Business
Chinese Firm to Sell Seized Nigerian Properties on eBay Over $70 Million Debt
A Chinese investment group is moving forward with plans to sell two residential properties seized from Nigeria to recover up to $70 million in arbitration awards. The properties are set to be listed for sale on the global online marketplace eBay, according to sources familiar with the situation, as reported by Peoples Gazette.
Zhongshang Fucheng Industrial Investment Ltd. took control of the two buildings, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, in Liverpool, United Kingdom, in June 2024.
This action came after Nigeria failed to comply with a 2021 arbitration ruling. A British court order from December 2021 granted Zhongshang the authority to seize Nigerian assets in the UK to recover the unpaid $70 million, which continues to accrue two per cent monthly interest.
The arbitration award, handed down on March 26, 2021, granted Zhongshang $55.7 million in damages, an additional $9.4 million in interest, and £2.86 million in legal costs.
The case arose from a dispute with Ogun State, which Zhongshang claimed violated a 2001 trade agreement between Nigeria and China when it rescinded the company’s rights to a free trade zone in 2016.
Zhongshang initiated arbitration proceedings against Nigeria in 2018, alleging that the Nigerian government used its federal agencies, such as the police and immigration, to assist Ogun State in the matter without proper legal procedures.
Court documents further reveal that two Zhongshang executives were expelled from Nigeria in 2016, with one reportedly detained and tortured by police.
This case has once again put Nigeria under the spotlight, coming on the heels of a near-disastrous $11 billion arbitration ruling in the P&ID case, which was overturned after evidence of corruption was discovered.
However, the Zhongshang case has proceeded differently, with enforcement orders already granted by European courts in the UK, Belgium, France, and other countries.
Nigerian-owned assets, including jets, are now being tracked for potential seizure. Recently, a U.S. appellate court denied Nigeria’s request for sovereign immunity in the case.
A consultant working with Zhongshang disclosed that plans are underway to list the two Liverpool properties for sale, with an estimated value of around $2.2 million for both.
“They’re considering platforms like eBay to attract buyers more quickly,” the consultant shared, speaking anonymously.
Although these properties belong to Nigeria, they were seized because they weren’t classified as diplomatic or consular assets.
Court documents indicate that they were being leased to tenants unaffiliated with Nigeria’s diplomatic mission. A senior judge confirmed that Nigerian officials had been renting out the properties to private tenants.
In her June 14, 2024 ruling, Master Lisa Sullivan of the UK High Court’s King’s Bench Division stated, “The properties are currently used for leases to residential tenants unconnected with Nigeria and its mission.
Those are commercial purposes for s13(4) of the SIA and therefore the enforcement against the properties is not barred by state immunity.”
Zhongshang has promised transparency in the sale of the properties, citing the public’s interest in how recovered assets are being handled until the full debt is repaid.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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