Three Nigerian presidential jets were seized by a French court due to a protracted legal dispute with Zhongshan Fucheng Industrial Investment, a Chinese company.
READ ALSO: Shettima jets out to US-Africa business summit in Dallas
Here are the key reasons behind the seizure:
- Contract Dispute: The jets were seized following a 2007 contract between Zhongshan and Ogun State to develop a free-trade zone. The agreement was terminated between 2015 and 2016.
- Legal Rulings: Zhongshan claimed it was forced out of the deal and sought compensation. An arbitration tribunal awarded Zhongshan $74.5 million in March 2021, but Ogun State refused to pay, leading Zhongshan to seek enforcement through asset seizures.
- Court Orders: To enforce the arbitration award, Zhongshan obtained orders from the Judicial Court of Paris, which led to the grounding of the jets while they were undergoing routine maintenance.
Additionally, the federal government has accused Zhongshan of misrepresenting facts in international courts to justify the seizure of Nigerian assets.
Zhongshan has released one of the seized jets, an Airbus A330, because it’s needed for Tinubu’s upcoming meeting with French President Emmanuel Macron.
