in Nigeria is Expensive — Bella Shmurda Speaks

Nnamdi Kanu Fires Legal Team in Open Court, Vows to Defend Himself

After Louvre Heist, Thieves Hit Another French Museum

Movie Review: Why Same Place, Same Time Is Undermined by Weak Plot and Technical Flaws — 4/10

Ghana in Mourning as Former First Lady Nana Konadu Agyeman-Rawlings Dies at 76

Miami Heat’s Terry Rozier Arrested in FBI Sports Betting Investigation

Trending

APC’s New Apostle: Amupitan Says God Sent Him to Fix Elections
Politics

APC’s New Apostle: Amupitan Says God Sent Him to Fix Elections

byEriki Joan Ugunushe
October 23, 2025
0

The new INEC Chairman, Professor Joash Amupitan, says God sent him to fix Nigeria’s elections. And somehow,...

Dangote Group Disowns Killer Truck in Ondo Crash

Dangote Group Disowns Killer Truck in Ondo Crash

October 23, 2025
Messi has commit to Miami signing a new contract extension till 2028

Messi has commit to Miami signing a new contract extension till 2028

October 23, 2025
Why Making Music in Nigeria is Expensive — Bella Shmurda Speaks

Why Making Music in Nigeria is Expensive — Bella Shmurda Speaks

October 23, 2025
Nnamdi Kanu Fires Legal Team in Open Court, Vows to Defend Himself

Nnamdi Kanu Fires Legal Team in Open Court, Vows to Defend Himself

October 23, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • APC’s New Apostle: Amupitan Says God Sent Him to Fix Elections
  • Dangote Group Disowns Killer Truck in Ondo Crash
  • Messi has commit to Miami signing a new contract extension till 2028

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com