JUST IN: China Seize Another $57m Nigerian Jet In Canada

365NEWS gathered the chinese company Zhongshang Fucheng Industrial Investment Ltd. has successfully repossessed a luxury jet owned by Nigeria in Canada.

The aircraft, a Bombardier 6000 type BD-700-1A10, was recently transferred into Zhongshang’s custody by Canadian authorities in Montreal.

This follows a Canadian court ruling that empowered the firm to seize the jet.

An anonymous source familiar with Zhongshang’s operations stated that the court had previously granted Zhongshang the right to seize the plane, but the transfer of custody from Nigeria was only recently completed. The source also indicated that Zhongshang plans to continue seizing Nigerian assets worldwide until all arbitration awards are fully paid.

The report details at Judge David Collier of the Superior Court of Quebec dismissed Nigeria’s attempts to retain ownership of the aircraft on March 21, 2024. The plane, originally purchased for $57 million by fugitive Dan Etete after a significant windfall from the sale of the OPL 245 oil field in 2010, was first seized by Nigeria in 2016 and later moved to Canada in May 2020.

Although a Canadian company, Tibit, attempted to claim ownership of the jet, Canadian courts allowed Nigeria to maintain control of the aircraft until Zhongshang moved to seize it in 2023 as part of enforcing its arbitration awards of over $70 million against Nigeria.

Judge Collier rejected Nigeria’s argument that it could not respond to the lawsuit due to the general elections in February-March 2023, calling the argument “frivolous and unacceptable.” He also dismissed Nigeria’s sovereign immunity claims, consistent with earlier decisions by arbitration panels and courts in the UK.

Recently, a U.S. appellate court also ruled that Nigeria cannot claim sovereign immunity to avoid Zhongshang’s arbitration judgment recovery. With this latest development, Zhongshang has now seized Nigerian assets in the UK, France, and Canada, and further seizures are expected in Belgium and the U.S. soon.

The case stems from a dispute between Zhongshang and Ogun State, with the Chinese company arguing that the state violated a 2001 trade treaty between Nigeria and China when its rights to a free trade zone were revoked in 2016. Despite losing challenges in at least five countries, Nigeria continues to assert its innocence in these legal battles.The aircraft, a Bombardier 6000 type BD-700-1A10, was recently transferred into Zhongshang’s custody by Canadian authorities in Montreal. This follows a Canadian court ruling that empowered the firm to seize the jet.

An anonymous source familiar with Zhongshang’s operations stated that the court had previously granted Zhongshang the right to seize the plane, but the transfer of custody from Nigeria was only recently completed. The source also indicated that Zhongshang plans to continue seizing Nigerian assets worldwide until all arbitration awards are fully paid.

The report details that Judge David Collier of the Superior Court of Quebec dismissed Nigeria’s attempts to retain ownership of the aircraft on March 21, 2024. The plane, originally purchased for $57 million by fugitive Dan Etete after a significant windfall from the sale of the OPL 245 oil field in 2010, was first seized by Nigeria in 2016 and later moved to Canada in May 2020.

Although a Canadian company, Tibit, attempted to claim ownership of the jet, Canadian courts allowed Nigeria to maintain control of the aircraft until Zhongshang moved to seize it in 2023 as part of enforcing its arbitration awards of over $70 million against Nigeria.

Judge Collier rejected Nigeria’s argument that it could not respond to the lawsuit due to the general elections in February-March 2023, calling the argument “frivolous and unacceptable.” He also dismissed Nigeria’s sovereign immunity claims, consistent with earlier decisions by arbitration panels and courts in the UK.

Recently, a U.S. appellate court also ruled that Nigeria cannot claim sovereign immunity to avoid Zhongshang’s arbitration judgment recovery. With this latest development, Zhongshang has now seized Nigerian assets in the UK, France, and Canada, and further seizures are expected in Belgium and the U.S. soon.

The case stems from a dispute between Zhongshang and Ogun State, with the Chinese company arguing that the state violated a 2001 trade treaty between Nigeria and China when its rights to a free trade zone were revoked in 2016. Despite losing challenges in at least five countries, Nigeria continues to assert its innocence in these legal battles.