Zhongshan Fusheng Industrial Investment Ltd., a Chinese investment group, has acquired two properties owned by Nigerians in Liverpool, UK, in a bid to recover a $70 million award made against Nigeria in an arbitration case.
On June 14, 2024, the UK High Court’s Master for Commercial Courts, Lisa Sullivan, specializing in King’s Bench Division, granted Zhongshang permission to take possession of the properties situated at 15 Aigburth Hall Road and Beech Lodge, located at 49 Calderstones Road, within Liverpool city limits.
These places were earmarked because they are commercial properties not protected by diplomatic immunity.
This followed Nigeria’s violation of a 2001 trade treaty, resulting in Zhongshang being awarded $55,675,000, plus interest and costs, due to the removal and alleged illegal detention of its executives.
The company intends to sell the two properties, worth $2.2 million, on eBay and other platforms, ensuring transparency and avoiding any hint of corruption.
This action comes after Nigeria failed to settle the outstanding arbitration award, which has accrued a 2% monthly interest over time.
Globally, similar asset recovery cases are ongoing, with European and US courts issuing enforcement orders against Nigeria.
An appellate panel has dismissed Nigeria’s plea for sovereign immunity claims, paving the way for asset recovery.
The proceeds from the sale will contribute to settling the outstanding arbitration award, enabling Zhongshan to maintain transparency throughout the process.
