By Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese firm embroiled in a legal dispute with Nigeria, announced on Friday, August 18, 2024, that it has released a Nigerian government-owned jet previously seized on its behalf by a French court. The company described this action as a “gesture of goodwill” to pave the way for negotiations.
The dispute originates from a 2007 contract between Zhongshan and Nigeria’s southwestern Ogun state to develop a free trade zone. The Nigerian government terminated the contract in 2015, claiming that Zhongshan had only erected a perimeter fence on the designated land.
In a statement, Zhongshan said, “We have consistently sought to act reasonably and fairly in the course of a legal dispute” that was not of its making. The company emphasized its commitment to “serious and substantive” talks with the Nigerian Federal Government representatives to reach a “reasonable compromise settlement rapidly.”
The seized aircraft, an Airbus A330 used for presidential travel, was released following Zhongshan’s acquisition of two orders from a French court in March and August to seize Nigerian assets. These orders were based on an arbitration award exceeding $60 million.
On Thursday, the Nigerian government had accused Zhongshan of orchestrating a campaign to seize its overseas assets, including presidential jets undergoing maintenance in France, due to the ongoing dispute.
The Nigerian government has not immediately responded to requests for comment on this latest development.
This situation highlights the complex nature of international business disputes and their potential impact on diplomatic relations. As both parties express willingness to negotiate, the release of the presidential jet may mark a turning point in resolving this long-standing disagreement between Zhongshan and the Nigerian government.
The outcome of these talks could have significant implications for future Chinese investments in Nigeria and broader Africa-China economic relations.
