Chinese Coy Plotting to Strip Nigeria of Assets – Presidency
The Presidency is aware of failed attempts by Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese company, to take over offshore assets of Nigeria through subterfuge.
Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, in a statement, said Zhongshan misled the Judicial Court in Paris into attaching Nigeria’s presidential jets in its judgment against Ogun government.
He faulted the use of the presidential jets which were on routine maintenance in France.
According to him, the presidential jets are assets of a Sovereign entity protected by diplomatic immunity, which forbids any foreign court from issuing an order against them.
“We are convinced the Chinese company misled the Judicial Court of Paris regarding the use and nature of the assets it seeks to attach and did not fully disclose to the court as required by law,” he said.
He said Federal Government was not under any contractual obligation with the Chinese company.
“The case in which Zhongshan is trying to use every unorthodox means to strip our offshore assets is between the company and the Ogun State government.
“The Federal Government is fully aware of efforts being made by the Ogun State government to reach an amicable resolution on the matter,” said Onanuga.
He said the company had no solid ground to demand restitution from Ogun government based on the facts regarding the 2007 contract between the company and the state government to manage a free-trade zone.
He said that when the contract with Ogun was revoked in 2015, the company had only erected a perimeter fence on the land earmarked for a free trade zone.
According to him, while the Attorney-General of the Federation and Minister of Justice was working with the Ogun government on an amicable resolution, Zhongshan obtained two orders from the Judicial Court of Paris.
He said the court orders were dated March 7, and August 12, but no notice was duly served on the Federal Government of Nigeria and Ogun government.
“This arm-twisting tactic by the Chinese company is the latest in a long list of failed moves to attach Nigerian government-owned assets in foreign jurisdictions,” said Onanuga.
He said unscrupulous and questionable individuals were falsely presenting themselves as investors with the sole objective of undercutting and scamming governments in Africa.
He said the same Chinese company had tried to enforce its questionable judgment in the UK and USA but failed.
He was emphatic that foreign companies were trying to defraud Nigeria with the collaboration of some bureaucrats.
“Zhongshan appeared to have sold the judgment they got to a venture capitalist seeking to make money by embarrassing the Federal Government and President Bola Tinubu.
“We want to assure Nigerians that the Federal Government is working with the Ogun government to discharge this frivolous order in Paris immediately.
“Nigerian government will always work to protect our national assets from predators and shylocks who masquerade as investors,” said Onanuga.
The News Agency reports that the contract between Ogun and Zhongshan to manage a free-trade zone was executed in 2007.
The parties entered into a dispute in 2015, and arbitration began in 2016.
By 2019, the arbitration hearing had been concluded.
The Arbitral Panel awarded over 60 million dollars against the Federal Government of Nigeria, a co-defendant, when all Zhongshan had done was build a perimeter fence around the free-trade zone.
Based on legal advice, the Ogun government resolved to resist the enforcement of the award.
The resistance was successful in eight different jurisdictions. There are pending appeals against recognition orders issued in both the US and UK.
Ogun State also engaged Zhongshan in settlement discussions on reasonable terms.
The last meeting, held in September 2023 in London, was attended by several officials of Ogun, including Gov. Dapo Abiodun and Prince Lateef Fagbemi, Attorney General/Minister of Justice.
Zhongshan’s initial reasonable readiness to consider Ogun State’s offer was surprisingly reversed by the second day when it insisted on the government paying the full arbitration debt.
This led to a breakdown of the mediation, with parties agreeing to meet again in the first quarter of this year.
But Onanuga said since then, Zhongshan has been evasive.
“Instead, it embarked on a series of enforcement proceedings, which the legal team appointed by the Federal Government and Ogun successfully opposed.
“In cases similar to the present one, where Zhongshan obtained an ex-parte order, Ogun State successfully set aside the orders.
“Ogun has not given up on a reasonable settlement option, with the most recent letter sent to Zhongshan last week.
“Zhongshan only responded after obtaining this latest illegal order,” said Onanuga. #Chinese Coy Plotting to Strip Nigeria of Assets – Presidency
Half-year: Afriland Properties Declares N178.6m Total Interim Dividend
