The Presidency has revealed that Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese company, is attempting to take over Nigeria’s offshore assets through deceitful means. The company misled a Paris court into attaching Nigeria’s presidential jets, claiming they were used for commercial purposes.
_Government’s Response_
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated that the presidential jets are protected by diplomatic immunity and cannot be attached by a foreign court. He emphasized that the Federal Government has no contractual obligations with the Chinese company.
_Background of the Case_
The dispute began in 2007 when Zhongshan entered into a contract with the Ogun State government to manage a free-trade zone. The contract was revoked in 2015, but the company obtained a judgment of over $60 million against the Federal Government in 2019. The government has resisted enforcement of the award in multiple jurisdictions.
_Current Developments_
Zhongshan has obtained two orders from the Paris court, but the government claims they were obtained through deceit and without proper notice. The Presidency is working with the Ogun State government to discharge the orders and protect Nigeria’s assets from predators.
_Details of the Contract_
The contract between Zhongshan and the Ogun State government was executed in 2007, with the aim of managing a free-trade zone. However, the contract was revoked in 2015 due to non-performance. Despite this, Zhongshan claimed that it had invested heavily in the project and sought compensation.
_Arbitration and Court Rulings_
The dispute led to arbitration, which awarded over $60 million against the Federal Government in 2019. However, the government resisted enforcement of the award in multiple jurisdictions, including the US and UK.
_Presidency’s Assurance_
The Presidency assures Nigerians that the government will protect its national assets from fraudulent companies and individuals. The case highlights the need for vigilance against unscrupulous investors seeking to defraud African governments.
_Conclusion_
The attempt by Zhongshan to strip Nigeria of its assets is a clear example of economic sabotage. The Presidency’s swift response and assurance to protect the country’s assets demonstrate its commitment to safeguarding Nigeria’s interests.
