A Chinese company, Zhongshang Fucheng Industrial Investment Ltd, has successfully repossessed a luxury jet owned by Nigeria, continuing its global confiscation spree of the West African nation’s assets.
The Bombardier 6000 type BD-700-1A10 aircraft, previously held in Montreal, Canada, has now been officially transferred to Zhongshang’s custody after months of legal proceedings.
This development follows a Canadian court ruling earlier this year that empowered Zhongshang to seize the jet as part of its efforts to enforce arbitration awards against Nigeria. Sources familiar with the matter confirmed that the legal transfer of ownership was completed recently. “Zhongshang will continue to seize Nigeria’s assets worldwide until the full arbitration award is paid,” an insider, speaking anonymously, stated.
The repossessed jet, valued at $57 million, was originally purchased by fugitive Dan Etete with funds linked to a controversial oil deal in 2010. After being seized by Nigerian authorities in 2016, the aircraft was moved to Canada in 2020, where it remained under Nigeria’s control until Zhongshang’s legal victory.
The ongoing dispute stems from a failed free trade zone agreement in Ogun State, for which Zhongshang is pursuing over $70 million in arbitration awards. Nigerian attempts to resist the seizures, including claims of sovereign immunity, have been dismissed by courts in multiple countries, including the U.S. and U.K. With assets already confiscated in the U.K., France, and Canada, more seizures are anticipated in Belgium and the U.S.
Despite these setbacks, Nigerian officials have continued negotiations with Zhongshang, though no progress has been reported from recent talks.
