Learn How To Make Money From Home Using Your Smartphone In 2025
By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AfricaNews360AfricaNews360
  • Politics
    PoliticsShow More
    Burkina Faso to ‘street honour’ late Ghanaian President Jerry John Rawlings
    May 19, 2025
    Burkina Faso honours late president Thomas Sankara with memorial park
    May 19, 2025
    Nigeria Presidency refutes Catholic leaders’ criticism of economic hardship
    March 11, 2025
    Ghana’s President Mahama strengthens ties with Mali during Bamako visit
    March 10, 2025
    Nigerian First Lady launches major women’s economic initiative
    February 22, 2025
  • Business
    BusinessShow More
    Ghana’s Tourism Minister commends Emirates at grand opening of Travel Store
    May 15, 2025
    Burkina Faso strengthens Russian ties with new mining licence
    April 27, 2025
    Ghana Bauxite Company targets 6 million tonnes production by end of 2025
    April 7, 2025
    Ghana to launch ‘River Guards’ program to combat environmental Impact of illegal mining
    March 17, 2025
    African countries urged to emulate Ghana’s unique digital payment system
    February 3, 2025
  • Showbiz
    ShowbizShow More
    Nigerian Star Davido’s Foundation supports 500 orphanages in annual Charity drive
    February 13, 2025
    Nigerian president Tinubu celebrates Nollywood icon Nkem Owoh ‘Osuofia’ at 70
    February 8, 2025
    Burkina Faso’s Bissa music sensation Eunice Goula drops new Banger ‘Mariage’
    September 25, 2024
    Kenya’s president hosts national music festival
    August 16, 2024
    Court documents reveal Diddy ‘paid’ $1m to have 2Pac killed
    July 24, 2024
  • Sports
    SportsShow More
    CAF to unveil new TotalEnergies Champions League trophy ahead of final
    May 22, 2025
    Emmanuel Eboué charts new path in football at CAF U20 AFCON, Egypt 2025
    May 14, 2025
    Morocco, Nigeria, Egypt and South Africa book FIFA U20 World Cup spots
    May 14, 2025
    Ghana falls to Egypt in heartbreaking penalty shootout at U20 Africa Cup
    May 13, 2025
    Ghana marks 24th anniversary of May 9th disaster
    May 10, 2025
  • Biographies
    BiographiesShow More
    Michael Gallup Bio, Age, Net Worth, Height, Parents, Siblings, Wife, Children
    July 25, 2024
  • Columns
    ColumnsShow More
    Ghana Government does not subsidize Hajj Pilgrims: Debunking the myth with facts
    March 7, 2025
    Full Speech: South African president’s address at first G20 Foreign Ministers’ meeting 2025
    February 22, 2025
    Ing. Abdullah Mohammed Billey: The Ghanaian road expert victimised for political reasons by the ousted Government
    February 3, 2025
    Ghana President Mahama’s speech at Africa Prosperity Dialogues 2025
    February 2, 2025
    An American opinion on the impending NDC Government structure
    December 17, 2024
  • Travel
    TravelShow More
    Ghana’s Tourism Minister commends Emirates at grand opening of Travel Store
    May 15, 2025
    Thousands of Ethiopian diaspora heed PM’s call to ‘come home’
    May 2, 2024
    Malawi and Ghana sign visa waiver agreement to enhance bilateral ties
    March 21, 2024
    Ghana signs visa waiver agreement with Bahamas
    February 22, 2024
    Malawi scrapes visa restrictions for 79 countries
    February 9, 2024
  • Editorial
    EditorialShow More
    FEATURE: Kigali City- A glittering jewel of Africa
    September 2, 2023
    All eyes on INEC as Nigeria decides
    February 26, 2023
    Feed Africa Summit: Continent Plans to Achieve Zero Hunger by 2030
    January 25, 2023
    Africa must speak with one voice at COP27
    November 8, 2022
    Nigerian headteacher sentenced to death after pupil’s murder
    July 28, 2022
  • World
    WorldShow More
    Robert Prevost
    American prelate Robert Prevost elected New Pope
    May 9, 2025
    Rwanda cuts diplomatic ties with Belgium amid Congo conflict tensions
    March 17, 2025
    ICC issues arrest warrants for Israel’s Benjamin Netanyahu, Ibrahim Al-Masri
    November 21, 2024
    Voting underway in US as Donald Trump faces Kamala Harris for presidency
    November 5, 2024
    Biden directs US forces to aid Israel’s defence against Iran
    October 2, 2024
Reading: Nigeria accuses Chinese firm of asset seizure ‘subterfuge’
Share
Notification Show More
Latest News
CAF to unveil new TotalEnergies Champions League trophy ahead of final
May 22, 2025
Burkina Faso to ‘street honour’ late Ghanaian President Jerry John Rawlings
May 19, 2025
Burkina Faso honours late president Thomas Sankara with memorial park
May 19, 2025
Former Mauritania president sentenced 15 years
May 15, 2025
Ghana’s Tourism Minister commends Emirates at grand opening of Travel Store
May 15, 2025
Aa
AfricaNews360AfricaNews360
Aa
  • Technology
  • Science
  • Education
  • Health
Search
  • Topics
    • Business
    • Columns
    • Gossip
    • News
    • Politics
    • Showbiz
    • Fashion
    • Climate
    • World
    • Videos
Have an existing account? Sign In
Follow US
AfricaNews360 > News > Nigeria accuses Chinese firm of asset seizure ‘subterfuge’
NewsTop StoriesWorld

