By Abiola Olawale
A Chinese investment group, Zhongshan Fucheng Industrial Investment, has reportedly taken over two residential properties owned by Nigeria located in Liverpool, United Kingdom.
According to a report by the Peoples Gazette, the Chinese Company is reportedly perfecting plans to sell the two residential properties in Liverpool to recover up to $70 million in arbitration awards.
Zhongshang was said to have gotten a judgment from a British Court in December 2021, permitting the company to seize Nigerian assets in the UK, following the alleged failure of Ogun State in Nigeria to settle the $70 million arbitration award.
The properties reportedly up for sale are located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road.
The properties were said to have been taken by Zhongshang in June 2024.
It would be recalled that Zhongshang was awarded $55,675,000 in compensation, plus $9,400,000 in interest and £2,864,445 in costs as of March 26, 2021, due to a business dispute involving Ogun State. The company alleged that Ogun State violated a 2001 trade treaty by rescinding its rights to a free trade zone in 2016.
The firm took Nigeria to arbitration in the UK in 2018, claiming that federal bodies like the police and immigration were used by Ogun State against them without due process.
This report is coming after Zhongshan secured a judgment ordering the seizure of three Nigerian presidential jets.
A French court had authorised the seizure of the three presidential jets due to the ongoing dispute between Zhongshan, a Chinese company, and the Ogun State government.
The seized jets, which are part of Nigeria’s presidential air fleet, are a Dassault Falcon 7X at Le Bourget airport in Paris, a Boeing 737 and an Airbus 330 at Basel-Mulhouse airport in Switzerland.
