Following a French court order, Zhongshan Fucheng Industrial Investment Co. Limited has announced the release of one of the three Nigerian Presidential jets earlier seized.
This is coming after the company was informed that President Bola Tinubu needed the aircraft for an upcoming meeting with French President Emmanuel Macron.
It was earlier gathered that Zhongshan Fucheng had seized a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243 belonging to the Nigerian government.
The jets were stationed at Paris-Le Bourget and Basel-Mulhouse airports.
According to reports, this action was taken as part of an ongoing legal tussle resulting from the Ogun State government’s revocation of a contract in 2016.
The dispute dates back to 2013 when Zhongfu, a subsidiary of Zhongshan Fucheng Industrial Investment, signed a contract with the Ogun State government to develop a free trade area.
Under the agreement, it was learnt that Zhongfu was to own 60% of the joint venture.
However, three years later, the company claimed that Ogun State reneged on the deal, leading to a “campaign of illegal acts” that forced Zhongfu out of the agreement.
Zhongshan, in a response, initiated arbitration proceedings against Nigeria in 2018.
In 2021, a London-based arbitration panel awarded the company $70 million in damages, which has since grown to about $81 million due to interest.
Meanwhile, in a statement released on Friday, August 16, a company spokesperson confirmed that one of the jets had been released to facilitate President Tinubu’s travel for his scheduled meeting with President Macron.
The spokesperson emphasized that Zhongshan has acted reasonably throughout the dispute and remains open to reaching a “reasonable compromise” with the Nigerian government.
The statement reads in parts; “Zhongshan has consistently sought to act reasonably and fairly in the course of a legal dispute with Nigeria which was not of its making”.
“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.”
