Buzz Capital

FRANCE SEIZED THREE NIGERIAN PRESIDENTIAL JETS OVER DEBT.

According to reports, a French court has approved the seizure of three presidential jets connected to the Federal Government of Nigeria, the media has learned. Three of the aircraft—an Airbus 330 that Nigeria purchased but had not yet received—were recently placed up for sale. Two of the aircraft are a member of the presidential air fleet of Nigeria.

Zhongshan, a Chinese business whose export processing zone management contract was terminated by the Ogun State government in 2016, filed an application that led to the presidential jets being seized.

Zhongshan was granted around $74.5 million in compensation by an independent arbitral tribunal presided over by the former President of the UK Supreme Court. However, Ogun State administration, with which Zhongshan is at odds, has not yet honoured the award.

Zhongshan has a business issue with one of the Federal Government’s subnationals, and this action has caused resentment for the latter.

A Dassault Falcon 7X at Le Bourget airport in Paris, a Boeing 737, and an Airbus 330 at Basel-Mulhouse airport in Switzerland are among the presidential jets that were taken into custody. They’re all presently having maintenance done. The Airbus was purportedly purchased by the Nigerian government for more than $100 million.

The planes cannot be moved, sold, or bought until Zhongshan is paid the $74.5 million that was granted to them. For every aircraft, documents have been served by bailiffs.

The Nigerian administration has not yet responded to this news.

The planes were seized in connection with the same dispute with Zhongshan that led to the recent seizure of Nigerian-owned premises in Liverpool, England, by a UK court. Zhongshan obtained charge orders on the homes, which are valued between £1.3 and £1.7 million, at 15 Aigburth Hall Road in Liverpool and Beech Lodge, 49 Calderstones Road in Liverpool.

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