Nigeria accuses Chinese firm of asset seizure ‘subterfuge’

Three Presidential jets seized during routine maintenance in France

Posted Malik muhammed August 15, 2024 5 Min Read
Updated 2024/09/16 at 12:47 AM
FILE: A Presidential aircraft. Credit: Air Force.
SHARE

The Nigerian government has accused a Chinese company of attempting to seize its assets through “subterfuge” after a French court ruled in the firm’s favour to take over three presidential jets.

Contents
Arm-Twisting Tactics?Shrinking Presidential Fleet

The court in Paris granted Zhongshan Fucheng Industrial Investment Co. Limited permission to seize the aircraft, which were undergoing routine maintenance in France.

Presidential spokesman Bayo Onanuga said the Chinese firm was trying “to take over offshore assets of the Federal Government of Nigeria through subterfuge”.

The dispute stems from a 2007 contract between Zhongshan and Ogun State to manage a free-trade zone. The state government revoked the contract in 2015.

Learn How To Make Money Online Using Your Smartphone In 2025

Zhongshan then initiated arbitration against Nigeria under a bilateral investment treaty. Arbitrators ruled that Nigeria had breached its obligations and awarded the company compensation.

Mr Onanuga insisted that the federal government “is not under any contractual obligation with the company”, arguing that the matter is between Zhongshan and Ogun State.

RECOMMENDED FOR YOU  Victor Osimhen crowned Napoli's player of the year 2023

“The case in which Zhongshan is trying to use every unorthodox means to strip our offshore assets is between the company and the Ogun State Government,” Onanuga said, flaying Zhongshan which he said “has no solid ground to demand restitution from the Ogun State Government based on the facts regarding the 2007 contract between the company and the State Government to manage a free-trade zone”.

“When the contract with Ogun State was revoked in 2015, the company had only erected a perimeter fence on the land earmarked for a free trade zone,” he said.

He added that when the contract was revoked, the company had “only erected a perimeter fence” on the land earmarked for the free trade zone.

Chinese Company's fraudulent attempt to strip Nigerias assets abroad pic.twitter.com/w6eqc7flxL

— Presidency Nigeria (@NGRPresident) August 15, 2024

The Nigerian government is contesting the French court’s decision and has appealed the arbitration ruling in multiple jurisdictions, including the UK and US.

RECOMMENDED FOR YOU  Sudan Crisis: UN says it need $445 million to help 860,000 fleeing conflict

Arm-Twisting Tactics?

Onanuga said despite that the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has been working with the Ogun State Government on an amicable resolution, “Zhongshan obtained two orders from the Judicial Court of Paris dated March 7, 2024, and August 12, 2024, without any notice being duly served on the Federal Government of Nigeria and Ogun State Government”.

“This arm-twisting tactic by the Chinese company is the latest in a long list of failed moves to attach Nigerian government-owned assets in foreign jurisdictions.

