ABUJA: The Federal Government of Nigeria has accused a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, of subterfuge after a French court ruled in favour of the firm and granted the seizure of presidential jets belonging to the Nigerian government.
The presidential spokesman Bayo Onanuga in a statement on Thursday, also alleged that the Chinese firm is trying “to take over offshore assets of the Federal Government of Nigeria through subterfuge”.
In the case involving an arbitration award, the Paris court ruled in favor of the Chinese company, allowing it to seize three presidential jets that were parked in France for routine maintenance as “security” for claims in a legal dispute which was for decades between the foreign company and the Ogun State government.
This was as a result of free-Trade Zone Row In 2007, the foreign company signed a contract with the Ogun State government to manage a free-trade zone; however, the state government revoked a contract in 2015.
Dissatisfied Zhongshan started an investment treaty arbitration against Nigeria under the bilateral investment treaty
In the dispute involving an arbitration award, the court in Paris ruled in favour of the Chinese firm, allowing it to seize three presidential jets on routine maintenance in France as “security”
Back in 2007, the foreign firm signed a contract with the Ogun State government to manage a free-trade zone but the contract was revoked by the state government in 2015.
Displeased, Zhongshan initiated an investment treaty arbitration against Nigeria under the bilateral investment treaty between the People’s Republic of China and Nigeria (the China-Nigeria BIT
Zhongshan was awarded millions of dollars in compensation by the arbitrators after they ruled that Nigeria had violated the terms of the China-Nigeria Bilateral Investment Treaty (BIT).
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The sub national and the Nigerian government appealed the case in “eight” jurisdictions, including the United State of America and the United Kingdom.
Back in 2007, the foreign firm signed a contract with the Ogun State government to manage a free-trade zone but the contract was revoked by the state government in 2015.
Displeased, Zhongshan initiated an investment treaty arbitration against Nigeria under the bilateral investment treaty between the People’s Republic of China and Nigeria (the China-Nigeria BIT).
The arbitrators ruled that Nigeria was in breach of its obligations under the China-Nigeria BIT and awarded Zhongshan compensation amounting to millions of dollars.
The Nigerian government and the subnational appealed the matter in “eight” jurisdictions including the United Kingdom and the United States.
The latest jurisdiction is in France, where three Nigerian presidential jets are on routine maintenance.
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