Zhongshan Fucheng Industrial Investment Co. Limited has announced the release of one of three Nigerian presidential jets that were seized following a French court order.
The jets, including a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243, were detained at Paris-Le Bourget and Basel-Mulhouse airports. This seizure stemmed from a legal dispute over a revoked contract by the Ogun State government in 2016.
In 2013, Zhongfu, a subsidiary of the Chinese investment firm Zhongshan Fucheng Industrial Investment, entered into a contract with the Ogun State government to develop a free trade area, with Zhongfu holding a 60 percent stake in the joint venture.
However, three years later, Zhongfu claimed that Ogun State had reneged on the agreement and sought to take over the Chinese investment, leading to a series of legal actions.
In 2018, Zhongshan initiated arbitration against Nigeria, and in 2021, a London-based arbitration panel awarded the company $70 million in damages, a figure that has since grown to about $81 million with accrued interest.
On Friday, Zhongshan announced the release of one of the jets, following reports that President Bola Tinubu needed the aircraft for a scheduled meeting with French President Emmanuel Macron. A company spokesperson stated, “Zhongshan has consistently sought to act reasonably and fairly in the course of a legal dispute with Nigeria which was not of its making.”
The spokesperson further added that the release of the Airbus A330 was a “gesture of goodwill” to facilitate President Tinubu’s upcoming trip.
The company also expressed its commitment to engaging in talks with the Nigerian government to reach a “reasonable compromise rapidly.”
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