LIVE UPDATES
The Presidency on Thursday moved against Chinese firm, Zhongshan Fucheng Industrial Investment Company, over the seizure of three presidential jets on the order of the Judicial Court of Paris, France.
It also dismissed court orders against Ogun State Government, which led to the seizure of the three presidential jets, as an attempt to strip Nigeria of her assets.
Consequently, both the Federal Government and the Ogun State government are making strenuous efforts to overturn the orders obtained by the Chinese company on March 7, 2024, and August 12, 2024, respectively, with the aim of securing the release of the planes.
This is reminiscent of the order obtained by Process and Industrial Development Limited, P&ID, in London to secure $11 billion judgment debt from Nigeria, which the Federal Government eventually got overturned.
A contract between Ogun State and Zhongshan to manage a free-trade zone was executed in 2007, but the parties entered into a dispute in 2015, leading to arbitration in 2016.
By 2019, the Arbitral Panel had awarded over $60 million against the Federal Government of Nigeria, a co-defendant, despite Zhongshan's limited involvement.
Ogun State has been resisting the enforcement of the award in various jurisdictions and engaging Zhongshan in settlement discussions, though the parties have not yet reached an agreement.
Zhongshan has since been pursuing enforcement proceedings, which Ogun State's legal team has successfully opposed.
