Chinese Firm Releases One of The Seized Nigeria Asset

Zhongshan Fucheng Industrial Investment Company, a Chinese firm, has announced the release of one of the three Nigerian presidential jets that were recently seized under a French court's order. This announcement was made through a statement released by the company on Friday.

The company revealed that the decision to release the aircraft was a goodwill gesture, recognizing the immediate need of Nigerian President Bola Tinubu, who is scheduled to meet with French President Emmanuel Macron. The statement read, “It has now been made aware that an Airbus A330, currently detained in France as a result of a French court order obtained by Zhongshan, is needed for the President of the Federal Republic of Nigeria to travel to a scheduled meeting with President Macron of France early next week. As a gesture of goodwill, Zhongshan has lifted the seizure of that aircraft immediately. This will allow it to be used for the President’s trip.”

This development follows the company's successful legal action to seize three Nigerian government aircraft—a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243—located at various airports in France. The legal dispute stems from a contract that was revoked by the Ogun State government in 2016.

This recent move by Zhongshan is part of an ongoing series of arbitration efforts by foreign companies against Nigeria, accusing the country of failing to honor contractual agreements. In response, the Nigerian Federal Government announced on Thursday that it has begun both legal and diplomatic measures to contest the temporary seizure of the three presidential aircraft in France.