Zhongshan Fucheng Industrial Investment Co. Limited, on Friday, announced the release of one of the three Presidential jets seized from the Nigerian government following an order by a French court.
Recall that the Chinese firm seized a Dassault Falcon 7X, a Boeing 737-7N6/BBJ and an Airbus A330-243 belonging to the Nigerian government stationed at Paris-Le Bourget and Basel-Mulhouse airports.
This is due to the revocation of a contract by the Ogun State Government in 2016.
The judgment is the latest arbitration effort against Nigeria by a foreign company accusing the country of reneging on an agreement.
In 2013, Zhongfu, a subsidiary of Chinese investment company Zhongshan Fucheng Industrial Investment, and the Ogun State Government signed a contract to develop a free trade area.
Under the terms of the deal, Zhongfu was to own 60 per cent of the joint venture.
But three years later, Zhongfu accused the Ogun State Government of backing out of the deal and attempting to take over the “significant” Chinese investment in the free trade zone.
The company claimed that a “campaign of illegal acts” against it ultimately forced it out of the agreement.
In 2018, Zhongshan initiated arbitration proceedings against Nigeria.
In 2021, a three-person arbitration panel in London awarded the company $70m in damages, which is to be paid by the Federal Government. The award has since risen to about $81million with interest.
Spokesperson of company said on Friday that one of the jets was released after they were made aware that President Bola Tinubu would be needing it for a scheduled meeting with Frances president, Emmanuel Macron.
His statement read, “Zhongshan has consistently sought to act reasonably and fairly in the course of a legal dispute with Nigeria which was not of its making.
“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.”
The company assured that it remains committed to talks with the Nigerian government with a view of reaching a “reasonable compromise rapidly”.
