Connect with us

News

Jets Seizure: FG Accuses Chinese Firm Of ‘Fraudulent’ Attempt To Strip Nigeria’s Assets

Published

on

The Federal Government of Nigeria has accused a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, of subterfuge after a French court ruled in favour of the firm and granted the seizure of presidential jets belonging to the Nigerian government.

In a statement on Thursday, presidential spokesman Bayo Onanuga alleged that the Chinese firm is trying “to take over offshore assets of the Federal Government of Nigeria through subterfuge”.

In the dispute involving an arbitration award, the court in Paris ruled in favour of the Chinese firm, allowing it to seize three presidential jets on routine maintenance in France as “security” for claims in a decades-long judicial matter between the foreign company and the Ogun State government.

Free-Trade Zone RowBack in 2007, the foreign firm signed a contract with the Ogun State government to manage a free-trade zone but the contract was revoked by the state government in 2015.

Displeased, Zhongshan initiated an investment treaty arbitration against Nigeria under the bilateral investment treaty between the People’s Republic of China and Nigeria (the China-Nigeria BIT).

The arbitrators ruled that Nigeria was in breach of its obligations under the China-Nigeria BIT and awarded Zhongshan compensation amounting to millions of dollars.

The Nigerian government and the subnational appealed the matter in “eight” jurisdictions including the United Kingdom and the United States.

The latest jurisdiction is in France, where three Nigerian presidential jets are on routine maintenance.

According to reports, the court in Paris held that the seizure of the jets was to “preserve the claim arising from the arbitration award dated 26 March 2021, made by an ad hoc arbitral tribunal”.

But the Nigerian government said it is “not under any contractual obligation with the company”.

“The case in which Zhongshan is trying to use every unorthodox means to strip our offshore assets is between the company and the Ogun State Government,” Onanuga said, flaying Zhongshan which he said “has no solid ground to demand restitution from the Ogun State Government based on the facts regarding the 2007 contract between the company and the State Government to manage a free-trade zone”.

“When the contract with Ogun State was revoked in 2015, the company had only erected a perimeter fence on the land earmarked for a free trade zone,” he said.

Arm-Twisting Tactics?

Onanuga said despite that the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has been working with the Ogun State Government on an amicable resolution, “Zhongshan obtained two orders from the Judicial Court of Paris dated March 7, 2024, and August 12, 2024, without any notice being duly served on the Federal Government of Nigeria and Ogun State Government”.

“This arm-twisting tactic by the Chinese company is the latest in a long list of failed moves to attach Nigerian government-owned assets in foreign jurisdictions.

“The material facts in the transaction between the Ogun State Government and Zhongshan point to another P&ID case in which unscrupulous and questionable individuals falsely present themselves as investors with the sole objective of undercutting and scamming Governments in Africa.

”He claimed the foreign company “withheld vital information and misled the Judicial Court in Paris into attaching the Nigerian government’s presidential jets, which are on routine maintenance in France”.

“The use and nature of the Presidential jets as assets of a Sovereign entity whose assets are protected by diplomatic immunity forbid any foreign Court from issuing an order against them.

“We want to assure Nigerians that the Federal Government is working with the Ogun State Government to discharge this frivolous order in Paris immediately.

“Nigerian Government will always work to protect our national assets from predators and shylocks who masquerade as investors,” he noted.

Shrinking Presidential Fleet:

The court order came amid a controversy surrounding the planned purchase of a new presidential jet for President Bola Tinubu who has had to use hired jets for official trips in recent times due to faulty presidential jets.

The health state of the Presidential Air Fleet has been source of concern of late.

In May, a faulty presidential jet stopped Vice President Kashim Shettima from attending the 2024 US-Africa Business Summit hosted by the Corporate Council on Africa.

Last December, a presidential aircraft, Falcon 900B, was put up for sale, with the Nigerian Air Force (NAF) asking interested persons to submit their bids for the purchase of the aircraft.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

BREAKING: Tinubu to meet Obasa, Lagos Assembly members in Abuja

Published

on

President Bola Tinubu is scheduled to meet with the Lagos State House of Assembly, at the Presidential Villa, Abuja.

Already, the Speaker, Mudashiru Obasa, arrived at about 2:50 pm, while his colleagues had earlier arrived in two coaster buses.

