… to enable Tinubu attend meeting
By Kayode Sanni-Arewa
Zhongshan Fucheng Industrial Investment Co. Limited has announced the release of one of the three Nigerian Presidential jets it had seized following a French court order.
The seized aircraft included a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243, which were stationed at Paris-Le Bourget and Basel-Mulhouse airports.
The seizure stems from a contract dispute with the Ogun State government, which was terminated in 2016. The ongoing arbitration against Nigeria highlights claims by Zhongshan that the country failed to uphold an agreement.
In 2013, Zhongfu, a subsidiary of Zhongshan Fucheng, entered into a contract with Ogun State to develop a free trade zone, where Zhongfu was to hold a 60% stake. However, Zhongfu alleges that Ogun State later attempted to withdraw from the deal and seize the investment.
Following what Zhongshan described as a “campaign of illegal acts” against its investment, the company pursued arbitration in 2018. By 2021, a London-based arbitration panel awarded Zhongfu $70 million in damages, a figure that has since increased to approximately $81 million with accrued interest.
On Friday, a company spokesperson stated that one of the seized jets was released to accommodate President Bola Tinubu’s upcoming meeting with French President Emmanuel Macron.
The spokesperson explained that Zhongshan’s decision to lift the seizure was a gesture of goodwill to support the President’s travel plans.
The company remains open to negotiating with the Nigerian government to achieve a fair resolution.