A Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, has taken possession of two residential properties in Liverpool, UK, owned by Nigeria, to recover a $70 million judgement debt. The properties were seized in June 2024 after Nigeria failed to settle a 2021 arbitration ruling.
The properties, valued at $2.2 million, will be sold on online marketplaces like eBay to recover the debt, which includes $55.7 million in arbitration awards, $9.4 million in interest, and £2.86 million in legal costs.
The dispute arose from a 2001 trade agreement between Nigeria and China, which was violated when Ogun State revoked Zhongshang’s rights to a free trade zone in 2016. The company alleged that Nigerian federal agencies acted on behalf of Ogun State without due process and that two of its executives were expelled from Nigeria in 2016, with one reportedly detained and tortured by local police.
READ ALSO
‘Even If We Don’t Do Psquare, Can’t We Still Be Brothers?’ – Paul Okoye Cries Out
Ex-Anambra Deputy Speaker Slumps, Dies After Exercise
CBN Records All-Time High Remittance Inflows Of $553m In July
POETRY AND NTUK’S TORUS OF VERSES, By Akpandem James
The sale of the properties is a significant development in Nigeria’s legal challenges abroad, coming after a recent $11 billion arbitration ruling in favor of Process & Industrial Developments Ltd (P&ID) was overturned due to evidence of bribery and corruption.
