A Chinese firm, Zhongshang Fucheng Industrial Investment Ltd, has successfully repossessed a luxury jet owned by Nigeria in Canada.
The jet, a Bombardier 6000 type BD-700-1A10, was officially transferred to Zhongshang following recent approval from Canadian authorities in Montreal, months after a Canadian court ruled in the firm’s favour.
News About Nigeria reports that this is to recover up to $70 million in arbitration awards from Nigeria.
An insider familiar with Zhongshang’s operations confirmed the firm’s ongoing commitment to pursuing Nigerian assets worldwide until the full arbitration award is recovered.
The luxury jet, purchased for $57 million by fugitive Dan Etete in 2010 after his controversial $350 million profit from the OPL 245 oil field sale, had been under Nigeria’s control since its initial seizure in 2016.
The aircraft was unexpectedly flown to Canada in May 2020, where Nigeria secured a court order to keep it in Montreal.
However, Canadian courts recently upheld Zhongshang’s right to the jet, dismissing Nigeria’s arguments against the seizure.
Judge David Collier of the Superior Court of Quebec ruled against Nigeria’s efforts to retain ownership, rejecting the country’s claims of sovereign immunity and labelling their reasons for inaction during the February-March 2023 general elections as “frivolous.”
The ruling follows similar decisions by courts in the UK and the US, further solidifying Zhongshang’s legal position.
With the aircraft now under its control, Zhongshang has successfully seized Nigerian assets in the UK, France, and Canada, including guest houses, presidential jets, and the Etete jet.
Additional seizures are anticipated in Belgium and the US in the coming weeks. Despite these losses, Nigeria continues to assert its innocence in the legal battles, which originate from a failed free trade zone contract in Ogun State.
Ongoing negotiations between Nigeria and Zhongshang have yet to yield any resolution.
