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a dispute with Ogun State, which Zhongshang claimed violated a 2001 trade agreement between Nigeria and China when it rescinded the company’s rights to a free trade zone in 2016.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.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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