Presidency Claims Chinese Firm Plotting to Embarrass Tinubu, Strip Nigeria of Assets

The Nigerian Presidency has accused Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese company, of attempting to seize Nigeria’s offshore assets through deceptive legal tactics. Bayo Onanuga, Special Adviser to the President on Information and Strategy, issued a statement claiming that Zhongshan misled a Paris Judicial Court into issuing orders to seize Nigeria’s presidential jets, which were in France for routine maintenance.

Onanuga emphasized that these jets are sovereign assets protected by diplomatic immunity, rendering any foreign court orders against them invalid. He criticized Zhongshan for allegedly concealing critical information from the Paris court and insisted that the Nigerian Federal Government has no contractual obligations with the company.

The dispute stems from a 2007 contract between Zhongshan and the Ogun State government to manage a free-trade zone. The contract was revoked in 2015, and by that time, the company had only erected a perimeter fence on the designated land. Despite this, Zhongshan pursued legal action, leading to a $60 million arbitration award against the Nigerian government, a co-defendant in the case.

Onanuga noted that the Ogun State government has been actively seeking an amicable resolution to the dispute, engaging in settlement talks and successfully resisting enforcement of the arbitration award in several jurisdictions. However, Zhongshan has reportedly pursued enforcement actions in Paris, the UK, and the USA, all of which have been met with resistance from Nigerian legal teams.

The Presidency expressed concern over what it described as a pattern of unscrupulous foreign companies attempting to defraud African governments, often with the aid of corrupt bureaucrats. Onanuga claimed that Zhongshan had sold its judgment to a venture capitalist intent on embarrassing the Nigerian government and President Bola Tinubu.

He assured Nigerians that the Federal Government is working closely with the Ogun State government to overturn the Paris court order and protect the country’s assets. The ongoing legal battle, Onanuga suggested, is part of a broader effort by foreign entities to exploit and undermine Nigeria under the guise of investment.

The News Agency of Nigeria (NAN) reports that the contract dispute between Ogun State and Zhongshan has been ongoing since 2015, with arbitration concluded in 2019. Despite numerous legal challenges, Ogun State remains committed to reaching a reasonable settlement, although recent negotiations have stalled due to Zhongshan’s insistence on full payment of the arbitration debt.

Onanuga concluded by reiterating the government’s determination to safeguard Nigeria’s assets from predatory entities masquerading as legitimate investors.