By Jemimah Wellington, JKNewsMedia Reporter
NIGERIAN AUTHORITIES disclose it is grappling with attempts by a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, to seize the country’s assets abroad.
The company has made various efforts to lay claim to Nigerian government-owned assets, allegedly using deceptive methods.
The FG firmly denies any contractual obligations with Zhongshan, stating that their attempts to attach offshore assets are based on false pretenses.
This latest move follows the company’s failed attempts to enforce a judgment in the UK and USA.
The FG notes that the dispute dates back to a 2007 agreement between the Ogun State Government and Zhongshan for the management of a free-trade zone.
However, the contract was revoked in 2015 after the company’s failure to make significant progress beyond erecting a perimeter fence around the designated area.
Ogun State has reportedly resisted Zhongshan’s efforts in various jurisdictions and has also engaged in settlement discussions.
The most recent talks in London, attended by Governor Dapo Abiodun and the Attorney General, Prince Lateef Fagbemi, ended abruptly when Zhongshan insisted on the payment of an arbitration award exceeding $60 million, which the Ogun State government is contesting.
Zhongshan’s actions have drawn comparisons to the P&ID case, where another foreign entity attempted to defraud Nigeria through questionable arbitration awards.
However, the FG is working closely with Ogun State to protect its assets from such predatory actions.
Authorities believe Zhongshan misled the Judicial Court of Paris by withholding critical information regarding the assets it seeks to attach, including Nigerian presidential jets, which are protected by diplomatic immunity.
The FG is confident that these assets are secure and is committed to preventing any unjust actions against them.
The Nigerian government assures its citizens that it is taking all necessary steps to safeguard national assets and will continue to challenge Zhongshan’s claims in court.
The situation remains tense, with both parties preparing for further legal battles in the coming months.
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