The meeting may not be unconnected with the recent leadership crisis in the State House of Assembly.

The Speaker, Rt. Hon. Obasa was impeached by some of his colleagues but he was later reinstated after the intervention of the political leaders especially the Governing Advisory Council, GAC.

Despite the Speaker’s reinstatement, it was gathered that the bad blood as a result of his impeachment is yet to be over.

Details later…

Continue Reading

International

UK, Nigeria launch creative industries technical Working Group

Published

on

The UK and Nigeria have officially launched the Creative Industries Technical Working Group, marking a pivotal development in the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP).

This partnership aims to deepen bilateral ties and create a robust framework for growth within the creative sectors of both nations.

A statement by the UK High Commission in Lagos said the launch of this working group and a match-making event for UK-Nigeria creative industries leaders today in London represents a milestone in the UK-Nigeria relationship, designed to boost innovation, cross-border creative collaborations, and sustainable economic growth and development.

It said both events provided a dynamic platform to explore new opportunities and form commercial alliances within key creative subsectors such as Film and TV, Music, Fashion & Design, Architecture, Advertising, and Gaming.

The initiative is poised to foster long-term growth, enhance job creation, and unlock new pathways for creativity and innovation in both countries by prioritising collaboration and cultural exchange.

Speaking on the significance of the launch, Florence Eshalomi MP, the UK’s Trade Envoy to Nigeria and Co-Chair of the UK-NG Creatives Technical Working Group, said: “Today marks a significant moment as we launch the UK-Nigeria Creatives Working Group.

Our nations share a rich cultural bond and a deep belief in the transformative power of creativity, through music, film, fashion, and the arts.

“This initiative, rooted in our landmark Enhanced Trade & Investment Partnerships (ETIP), will drive stronger trade ties, foster deeper collaboration, and unlock the full potential of our creative industries.

“By enhancing market access and investing in skills, we are opening doors to new opportunities that will create jobs and boost economic growth in the UK and Nigeria.”

Emphasising the need for deeper creative and cultural ties, Mr Obi Asika, Director General of the National Council for Arts and Culture and Co-Chair of the UK-NG Creatives Technical Working Group in Nigeria, said: “Nigeria’s creative economy is a global force, driven by our storytellers, musicians, designers, and digital innovators.

From Nollywood to Afrobeats, fashion to gaming, our industries are reshaping global culture and commerce.

“However, to unlock the full potential of this sector, we need strategic investment and support not just in talent, but in the institutions and infrastructure that will sustain long-term growth.”

Representing Mr., Obi Asika from the Nigerian side, Prince Baba Agba, Special Assistant to the President of Nigeria on Creativity, underscored the importance of leveraging UK expertise for impactful collaborations, adding:

“The UK’s creative industries stand as a global benchmark for institutional excellence, market distribution, and innovation.

We are eager to tap into your expertise for meaningful partnerships.

“This Working Group isn’t just about discussions – it’s about taking concrete actions that will yield tangible outcomes for creators, businesses, and industry stakeholders on both sides.”

Continue Reading

News

BREAKING: Fubara denied access to present budget, locked out of Rivers Assembly complex (Video)

Published

on

Rivers State Governor, Siminalayi Fubara was on Wednesday denied access to the Rivers State House of Assembly quarters, where lawmakers currently hold plenary sessions.

ohibaba.com gathered that the governor arrived at the Assembly quarters on Wednesday morning to present the state 2025 budget but was met with a locked gate, preventing his entry.

Fubara had earlier pledged to implement the Supreme Court judgment, which includes the formal presentation of the 2024 budget.

The budget was initially presented to a four-member Assembly faction in December 2023.

Last week, the Assembly issued a 48-hour ultimatum for the governor to present the 2025 budget.

In response, Fubara stated that he was awaiting the Certified True Copy, CTC, of the court judgment before proceeding.

On Sunday, in a letter signed by the Secretary to the State Government, Tammy Danagogo, and addressed to Speaker Martins Amaewhule, Fubara invited lawmakers for discussions on the Supreme Court ruling.

The discussions were expected to cover issues such as the budget presentation and the payment of outstanding salaries to the legislators, amongst other issues to chart a way forward for the state.

Watch video below:

Video source: ChannelsTV

Continue Reading

Trending