A Chinese firm, Zhongshan Fucheng Industrial Investment Ltd, has repossessed a $57 million luxury jet owned by Nigeria in Canada, following the seizure of Nigerian guest houses in the UK. This move aims to recover $70 million in arbitration awards, with potential asset seizures expected worldwide.
Chinese firm Zhongshan Fucheng Industrial Investment Ltd has finalized the repossession of a Bombardier 6000 luxury jet, valued at $57 million, owned by Nigeria. This development follows the company's recent seizure of Nigerian guest houses in Liverpool, UK, as part of its efforts to recover $70 million in arbitration awards against the West African nation.
The repossession of the jet, confirmed by Canadian authorities in Montreal, comes after a court ruling earlier this year authorized Zhongshan to seize the aircraft. Judge David Collier of the Superior Court of Quebec dismissed Nigeria's objections, stating the legal basis for the seizure was sound. This particular jet was purchased by fugitive Dan Etete, who allegedly misappropriated funds from the corrupt sale of the OPL 245 oil field in 2010.
Once owned by Nigeria, the aircraft had been seized from Etete in 2016 and subsequently transferred to Dubai. It was flown to Canada in 2020, where Nigeria sought a court order to reclaim it. However, with the recent court ruling, Zhongshan is now positioned to pursue additional asset seizures globally, having already confiscated Nigerian properties in the UK, France, and Canada. The firm shows no signs of halting its pursuit until the arbitration claims are settled, raising concerns over the potential for further seizures in other jurisdictions, including the United States and Belgium.
Reactions on social media highlight public outrage over the government’s transparency and accountability, as many question the management of state assets and the implications for Nigeria's reputation on the international stage.
