Chinese firm plotting to takeover Nigeria's offshore assets — Presidency

3 months ago 5

By Terhemba Daka, Abuja

15 August 2024 | 1:58 pm

The Presidency on Thursday said it has uncovered secret attempts by a Chinese firm to secretly take over Nigeria's offshore assets using unorthodox means. President Bola Tinubu's spokesman Bayo Onanuga, who raised the alarm, distanced the Presidency from the company, stating that the Federal Government is not under any contractual obligation with the firm. “The…

The Presidency has accused Chinese firm, Zhongshan Fucheng Industrial Investment Co. Limited of plotting to takeover Nigeria's offshore assets

The Presidency on Thursday said it has uncovered secret attempts by a Chinese firm to secretly take over Nigeria’s offshore assets using unorthodox means.

President Bola Tinubu’s spokesman Bayo Onanuga, who raised the alarm, distanced the Presidency from the company, stating that the Federal Government is not under any contractual obligation with the firm.

“The Presidency is aware of the various failed attempts by a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, to take over offshore assets of the Federal Government of Nigeria through subterfuge,” Onanuga said.

“The Federal Government is not under any contractual obligation with the company. The case in which Zhongshan is trying to use every unorthodox means to strip our offshore assets is between the company and the Ogun State Government.

“The Federal Government is fully aware of efforts being made by the Ogun State Government to reach an amicable resolution on the matter.

“It must be said without any equivocation that Zhongshan has no solid ground to demand restitution from the Ogun State Government based on the facts regarding the 2007 contract between the company and the State Government to manage a free-trade zone.

“When the contract with Ogun State was revoked in 2015, the company had only erected a perimeter fence on the land earmarked for a free-trade zone.

“While the Attorney-General of the Federation and Minister of Justice is working with the Ogun State Government on an amicable resolution, Zhongshan obtained two orders from the Judicial Court of Paris dated March 7, 2024, and August 12, 2024, without any notice being duly served on the Federal Government of Nigeria and Ogun State Government.

“This arm-twisting tactic by the Chinese company is the latest in a long list of failed moves to attach Nigerian government-owned assets in foreign jurisdictions.

“The material facts in the transaction between the Ogun State Government and Zhongshan point to another P&ID case in which unscrupulous and questionable individuals falsely present themselves as investors with the sole objective of undercutting and scamming Governments in Africa.

“Undoubtedly, Zhongshan withheld vital information and misled the Judicial Court in Paris into attaching the Nigerian government’s presidential jets, which are on routine maintenance in France. The use and nature of the presidential jets as assets of a sovereign entity whose assets are protected by diplomatic immunity forbid any foreign court from issuing an order against them.

“We are convinced the Chinese company misled the Judicial Court of Paris regarding the use and nature of the assets it seeks to attach and did not fully disclose to the court as required by law.

“This same Chinese company had tried to enforce its questionable judgement in the UK and USA but failed.”

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