By Olaide Ajibola, JKNewsMedia Reporter
THE BRITISH Virgin Islands High Court’s decision permitting Zhongshan Fucheng Industrial Investment Co. Ltd to seize $25 million of Nigeria’s foreign assets has prompted a firm response from the Nigerian government.
Government officials pledged to appeal the ruling, which originates from a failed trade zone agreement in Ogun State.
Newly appointed Presidential Adviser, Daniel Bwala assured that the judgment is not final and cannot be enforced immediately.
“This ruling is a warning, not a conclusive order. Nigeria will file an appeal to vacate the judgment and protect its interests,” Bwala stated.
The dispute stems from a 2010 agreement under the Ogun State government, granting Zhongshan the rights to develop a free trade zone.
In 2016, the government terminated the project, leading the company to seek compensation through arbitration under a China-Nigeria bilateral treaty.
The arbitration tribunal awarded Zhongshan $70 million, but Nigeria’s claim of state immunity failed in UK courts.
However, the Presidency reaffirmed its commitment to preserving national assets and defending against foreign legal challenges.
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