French Court Seizes Nigeria’s Presidential Jets Over $74.5M Debt
French Court Seizes Nigeria’s Presidential Jets Over $74.5M Debt
A French court has ruled in favor of Chinese company Zhongshan Fucheng Industrial Investment Co. Limited, allowing the seizure of three Nigerian presidential jets to secure a $74.5 million debt. The jets, currently undergoing maintenance in France and Switzerland, include a Dassault Falcon 7X, Boeing 737, and Airbus 330.
The dispute stems from a 2007 contract between Zhongshan and the Ogun State government, which was revoked in 2015. Zhongshan initiated arbitration, resulting in a 2021 award of millions in compensation. Nigeria has appealed in multiple jurisdictions, including the UK and US.
The Nigerian government claims it has no contractual obligations with Zhongshan, stating the case is between the company and Ogun State.
However, the French court has upheld the seizure to “preserve the claim” arising from the arbitration award. The incident shows the complexities of international arbitration and asset recovery.
