Zhongshang Fucheng Industrial Investment Ltd., a Chinese investment firm, has finalised the repossession of a high-end jet owned by Nigeria, located in Canada. This move follows a ruling by a Canadian court that granted Zhongshang the legal right to seize the Bombardier 6000 type BD-700-1A10 aircraft, valued at $57 million.
According to reports from Peoples Gazette, the transfer of custody paperwork for the aircraft was finalized recently in Montreal. This transfer marks the conclusion of a legal battle that began earlier this year when the court ordered the seizure of the jet from Nigeria.
An anonymous source close to Zhongshang revealed, “The court granted orders for Zhongshang to seize the plane earlier this year, but the change of custody from Nigeria to Zhongshang was only recently concluded,” a person familiar with Zhongshang’s activities said anonymously.
“Zhongshang will not stop seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid.”
The legal dispute centers on Nigeria’s earlier attempts to retain ownership of the aircraft, which was initially purchased by fugitive Dan Etete following a corrupt oil field sale in 2010. The aircraft was seized by Nigeria in 2016 and held in Dubai. It was then flown to Canada in 2020, where Nigeria secured a court order to retain control at Montreal’s main airport. Despite attempts by a Canadian firm, Tibit, to claim ownership, Nigerian control was upheld until Zhongshang’s recent actions.
Judge David Collier of the Superior Court of Quebec dismissed Nigeria’s arguments against the aircraft’s seizure on March 21, 2024. The judge ruled that Nigeria’s objections were invalid and rejected claims of sovereign immunity, which were also dismissed by courts in the United Kingdom and the United States.
Zhongshang’s repossession of the jet is part of its effort to enforce a $70 million arbitration award against Nigeria. The Chinese firm has already seized assets in the UK, France, and Canada, and anticipates further actions in Belgium and the United States. This case arises from a 2001 trade treaty dispute between Zhongshang and Ogun State, Nigeria, over the rescinding of free trade zone rights in 2016.
