A Canadian court has ruled in favor of Zhongshang Fucheng Industrial Investment Ltd, allowing the Chinese company to repossess a private jet valued at $57 million from the Nigerian government. The Bombardier 6000 type BD-700-1A10 jet was previously seized from Dan Etete, a former petroleum minister, and stored in Canada.
This seizure is part of Zhongshang’s efforts to enforce an arbitration award of over $70 million against Nigeria. The company has already confiscated Nigerian assets in the UK, France, and Canada, with potential seizures expected in Belgium and the US.
The Nigerian government has maintained that it has done no wrong in the matter, which stems from a botched free trade zone contract in Ogun State. Efforts to resolve the issue with Zhongshang have so far been unsuccessful.
The seizure of the private jet marks a significant development in the ongoing dispute between Zhongshang and the Nigerian government.