Politics
Nigerian Properties Seized By Chinese Company To Be Sold On eBay In UK
Nigerian Properties Seized By Chinese Company To Be Sold On eBay In UK....KINDLY READ THE FULL STORY HERE▶
A Chinese investment group is set to sell two residential properties seized from Nigeria on eBay as part of an effort to recover up to $70 million in arbitration awards. Zhongshang Fucheng Industrial Investment Ltd acquired the properties in Liverpool, UK, in June 2024, following Nigeria’s failure to settle a 2021 arbitration ruling…… CONTINUE READING
The properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, were seized after a British court order in December 2021 allowed Zhongshang to claim Nigerian assets in the UK to cover the outstanding debt, which remains unpaid as of August 2024, with interest accruing at two percent per month.
Court records show that Zhongshang was awarded $55.7 million plus $9.4 million in interest, and £2.86 million in legal costs. This award stems from a dispute related to a 2001 trade agreement between Nigeria and China, which escalated when Ogun State revoked Zhongshang’s free trade zone rights in 2016, a move the company claims breached the treaty.
In 2018, Zhongshang launched arbitration against Nigeria in the UK, accusing Nigerian federal agencies of acting on behalf of Ogun State without due process and alleging that two of its executives were expelled, with one reportedly detained and tortured by local authorities.
This development adds to Nigeria’s international legal troubles, following a narrow escape from an $11 billion arbitration ruling in favor of Process & Industrial Developments Ltd (P&ID). That ruling was overturned after bribery and corruption evidence emerged. However, the Zhongshang case presents a tougher challenge, with enforcement orders allowing asset seizures across Europe, including the UK, Belgium, and France. Attempts to shield Nigeria through sovereign immunity have failed, even in the US.
A consultant for Zhongshang revealed that the firm plans to list the seized Liverpool properties on eBay, with an estimated value of $2.2 million. “They’ve opted for online channels like eBay to attract buyers more quickly,” the consultant told Peoples Gazette.
Though the properties are owned by Nigeria, they are not classified as diplomatic or consular assets, making them susceptible to seizure. It is unclear when the Nigerian government acquired the properties, but court documents indicate they were rented out to private tenants unrelated to Nigeria’s diplomatic mission.
In a June 2024 ruling, Master Lisa Sullivan of the UK High Court’s King’s Bench Division affirmed Zhongshang’s claim, stating, “The properties are currently leased to residential tenants with no ties to Nigeria’s mission, making them eligible for seizure under commercial purposes outlined in section 13(4) of the State Immunity Act.”
Zhongshang has promised a transparent sales process, with proceeds to be publicly disclosed in response to significant Nigerian interest. “Zhongshang is committed to keeping the Nigerian public informed about the recovery process,” the consultant added.
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