There appears to be a fresh development in the contract disagreement between Nigeria and the Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd.
In 2016, the Chinese company accused the Ogun State Government of breaching a trade pact between Nigeria and China that was established in 2001. The company claimed that its rights to operate in a free trade zone were revoked without justification.
In 2018, the corporation initiated arbitration proceedings against Nigeria in the UK, claiming that Nigeria had let Ogun State to utilize its federal entities, such as the police, immigration, and export processing authorities, without following proper procedures.
According to court filings, two Zhongshang executives were forcibly removed from Nigeria during the period between mid and late 2016. This action was taken following the claimed detention and abuse of one of the executives by the police.
In order to recoup its $70 million in arbitration awards, the Chinese company has assumed control of and listed two Nigerian guest houses in Liverpool, United Kingdom, for sale on eBay.
The houses, situated at 15 Aigburth Hall Road and Beech Lodge, 49 Calderatones Road, Liverpool, were listed for sale at a price of $2.2 million.
According to a consultant working with Zhongshang, the firm has been actively preparing to sell the two residences in Liverpool.
“Under the condition of anonymity, the consultant stated that both properties are estimated to have a value of approximately $2.2 million. Consequently, a plan has already been devised to sell the properties to interested buyers,” the consultant disclosed.
Online marketplaces such as eBay have the potential to attract buyers more quickly compared to alternative means.
The properties were confiscated because they were not officially recognized as Nigerian diplomatic or consular assets, although being owned by Nigeria.
It has been discovered that the individuals now residing in the homes have no affiliation with the Nigerian embassy in the United Kingdom.
The exact date of Nigeria’s acquisition of the assets remains uncertain, however, a top judge confirmed that Nigerian officials consistently leased both properties to tourists.