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Nigerian Court Grants Chinese Investors Permission To Seize $25 Million
Nigerian Court Grants Chinese Investors Permission To Seize $25 MillionA court in the British Virgin Islands has granted Chinese investors, Zhongshan, the right to seize £20 million ($25 million) from Nigeria’s foreign-denominated assets over a failed trade zone deal from the early 2000s, during the tenure of former Governor Ibikunle Amosun in Ogun State.....KINDLY READ THE FULL STORY HERE▶
On November 8, Justice Paul Webster of the British Virgin Islands High Court ruled that Nigeria could not claim immunity against the enforcement of an arbitral award in favor of Zhongshan. The ruling stems from a bilateral investment treaty between China and Nigeria, which requires both nations to enforce arbitration decisions.
The judge interpreted this treaty as Nigeria’s written consent to enforce such awards, thus enabling Zhongshan to collect the judgment debt. Justice Webster further invoked Section 13(3) of the State Immunity Act of 1978, which compels the British Virgin Islands to allow Zhongshan to recover the debt from Nigeria’s assets in the UK.
This decision adds to a series of international legal defeats for Nigeria. Courts in France, Belgium, Canada, the United States, and other countries have also dismissed Nigeria’s claims of sovereign immunity, ruling in favor of Zhongshan.
Zhongshan’s legal team, led by King’s Counsel Timothy Otty and Lauren Peaty from Withers British Virgin Islands, argued that the Ogun trade zone agreement was abruptly terminated by the Amosun administration. They further accused the Nigerian government of detaining and torturing their representatives under the former governor’s orders, prompting them to pursue legal action in foreign courts.
The Chinese investors initially sought to enforce a $70 million arbitral award and targeted Nigeria’s dollar-denominated crude earnings held in U.S. accounts at JP Morgan. While U.S. courts have rejected Nigeria’s immunity claims, the case is now pending before the U.S. Supreme Court after Nigeria filed for a writ of certiorari on November 7. Until the Court makes its decision, Zhongshan’s access to these funds remains delayed.
Meanwhile, Zhongshan has begun seizing Nigerian assets abroad, including two guest houses in Liverpool and aircraft in France and Canada, to recover the outstanding debt. Amosun, who signed the original controversial agreement, has faced public criticism for his role in the matter. In August, he admitted that he had failed to verify Zhongshan’s claims before entering the deal, calling them “false.
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