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Zhongshan, the Chinese company that secured an order from a French court authorising the seizure of three Nigerian presidential jets, has indicated its readiness to negotiate with the Nigerian government and reach an amicable settlement of the $74.5 million dispute.
The dispute between Zhongshan and the Nigerian government dates back to 2016 when the Ogun State government revoked the Zhongshan’s export processing zone management contract.
The company had launched an investment treaty arbitration against Nigeria, citing the bilateral investment treaty between China and Nigeria, resulting the award of $55,675,000 in addition to interest and costs in March 2021.
However, in a statement after the controversial French Court order, sZhongshan said all it has done is to assert its rights under international law and expressed its confidence in the veracity of the case.
“Zhongshan has only ever sought to assert its rights under international law and is confident in its case. The independent arbitral panel was found unanimously in its favour, and courts in multiple countries have upheld the view that the panel’s compensation should be enforced. The French court was fully aware of the facts when it reached its decision,” the statement read.
“Far from being just a fence, the Ogun Free Trade Zone was featured as a significant international investment by the Economist Intelligence Unit.
“Zhongshan has for a long time been ready to enter serious negotiations with the federal government of Nigeria to settle this case and still awaits an indication that the government is equally willing.”
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, had said the French court order arose from the Chinese company’s arm-twisting tactics.
He added that Zhongshan misled the French court although the Federal Government and the Ogun State government had made efforts to resolve the matter.
“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,” Onanuga said.
