Chinese Investors Seize, Prepare to Sell Nigerian-Owned Guest Houses in the UK

Chinese investors from Zhongshang Fucheng Industrial Investment Ltd are advancing plans to sell two guest houses in Liverpool, England, previously owned by the Nigerian government. The properties, located at 15 Aigburth Hall Road and 49 Calderstones Road, will be listed for sale on e-commerce platform eBay, with an asking price of $2.2 million, according to a report by People’s Gazette.

This sale follows a legal battle in which Zhongshang sought to recover nearly $70 million from Nigeria, stemming from a 2021 arbitration ruling. The arbitration was initiated due to a dispute involving Ogun State and a violation of a 2001 trade treaty. The ruling awarded Zhongshang $55.7 million, with additional interest and legal costs raising the total to approximately $70 million.

In June 2024, a British court ordered the seizure of the Liverpool properties after Nigeria failed to settle the arbitration debt. The assets were not classified as diplomatic properties, making them eligible for seizure. The UK High Court emphasized that the buildings were being rented out for commercial purposes unrelated to Nigeria’s diplomatic mission, thereby justifying their confiscation.

Despite Nigeria’s attempts to claim sovereign immunity, European courts have consistently granted enforcement orders, allowing Zhongshang to pursue asset recovery across the UK, Belgium, France, and other countries.

The decision to sell the guest houses on a public platform like eBay is aimed at ensuring transparency due to the significant public interest in the case. This development comes on the heels of Nigeria’s recent legal challenges, including a narrowly averted $11 billion arbitration loss to another consortium, Process and Industrial Developments (P&ID). That case was dismissed after it was revealed that P&ID’s owners had engaged in bribery and corruption.