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The Nigerian Presidency has announced plans to appeal a recent British Virgin Islands High Court judgment granting Chinese firm Zhongshan Fucheng Industrial Investment Co. Ltd. the right to seize $25 million worth of Nigerian foreign assets.The dispute stems from a 2007 contract between Zhongfu, a subsidiary of Zhongshan Fucheng, and the Ogun State Government to develop a free trade area. Zhongfu alleged that Ogun State backed out of the arrangement, leading to arbitration proceedings in London.
The British Virgin Islands High Court judgment cited the bilateral investment treaty between China and Nigeria, which states that both parties commit to enforcing the award. This, according to the court, constitutes written consent from the Nigerian state, allowing Zhongshan to enforce the judgment debt against Nigeria from the UK.Ogun State had engaged Zhongshan in settlement discussions on reasonable terms previously.
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