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How Chinese Firm Allegedly Seeks to Seize Nigerian Assets and Discredit Tinubu, Claims Bayo Onanuga

Published by admin on August 17th, 2024.

How Chinese Firm Allegedly Seeks to Seize Nigerian Assets and Discredit Tinubu, Claims Bayo Onanuga

The Nigerian Presidency has become aware of attempts by Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese firm, to unlawfully seize Nigeria’s offshore assets through deceptive means.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, revealed in a statement that Zhongshan misled the Paris Judicial Court into attaching Nigeria’s presidential jets in a judgment against Ogun State. He criticized the use of the jets, which were undergoing routine maintenance in France, as improper.

Onanuga clarified that presidential jets are protected by diplomatic immunity, which prevents any foreign court from making orders against them. He accused Zhongshan of misrepresenting the nature of the assets to the court and failing to provide accurate information.

He emphasized that the Federal Government has no contractual obligations with Zhongshan. The dispute at hand involves Zhongshan and the Ogun State government. Onanuga noted that the Federal Government is aware of and supports Ogun State’s efforts to resolve the issue amicably.

Onanuga explained that Zhongshan’s claims lack merit, particularly concerning a 2007 contract with Ogun State for managing a free-trade zone. He mentioned that the contract was terminated in 2015 after Zhongshan had only constructed a perimeter fence on the land.

While Ogun State’s Attorney-General and Minister of Justice worked towards a resolution, Zhongshan sought and obtained two orders from the Paris court. Onanuga labeled these actions as another attempt by Zhongshan to fraudulently attach Nigerian government assets abroad.

He pointed out that Zhongshan had previously attempted to enforce its claims in the UK and USA but failed. Onanuga accused the firm of collaborating with some bureaucrats to defraud Nigeria and noted that the company seemed to have sold its judgment to a venture capitalist aiming to embarrass the Nigerian government and President Bola Tinubu.

The Nigerian government, according to Onanuga, is actively working to overturn the Paris court’s order and protect national assets from fraudulent entities posing as investors.

The News Agency of Nigeria (NAN) reports that the dispute between Ogun State and Zhongshan began with a 2007 contract to manage a free-trade zone. Arbitration, which concluded in 2019, resulted in a $60 million award against the Nigerian government, despite Zhongshan’s minimal contribution to the project. Ogun State has resisted enforcement of this award in multiple jurisdictions and continues to seek a fair