A French court has ordered the seizure of three presidential jets belonging to the Federal Government of Nigeria following a dispute over an arbitration award in favor of Chinese company Zhongshan Fucheng Industrial Investment Co. Ltd. The jets, identified as a Dassault Falcon 7X, a Boeing 737-7N6/BBJ and an Airbus A330-243, are currently parked at Paris-Le Bourget and Basel-Mulhouse airports.
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The case stems from a long-running dispute over a free trade zone project in Ogun State, Nigeria. In 2013, Zhongfu, a subsidiary of Zhongshan, signed an agreement with the Ogun State government to develop an export processing zone. However, relations soured in 2016 when Zhongfu accused the Nigerian government of trying to renege on the agreement, leading to arbitration proceedings in London.
You are watching: French court seizes Nigerian president’s jet over $81 million arbitration dispute
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In 2021, the arbitration panel awarded Zhongshan approximately $70 million in damages, which have since accrued interest amounting to approximately $81 million due to Nigeria’s failure to pay. The award was based on Nigeria’s failure to comply with the terms of the agreement, which resulted in significant financial losses for Zhongshan.
The French court’s decision to seize the aircraft came in response to Zhongshan’s application to enforce an arbitration award. The court ruled that the aircraft would be used as collateral for Zhongshan’s claim, which currently amounts to €74,459,221. The move has sparked much discussion on social media platforms such as X, with users expressing a range of reactions, from criticism of Nigeria’s foreign policy to concerns about the country’s sovereignty.
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Legal experts point out that the case highlights the enforceability of international arbitration awards, where a country’s assets can be seized in foreign jurisdictions if it fails to honor them. The seizure affects the Nigerian president’s fleet and raises questions about the implications for international business transactions and state immunity.
The Nigerian government has yet to make an official statement on the matter, but reactions from the public and political commentators have been a mix of confusion and calls for diplomatic and legal action to address the issue. Critics say the incident highlights the need for stronger legal frameworks in international agreements to prevent such scenarios.
Source: https://anhngunewlight.edu.vn
Category: Blog