A CHINESE company embroiled in a legal dispute with Nigeria has released a government-owned jet that was seized on its behalf by a French court, describing the move as a ‘gesture of goodwill’ to encourage negotiations. Zhongshan Fucheng Industrial Investment Co. Ltd. announced on Friday that it had lifted the seizure of a Nigerian presidential Airbus A330 to demonstrate its commitment to resolving the conflict in a reasonable and fair manner.
The dispute dates back to a 2007 agreement between Zhongshan and Nigeria’s Ogun State to develop a free trade zone. The contract was terminated in 2015 after the Nigerian government claimed the company had made little progress beyond erecting a perimeter fence on the designated land.
Zhongshan stated that it is open to engaging in ‘serious and substantive’ discussions with the Nigerian government to reach a swift and reasonable settlement. Despite the gesture, the Nigerian government has not yet responded to the company’s call for talks.
Earlier this year, Zhongshan obtained two court orders in France to seize Nigerian assets, including the presidential jet, following an arbitration award of over $60 million. On Thursday, the Nigerian government accused the Chinese firm of orchestrating a campaign to seize its assets abroad due to the ongoing legal dispute.
As both parties move towards negotiations, the release of the seized jet is seen as a significant step towards potentially resolving the conflict, which has strained relations between the two sides.
Credit: Reuters
