Investment Co. Limited has announced the release of one of the three Presidential jets seized based on the order of a French court.
Leading reporters learnt how the firm seized a Dassault Falcon 7X, a Boeing 737-7N6/BBJ and an Airbus A330-243 belonging to the federal government of Nigeria, stationed at Paris-Le Bourget and Basel-Mulhouse airports.
This is as a result of a contract was revoked by the Ogun state government in 2016.
The judgment is the latest arbitration effort against Nigeria by a foreign company alleging that Africa’s most populous nation reneged on an agreement.
In 2013, Zhongfu, a subsidiary of Chinese investment company Zhongshan Fucheng Industrial Investment, and the Ogun state government signed a contract to develop a free trade area.
Zhongfu was to own 60 per cent of the joint venture under the terms of the deal.
However, three years later, Zhongfu alleged that Ogun had backed out of the deal and wanted to take over the “significant” Chinese investment in the free trade zone.
The company said a “campaign of illegal acts” against it ultimately forced it out of the agreement.
Zhongshan initiated arbitration proceedings against Nigeria in 2018.
A three-person arbitration panel in London awarded the company $70mn in damages to be paid by the federal government in 2021. The award has since grown to about $81mn with interest.
But according to a company spokesperson on Friday, one of the jets was released after they were made aware that President Bola Tinubu would be needing it for a scheduled meeting with Frances president, Emmanuel Macron.
In a statement, he said, “Zhongshan has consistently sought to act reasonably and fairly in the course of a legal dispute with Nigeria which was not of its making.
“It has now been made aware that an Airbus A330, currently detained in France as a result of a French court order obtained by Zhongshan, is needed for the President of the Federal Republic of Nigeria to travel to a scheduled meeting with President Macron of France early next week.
“As a gesture of goodwill, Zhongshan has lifted the seizure of that aircraft immediately. This will allow it to be used for the President’s trip.”
The spokesperson mentioned that the company remains committed to talks with the Nigerian government with a view of reaching a “reasonable compromise rapidly”.