Chinese investors confiscate another private jet worth $57 million from Nigeria, previously seized from fugitive Dan Etete and held in Canada.

 

A Chinese firm, Zhongshang Fucheng Industrial Investment Ltd, has completed the repossession of a luxury jet belonging to Nigeria, which was held in Canada. This move is part of a broader asset seizure campaign by Zhongshang targeting Nigerian assets worldwide.

Recently, Zhongshang obtained custody of a Bombardier BD-700-1A10 aircraft from Canadian authorities in Montreal. This follows a Canadian court's ruling earlier this year that authorized Zhongshang to seize the jet. The court's decision came after Nigeria's attempts to retain ownership were overturned by Judge David Collier of the Superior Court of Quebec on March 21, 2024. The judge dismissed Nigeria's arguments, including claims of sovereign immunity, and criticized the country’s delay in responding to the lawsuit.

The jet in question, valued at $57 million, was originally purchased by fugitive Dan Etete, who acquired it after a controversial oil field sale in 2010. Nigeria first seized the aircraft in 2016, but it was later moved to Canada in 2020. Nigeria managed to hold onto it in Canada until Zhongshang initiated its claim in 2023 as part of its efforts to enforce arbitration awards exceeding $70 million against Nigeria.

With the successful seizure of the jet, Zhongshang has now confiscated Nigerian assets in multiple countries, including the UK, France, and Canada. This includes Nigerian guest houses, presidential jets, and the luxury aircraft. Further seizures are anticipated in Belgium and the U.S. in the near future.

Despite these losses, Nigeria continues to assert its position of no wrongdoing regarding the disputes, which originated from a failed free trade zone contract in Ogun State. Efforts to negotiate a resolution between Nigeria and Zhongshang have yet to make significant progress since their first meeting in London in late September 2023.