Market News

By Abbas Jimoh, with agency reports

The Zhongshang Fucheng Industrial Investment Ltd, a Chinese firm involved in the controversial seizure of three Nigerians aircraft in France and other assets in some other countries, has seized another Nigeria’s jet in Canada.

This is coming on the heels of seizure of three presidential aircraft by a French court in favour of Zhongshan Fucheng, over a dispute with the Ogun State Government.

The company later said that it had decided to release one of the three aircraft as a gesture of goodwill, especially on a scheduled meeting between President Bola Tinubu and his French counterpart, Emmanuel Macron. 

Tinubu, on Monday, travelled to France aboard the released Airbus A330 business jet, amidst controversies surrounding its purchase, after it was released by the Chinese firm.

The Chinese firm had recently received a change of custodian paperwork for the Bombardier 6000 type BD-700-1A10 aircraft from Canadian authorities in Montreal months after a Quebec court issued a judgement that empowered Zhongshang to seize the jet from Nigeria.

In pursuit of enforcement of its arbitration awards of over $70m against Nigeria, Zhongshang has confiscated several Nigerian assets overseas, including two properties in Liverpool, a Dassault Falcon 7X in Paris, a Boeing 737, an Airbus A330 valued at over $100m with the Bombardier 6000 in Canada being the latest.

On March 21, 2024, Judge David Collier of the Superior Court of Quebec dismissed Nigeria’s attempt to retain ownership of the Bombardier 6000 jet, which records show was acquired for $57m by Dan Etete, a fugitive, as part of a massive spending spree following his receipt of over $350m from the corrupt sale of the OPL 245 oil field in 2010.