Zhongshan Fucheng Industrial Investment Co. Limited has released one of three Nigerian presidential jets seized due to a legal dispute over a revoked contract. The release allows President Tinubu to attend a scheduled meeting with French President Macron. Negotiations between Zhongshan and Nigeria continue.
A Chinese firm, Zhongshan Fucheng Industrial Investment Co. Limited, has released one of three Nigerian presidential jets that had been seized under a French court order. The jets, including a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243, were initially seized as part of a legal dispute over a revoked contract involving the Ogun State government.
The dispute dates back to 2013 when Zhongfu, a subsidiary of Zhongshan, signed a contract with the Ogun State government to develop a free trade area. Under the terms of the deal, Zhongfu was to hold a 60% stake in the joint venture. However, in 2016, the Ogun State government allegedly withdrew from the agreement, prompting Zhongshan to initiate arbitration proceedings against Nigeria in 2018. A London-based arbitration panel subsequently awarded Zhongshan $70 million in damages, a sum that has since increased to approximately $81 million due to accrued interest.
In a recent development, Zhongshan agreed to release the Airbus A330 after learning that President Bola Tinubu required the jet for a scheduled meeting with French President Emmanuel Macron. The company described the decision as a "gesture of goodwill" and emphasized its commitment to resolving the dispute through ongoing negotiations with the Nigerian government.
A spokesperson for Zhongshan stated, “Zhongshan has consistently sought to act reasonably and fairly in the course of a legal dispute with Nigeria which was not of its making. As a gesture of goodwill, Zhongshan has lifted the seizure of that aircraft immediately."
The release of the jet signals a potential step toward resolving the broader dispute, as both parties continue discussions in hopes of reaching a mutually agreeable resolution.
