Zhongshang Fucheng Industrial Investment Ltd, a Chinese investment group, has taken possession of two residential structures linked to the Nigerian government in Liverpool, United Kingdom. The properties, 15, Aigburth Hall Road and Beech Lodge, 49, Calderstones Road, were targeted after a British court order granted Zhongshang the power to seize Nigerian assets in the UK to retrieve a $70 million arbitration award.
The arbitration verdict, handed down in 2021, stemmed from a dispute between Zhongshang and Ogun State over a 2001 trade treaty between Nigeria and China. The company alleged that Nigeria allowed its federal organs to be deployed by Ogun State without due process, resulting in the rescinding of Zhongshang’s rights to a free trade zone in 2016.
Zhongshang was awarded $55,675,000 plus interest and costs, which remains outstanding as of August 20, 2024, with a two percent monthly interest accrual. The company has concluded plans to list the properties for sale on eBay for $2.2 million.
Several European courts have granted enforcement orders in the UK, Belgium, France, and other countries, where Nigerian-owned jets and other assets are being tracked down. An appellate panel recently declined to grant Nigeria sovereign immunity protection over Zhongshang’s recovery efforts in the United States.
The sale of the properties is expected to be transparent, with the Nigerian people deserving to know how much all recovered assets are being sold until the full amount has been recovered.
