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Three aircraft belonging to Nigeria\u2019s presidential air fleet have been ordered seized by a French court.<\/span><\/p>\n The order was given due to a legal dispute between Zhongshan Fucheng Industrial Investment Co. Limited, a Chinese company, and the Ogun State government.\u00a0<\/span><\/p>\n The three seized jets, including a Dassault Falcon 7X at Le Bourget airport in Paris, a Boeing 737, and an Airbus 330 located at Basel-Mulhouse airport in Switzerland, are currently undergoing maintenance.<\/span><\/p>\n Two of the jets were recently put up for sale, while the Airbus 330 was reportedly purchased by Nigeria for over $100 million had not yet been delivered.\u00a0<\/span><\/p>\n The court’s authorisation to seize the aircraft was as a result of a 2016 decision by the Ogun State government to revoke Zhongshan\u2019s export processing zone management contract for<\/span><\/p>\n which an independent arbitral tribunal, chaired by a former UK Supreme Court President, awarded Zhongshan $74.5 million in compensation.<\/span><\/p>\n The Ogun State government is yet to obey the court ruling and that prompted Zhongshan to seek enforcement against Nigerian assets abroad.<\/span><\/p>\n The French court\u2019s order prohibits the<\/span>movement, sale, or purchase of the seized jets until the $74.5 million compensation is paid to Zhongshan.<\/p>\n Nigerian-owned properties in Liverpool, England have also been seized by a UK court in connection with the same dispute.<\/span><\/p>\n The Chinese company secured the ruling against two properties in Liverpool, 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, which are estimated to be worth between \u00a31.3 million and \u00a31.7 million.<\/span><\/p>\n However, the Presidency on Thursday said it is aware of the attempts by the Chinese company to take over offshore assets of the Federal Government of Nigeria through subterfuge.<\/span><\/p>\n According to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Federal Government is not under any contractual obligation with the company, and accused Zhongshan of trying to use every unorthodox means to strip Nigeria of its offshore assets in a matter between the company and the Ogun State Government.<\/span><\/p>\n The statement comes after a Chinese company, Zhongshan, had successfully petitioned for the seizure of three Nigerian presidential jets.<\/span><\/p>\n According to the report, a French court authorized the seizure of the three presidential jets due to the ongoing dispute between Zhongshan, a Chinese company, and the Ogun State government.<\/span><\/p>\n DAILY POST learnt that the seizure is a result of the government\u2019s failure to honour a $74.5 million award granted to Zhongshan by an independent arbitral tribunal, chaired by the former President of the UK Supreme Court.<\/span><\/p>\n The seized jets are said to be part of Nigeria\u2019s presidential air fleet.<\/span><\/p>\n The statement also acknowledged being fully aware of efforts being made by the Ogun State Government to reach an amicable resolution on the matter.<\/span><\/p>\n \u201cThis 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,\u201d the statement read.<\/span><\/p>\n \u201cThe 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.<\/span><\/p>\n \u201cUndoubtedly, Zhongshan withheld vital information and misled the Judicial Court in Paris into attaching the Nigerian government\u2019s 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.<\/span><\/p>\n \u201cWe are convinced the Chinese company misled the Judicial Court of Paris regarding the use and nature of the assets it seeks to attach and did not fully disclose to the court as required by law.<\/span><\/p>\n \u201cThis same Chinese company had tried to enforce its questionable judgment in the UK and USA but failed.<\/span><\/p>\n \u201cLike the P&ID case, foreign companies are trying to defraud Nigeria with the collaboration of some bureaucrats. Zhongshan appeared to have sold the judgment they got to a venture capitalist seeking to make money by embarrassing the Federal Government and President Bola Tinubu.<\/span><\/p>\n \u201cWe want to assure Nigerians that the Federal Government is working with the Ogun State Government to discharge this frivolous order in Paris immediately.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" By Publisher Kindly share: Three aircraft belonging to Nigeria\u2019s presidential air fleet have been ordered seized by a French court.…<\/p>\n","protected":false},"author":1,"featured_media":1686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[497,496],"class_list":["post-1685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-uk-supreme-court","tag-zhongshan-fucheng-industrial-investment-co-limited"],"yoast_head":"\n