Zhongshang Fucheng Industrial Investment Ltd., a Chinese company, has successfully taken control of a Nigerian-owned luxury jet in Canada.
This move follows a recent ruling by a Canadian court, granting Zhongshang the legal authority to seize the Bombardier 6000 type BD-700-1A10 aircraft from Nigeria.
The Canadian court’s decision, handed down by Judge David Collier of the Superior Court of Quebec on March 21, 2024, dismissed Nigeria’s attempts to retain ownership of the jet.
The aircraft, originally purchased for $57 million by Dan Etete, was part of his spending spree after acquiring substantial funds from the controversial sale of the OPL 245 oil field in 2010.
Nigeria had initially seized the jet from Etete in 2016 and kept it in Dubai before moving it to Canada in May 2020.
Despite Nigeria’s efforts to secure the jet through Canadian courts, Zhongshang pursued legal action to enforce its arbitration awards of over $70 million against Nigeria, leading to the recent repossession.
The case is rooted in a dispute between Zhongshang and Ogun State, where the Chinese firm claimed that its rights to a free trade zone were revoked in 2016, violating a trade agreement between Nigeria and China.
Recall that hongshang already seized Nigerian assets in the UK and France.
Further asset seizures are anticipated in Belgium and the U.S. as the company continues its enforcement actions against Nigeria.
