A Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, has taken possession of two Nigerian government-owned properties in Liverpool, UK, and plans to sell them on eBay for $2.2 million. The properties were seized due to Nigeria’s failure to settle a $70 million arbitration award from 2021.
The properties, 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, were targeted after a UK court order allowed Zhongshang to seize Nigerian assets in the UK to recover the debt. The company was awarded $55,675,000 plus interest and costs in an arbitration verdict in 2021, stemming from a dispute with Ogun State over a trade treaty violation.
The sale of the properties is part of Zhongshang’s efforts to recover the outstanding amount, with interest accruing at 2% per month. The company has obtained enforcement orders in several European countries and is tracking Nigerian-owned assets, including jets.
A consultant working with Zhongshang confirmed that the properties would be sold transparently, with the sale price made public, to ensure accountability and public awareness.