“The material facts in the transaction between the Ogun State Government and Zhongshan point to another P&ID case in which unscrupulous and questionable individuals falsely present themselves as investors with the sole objective of undercutting and scamming Governments in Africa.”

He claimed the foreign company “withheld vital information and misled the Judicial Court in Paris into attaching the Nigerian government’s presidential jets, which are on routine maintenance in France”.

“The use and nature of the Presidential jets as assets of a Sovereign entity whose assets are protected by diplomatic immunity forbid any foreign Court from issuing an order against them.

RECOMMENDED FOR YOU  Algeria Army Chief visits France for 1st time in 17 years

“We want to assure Nigerians that the Federal Government is working with the Ogun State Government to discharge this frivolous order in Paris immediately.

“Nigerian Government will always work to protect our national assets from predators and shylocks who masquerade as investors,” he noted.

Shrinking Presidential Fleet

The court order came amid a controversy surrounding the planned purchase of a new presidential jet for President Bola Tinubu who has had to use hired jets for official trips in recent times due to faulty presidential jets.

The health state of the Presidential Air Fleet has been source of concern of late.

In May, a faulty presidential jet stopped Vice President Kashim Shettima from attending the 2024 US-Africa Business Summit hosted by the Corporate Council on Africa.

Last December, a presidential aircraft, Falcon 900B, was put up for sale, with the Nigerian Air Force (NAF) asking interested persons to submit their bids for the purchase of the aircraft.

RSS EDITORS’ SUGGESTIONS

  • Moroccan club Wydad AC move for Al-Nassr star Cristiano Ronaldo
  • Former Dreams FC goalkeeper Solomon Agbasi open to Hearts of Oak or Kotoko move
  • Arteta reveals reason for backing Partey’s new deal
  • Joel Fameyeh: One game from glory in Hungary
  • National Paralympic Committee of Ghana appoints Jeffrey Amoah as Media and Administrative Officer
TAGGED: China, France, Nigeria, Presidential Jets, subterfuge
Malik muhammed August 15, 2024
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Nigeria’s inflation for July declined to 33.40%
Next Article Nigerian Hajj officials detained in corruption probe
Leave a comment Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Latest on AfricaNews360

  • CAF to unveil new TotalEnergies Champions League trophy ahead of final
  • Burkina Faso to ‘street honour’ late Ghanaian President Jerry John Rawlings
  • Burkina Faso honours late president Thomas Sankara with memorial park
  • Former Mauritania president sentenced 15 years
  • Ghana’s Tourism Minister commends Emirates at grand opening of Travel Store

More recommendations for you

  • Crystal Palace open to Jesurun Rak-Sakyi sale
  • Moroccan club Wydad AC move for Al-Nassr star Cristiano Ronaldo
  • Former Dreams FC goalkeeper Solomon Agbasi open to Hearts of Oak or Kotoko move
  • Arteta reveals reason for backing Partey’s new deal
  • Joel Fameyeh: One game from glory in Hungary

You Might Also Like

NewsPolitics

Burkina Faso to ‘street honour’ late Ghanaian President Jerry John Rawlings

May 19, 2025
NewsPolitics

Burkina Faso honours late president Thomas Sankara with memorial park

May 19, 2025
Top Stories

Former Mauritania president sentenced 15 years

May 15, 2025
News

New Ghana Olympic Committee leadership pays courtesy call on Sports Minister

May 14, 2025
  • Bereavement
  • Debt Management
  • Finance
  • Job Creation
  • Small Business
  • Climate
  • Education
  • Fashion
  • Health
  • Rights
  • Science
  • Sanitation
  • Mobilisation
  • Secondary Education
  • Celebrity News
  • Tertiary Education
  • Culture
  • Security
  • Corruption
  • Creed
  • Athletics
  • Basketball
  • Boxing
  • Formula 1
  • Rugby
  • Soccer
  • Tennis
  • Minning
  • Gaming
  • Technology
AfricaNews360AfricaNews360
Follow US

© 2024 - AfricaNews360 | All rights reserved.

  • About
  • Advertise with us
  • Contact

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Register Lost your password?