Authorities in France and Switzerland have seized three jets from Nigeria’s presidential fleet under a French court’s directive.
The French court’s decision, as reported by sources, was made due to a prolonged business dispute between Ogun State and the Chinese firm Zhongshan. The seized aircraft comprise a Dassault Falcon 7X at Paris-Le Bourget Airport, a Boeing 737, and an Airbus A330 at Basel-Mulhouse Airport in Switzerland. The seizure is part of the enforcement of a $74.5 million arbitration award granted to Zhongshan.
Sources indicate that the jets were in the midst of maintenance when the seizure order was implemented. The Nigerian government had previously invested over $100 million in the Airbus A330, which has yet to be delivered.
This seizure is the result of a dispute dating back to 2016, when Ogun State terminated Zhongshan’s contract to manage an export processing zone. Zhongshan then pursued arbitration under the bilateral investment treaty between China and Nigeria. The arbitration tribunal, led by a former President of the UK Supreme Court, awarded Zhongshan $55.7 million plus an additional $9.4 million in interest and legal fees.
The Nigerian government has not yet officially responded to the seizure. Under the court’s order, the movement, sale, or transfer of the jets is prohibited until Zhongshan receives the owed compensation.
The court has granted Zhongshan the right to enforce the seizure with the help of bailiffs, who are empowered to ensure the aircraft remain grounded.
The ongoing dispute began when Ogun State replaced Zhongshan as the interim manager of the Ogun Guangdong Free Trade Zone. Zhongshan’s parent company, Zhuhai Zhongfu Industrial Group Co Ltd, had initially agreed in 2010 to develop and manage the Fucheng Industrial Park within the zone, but the agreement later deteriorated, leading to the current legal issues.
More Stories
Bitcoin Surges Beyond $106,000 Amid Strategic Reserve Speculations
US Federal Reserve Poised for Key Rate Cut as Biden Era Ends
Humpback Whale Sets Record for Longest Migration Ever Documented