Breaking: Chinese Investors Seize Nigeria’s $57 Million Private Jet in Canada

Chinese Firm Seizes Nigerian-Owned Private Jet in Canada

A Chinese company, Zhongshang Fucheng Industrial Investment Ltd, has successfully taken possession of a luxury jet owned by Nigeria in Canada.

This move is part of a series of asset seizures by the firm, following a Canadian court ruling that granted Zhongshang the right to confiscate the aircraft from Nigeria.

The jet, a Bombardier 6000 type BD-700-1A10, was originally purchased for $57 million by fugitive Dan Etete after his $350 million windfall from the controversial sale of the OPL 245 oil field in 2010.

Nigeria seized the aircraft from Etete in 2016 and later moved it to Canada, where it was held at Montreal’s main airport under a court order.

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In 2023, Zhongshang began legal proceedings to seize the jet as part of their efforts to enforce arbitration awards totaling over $70 million against Nigeria.

Despite Nigeria’s attempts to retain ownership, including citing the February-March 2023 general elections as a reason for their delayed response, Judge David Collier of the Superior Court of Quebec ruled against them.

Zhongshang has already seized Nigerian assets in the UK, France, and Canada, with more seizures expected in Belgium and the U.S.

These actions stem from a failed free trade zone contract in Ogun State, which has led to ongoing legal battles. While Nigeria continues to deny any wrongdoing, efforts to resolve the dispute with Zhongshang have yet to yield results.

A spokesperson for President Bola Tinubu has not yet commented on the latest developments.