BREAKING; Another $57 million Nigerian aircraft seized in Canada

BREAKING; Another $57 million Nigerian aircraft seized in Canada

A Chinese firm, Zhongshang Fucheng Industrial Investment Ltd., has successfully reclaimed ownership of a luxury jet originally purchased by Nigeria, following a legal battle in Canada.

The Bombardier 6000, type BD-700-1A10, had been under Nigerian control until a Canadian court authorized Zhongshang to take possession of the aircraft.

This legal victory is part of a broader effort by Zhongshang to recover assets as part of an ongoing arbitration dispute with Nigeria.

The case began when the Superior Court of Quebec, under Judge David Collier, ruled against Nigeria’s attempts to retain the jet.

Despite Nigeria’s arguments, including claims of sovereign immunity and delays due to the 2023 general elections, the court upheld Zhongshang’s right to seize the aircraft.

The decision stems from a 2024 judgment that rejected Nigeria’s defenses as “frivolous and unacceptable.”

The aircraft in question was originally purchased for $57 million by fugitive Dan Etete after he gained over $350 million from the controversial sale of the OPL 245 oil field in 2010.

Nigeria first seized the jet from Etete in 2016, holding it in Dubai before moving it to Canada in 2020, where it remained under Nigerian control until the recent court ruling.

Zhongshang’s actions are part of a larger effort to enforce arbitration awards totaling over $70 million against Nigeria. The dispute traces back to a 2001 trade treaty between Nigeria and China, which Zhongshang claims was violated when Ogun State rescinded the firm’s rights to a free trade zone in 2016.

Despite losing similar challenges in courts across the UK, France, and the U.S., Nigeria continues to contest the allegations, maintaining that it has done no wrongdoing.

However, with the latest Canadian ruling, Zhongshang has expanded its seizures of Nigerian assets to multiple countries and is reportedly preparing for further actions in Belgium and the United States.

This case highlights the ongoing legal and financial challenges Nigeria faces on the international stage, as foreign investors continue to seek redress for perceived breaches of agreements.