The Presidency announced on Thursday that it has uncovered attempts by a Chinese firm to covertly take control of Nigeria’s offshore assets through unconventional means.
In a statement released by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, the Presidency distanced itself from the company, emphasizing that the Federal Government has no contractual obligations with the firm.
Onanuga stated, “The Presidency is aware of multiple failed attempts by Zhongshan Fucheng Industrial Investment Co. Limited, a Chinese company, to seize the Federal Government of Nigeria’s offshore assets through deceitful tactics.
“The Federal Government is not bound by any contract with the company. The ongoing case involving Zhongshan’s efforts to seize our offshore assets is a matter between the company and the Ogun State Government.
“The Federal Government is fully aware of the Ogun State Government’s efforts to resolve the issue amicably.
“It is important to clarify that Zhongshan has no legitimate grounds to demand restitution from the Ogun State Government based on the facts surrounding the 2007 contract to manage a free-trade zone.
“When the contract with Ogun State was terminated in 2015, the company had only built a perimeter fence on the land designated for the 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 on March 7, 2024, and August 12, 2024, without properly notifying the Federal Government of Nigeria and Ogun State Government.
“This strong-arm tactic by the Chinese company is just the latest in a series of failed attempts to seize Nigerian government assets in foreign jurisdictions.
“The facts in the dispute between the Ogun State Government and Zhongshan resemble another P&ID case, where unscrupulous individuals falsely present themselves as investors with the intent to defraud African governments.
“Zhongshan undoubtedly withheld critical information and misled the Judicial Court in Paris into seizing the Nigerian government’s presidential jets, which were undergoing routine maintenance in France.
“As assets of a sovereign state, the Presidential jets are protected by diplomatic immunity, and no foreign court is authorized to issue an order against them.
“We are confident that the Chinese company misled the Judicial Court of Paris about the nature of the assets it seeks to seize and did not fully disclose the necessary information to the court.
“This same company previously attempted to enforce its questionable judgment in the UK and USA but failed.
“Similar to the P&ID case, foreign companies are attempting to defraud Nigeria with the help of certain bureaucrats. Zhongshan appears to have sold the judgment they obtained to a venture capitalist aiming to profit by embarrassing the Federal Government and President Bola Tinubu.
“We assure Nigerians that the Federal Government is collaborating with the Ogun State Government to promptly overturn this baseless order in Paris.
“The Nigerian Government is committed to protecting our national assets from predators and opportunists who disguise themselves as investors.”
Background on the Zhongshan Fucheng Case:
A contract was signed between Ogun State and Zhongshan in 2007 to manage a free-trade zone. A dispute arose in 2015, leading to arbitration in 2016.
