BREAKING: Chinese firm seizes another Nigerian luxury jet in Canada amidst asset confiscation trend

A Chinese company, Zhongshang Fucheng Industrial Investment Ltd, has completed the repossession of a luxury jet owned by Nigeria in Canada, as part of its ongoing confiscation of Nigerian assets globally.

The aircraft, a Bombardier 6000 type BD-700-1A10, was handed over to Zhongshang following a recent change of custodian paperwork finalized by Canadian authorities in Montreal, according to sources familiar with the matter.

This development follows a Canadian court ruling earlier this year, which empowered Zhongshang to seize the jet from Nigeria.

Despite attempts by Nigeria to retain ownership, Judge David Collier of the Superior Court of Quebec dismissed the country’s arguments on March 21, 2024.

The jet, purchased for $57 million by fugitive Dan Etete with proceeds from the controversial OPL 245 oil field sale, had been seized by Nigeria in 2016 and was held in Dubai before being flown to Canada in 2020.

Zhongshang’s seizure of the aircraft is part of its broader efforts to enforce arbitration awards amounting to over $70 million against Nigeria, following a failed free trade zone contract in Ogun State. The Chinese firm has already seized Nigerian assets in the UK, France, and Canada, with further confiscations anticipated in Belgium and the United States.

Despite Nigeria’s repeated legal challenges across five countries, the nation has been unsuccessful in preventing these seizures and continues to deny any wrongdoing in the case. Meanwhile, efforts to resolve the dispute through negotiations with Zhongshang have made little progress. The latest development has not yet been addressed by President Bola Tinubu’s administration.