In a shocking move, a Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, has seized two Nigerian government-owned guest houses in Liverpool, UK, and plans to sell them on eBay for $2.2 million. The seizure is due to Nigeria’s failure to settle a $70 million arbitration award made in 2021.
The arbitration award stemmed from a dispute between Zhongshang and Ogun State, which violated a 2001 trade treaty between Nigeria and China. Nigeria has failed to pay the award, resulting in the seizure of Nigerian assets in the UK.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
The guest houses are not diplomatic or consular assets and are currently rented to residential tenants.
Master Lisa Sullivan of the UK High Court ruled that “the properties are currently used for the purpose of leases to residential tenants unconnected with Nigeria and its mission.”
A consultant working with Zhongshang added that “Zhongshang promised to be transparent with the sale because of the keen public interest of Nigerians in the matter.”
