In a striking revelation, the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, disclosed a series of clandestine efforts by a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, to unlawfully seize Nigeria’s offshore assets. The attempted asset grab, which Onanuga described as a “subterfuge,” centers around a disputed contract between Zhongshan and the Ogun State Government.
Onanuga, taking to his official social media platform, X, confirmed that the Federal Government is fully aware of Zhongshan’s attempts to circumvent legal norms and exploit foreign courts to strip Nigeria of its assets. He clarified that the Federal Government is not under any contractual obligation with Zhongshan, emphasizing that the case is strictly between the Chinese firm and Ogun State.
The controversy stems from a 2007 contract in which Zhongshan was tasked with managing a free-trade zone in Ogun State. However, the agreement was revoked in 2015, after the company had done little more than erect a perimeter fence on the site. Despite this minimal progress, Zhongshan has sought to claim over $60 million in damages, an amount awarded by an Arbitral Panel in 2019—a decision the Ogun State Government has been fiercely contesting.
In a series of dubious legal maneuvers, Zhongshan secured ex-parte orders from the Judicial Court of Paris on March 7 and August 12, 2024, without properly notifying the Nigerian Federal Government or Ogun State. The orders included an attempt to seize Nigerian government assets abroad, including presidential jets undergoing routine maintenance in France—an action Onanuga labeled as an arm-twisting tactic.
Onanuga compared Zhongshan’s actions to the notorious P&ID case, where a foreign company attempted to defraud Nigeria under the guise of investment. He accused Zhongshan of misleading the Paris court by withholding critical information and misrepresenting the nature of the assets it seeks to attach, which are protected by diplomatic immunity due to their status as sovereign assets.
This latest move by Zhongshan is not its first attempt to enforce questionable judgments; previous efforts in the UK and USA also failed. Onanuga suggested that the Chinese firm might have sold its judgment to venture capitalists looking to profit by embarrassing the Nigerian government.
The Ogun State Government, with support from the Attorney-General of the Federation and Minister of Justice, is actively working to overturn the Paris court’s orders. Governor Dapo Abiodun and top officials from Ogun State have engaged in settlement discussions with Zhongshan, but talks broke down when the company insisted on full payment of the arbitration award. Despite these challenges, Ogun State continues to pursue a reasonable resolution, having recently sent another settlement proposal to Zhongshan.
Onanuga assured Nigerians that the Federal Government remains steadfast in its commitment to protect national assets from predatory entities masquerading as investors. He reiterated that the government would use all available legal avenues to ensure that Nigeria’s sovereign rights are respected and that its assets are safeguarded against unjust claims.
This unfolding saga highlights the complexities and challenges that arise when foreign entities exploit legal loopholes to pursue unwarranted claims, underlining the need for vigilance and robust legal defenses in international disputes.
PIONEER NEWS 