The Presidency has condemned the Chinese company Zhongshan Fucheng Industrial Investment Co. Limited for attempting to seize presidential jets through fraudulent means. The company had secured a Paris court order to seize the aircraft amid a legal dispute with Ogun State over a failed investment deal from 2007.
The federal government argues that the jets are protected by diplomatic immunity and cannot be lawfully seized, accusing Zhongshan of misleading the court. The Federal Government, in conjunction with Ogun State, is challenging the court orders and seeking a resolution to the ongoing dispute.This situation stems from a long-standing conflict between Zhongshan and Nigerian authorities, which began when Ogun State terminated a joint venture agreement related to the development of a free trade zone.
Following the termination, Zhongshan initiated arbitration proceedings, resulting in an award of over $55 million in damages against Nigeria, which the company is now attempting to enforce through the seizure of the jets.