Onanuga accused the Chinese firm of using “unorthodox and subterfuge” means to take away Nigeria’s offshore assets.
The presidency says the federal government is not under any contractual obligation with Zhongshan Fucheng Industrial Investment Co. Ltd, a Chinese firm.
In 2010, Zhongshan, through Zhuhai Zhongfu Industrial Group Co. Ltd. , its Chinese parent company, acquired rights to develop a free trade zone in Ogun state.A year later, Zhongshan set up Zhongfu International Investment FZE , a Nigerian entity, to manage the project under the permission of the Ogun state government.
The arbitrators ruled that Nigeria was in breach of its obligations under the China-Nigeria BIT and awarded Zhongshan compensation of around $70 million.Nigeria pleaded state immunity which was turned down by Sara Cockerill, a high court judge in the United Kingdom , who said the country abused the time frame for appealing arbitral awards.
In June, a commercial court in London granted the Chinese firm the final order to seize two residential properties owned by Nigeria in the UK.In the statement, the presidency said the Chinese firm had “no solid ground” to demand restitution from the Ogun government based on the 2007 contract.The presidency said the Chinese firm “misled” the Paris court to issue the seizure order for the presidential jets.
“This arm-twisting tactic by the Chinese company is the latest in a long list of failed moves to attach Nigerian government-owned assets in foreign jurisdictions.
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