Chinese investors have seized two guest houses linked to the Nigerian government in Liverpool, UK, to recover a $70 million arbitration award. The properties are set to be sold on eBay for $2.2 million, sparking concerns over Nigeria's management of its international assets.
Chinese investors have reportedly taken control of two guest houses linked to the Nigerian government in Liverpool, United Kingdom. These properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, were seized following a British court order in December 2021. The court empowered Zhongshang Fucheng Industrial Investment Ltd to confiscate Nigerian assets in the UK to recover an outstanding $70 million arbitration award. The dispute dates back to a 2021 arbitration judgment, where Zhongshang was awarded over $65 million plus interest and costs.
In a bid to recoup their losses, the Chinese investment group plans to list the properties on the global online marketplace eBay, with a reported asking price of $2.2 million. This move has caused significant concern within the Nigerian community, both in the UK and back home, as it highlights the ongoing financial challenges faced by the Nigerian government.
The situation underscores the complex relationship between Nigeria and its international creditors, raising questions about the management of national assets abroad and the potential legal and diplomatic repercussions of such seizures. The development is also a stark reminder of the consequences of unresolved financial disputes on a global stage.
Reactions from Nigerian citizens and social media have been mixed, with some expressing frustration over the situation, while others see it as a wake-up call for better governance and financial management in Nigeria. As the situation unfolds, it remains to be seen whether the Nigerian government will take steps to address the issue and prevent further asset seizures in the future.
