According to a report from Leadership, Two Nigerian government residential properties in Liverpool are at risk of being taken over by a Chinese company, Zhongshan Fucheng Industrial Investment, following a court order. The properties are valued at a combined £1.7 million.
Despite the ruling, the Nigerian government plans to appeal the judgment as the Chinese company eyes additional properties in four other countries.
This development follows a legal dispute over a joint venture to establish a free trade zone in Ogun State, initiated in 2013.
Zhongshan held a 60% stake in the project, which was later terminated by the Ogun State government in 2016.
In 2021, a UNCITRAL tribunal in London found Nigeria guilty of expropriation and other breaches of the China-Nigeria bilateral investment treaty, ordering the country to pay $55.6 million plus interest and costs.
Nigeria has not complied with this order, leading Zhongshan to seek enforcement through the courts again.
On June 14, 2024, Master Sullivan of the Commercial Court in London ordered the two Liverpool properties to be handed over to Zhongshan.
The judge dismissed Nigeria’s argument that the properties were used for diplomatic purposes, noting that they had been converted to commercial use.
Nigerian legal representatives are preparing to appeal the judgment. Zhongshan is also planning to enforce the judgment in the United States, Quebec (Canada), Belgium, and the British Virgin Islands.
In other financial news, Nigeria’s public debt has surged to approximately N97.34 trillion as of the fourth quarter of 2023, according to the Debt Management Office (DMO). This translates to about $108.22 billion as of December 31, 2023….Fínd Out Móre
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