Chinese Firm Seizes $57 Million Nigerian Jet in High-Flying Asset Recovery Win

Chinese firm Zhongshang Fucheng Industrial Investment Ltd has successfully repossessed a Bombardier 6000 luxury jet owned by Nigeria, which was previously held in Canada. The move marks the latest in Zhongshang’s global asset seizure campaign targeting Nigerian holdings.

The aircraft, valued at $57 million and once owned by fugitive Dan Etete, was officially handed over to Zhongshang following a Canadian court ruling earlier this year. Sources indicate that the transfer of custody from Nigeria to Zhongshang was completed recently in Montreal.

Judge David Collier of the Superior Court of Quebec had ruled in March 2024, dismissing Nigeria’s attempts to retain ownership of the jet. The aircraft, with tail number M-MYNA, had been initially seized by Nigeria in 2016 from Etete, who had acquired it following his corrupt gain from the OPL 245 oil field deal.

Nigeria’s initial seizure of the jet in Dubai in 2016 led to its eventual relocation to Canada in May 2020. Despite a Canadian firm’s attempt to claim ownership, Nigerian authorities managed to retain control of the jet until Zhongshang’s successful seizure this year.

The court’s decision reinforces Zhongshang’s relentless pursuit of its arbitration awards, which exceed $70 million, against Nigeria. Previous rulings in the UK and the US have supported Zhongshang’s right to enforce these awards, dismissing Nigeria’s claims of sovereign immunity and procedural delays related to its national elections.

With the Bombardier jet now in its possession, Zhongshang has also seized Nigerian assets in the UK, France, and Canada. Further asset seizures are anticipated in Belgium and the U.S. in the near future.

Despite these setbacks, Nigerian officials assert that there was no wrongdoing in the case, which stems from a failed free trade zone contract in Ogun State. Efforts to resolve the dispute with Zhongshang continue, though progress has been limited since negotiations began in London in late 2023. A spokesperson for President Bola Tinubu has yet to comment on the latest developments.