Fucheng Industrial Investment Co. Limited has announced the release of one of the three Nigerian presidential jets that were previously seized under a French court order. This decision follows the company's acknowledgment of President Bola Tinubu's need for the aircraft for an upcoming diplomatic meeting with French President Emmanuel Macron.
The seized aircraft include a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243, which were held at Paris-Le Bourget and Basel-Mulhouse airports. The seizure was part of an ongoing legal conflict stemming from the Ogun State government’s cancellation of a contract with Zhongfu, a subsidiary of Zhongshan Fucheng Industrial Investment, in 2016.
The original dispute dates back to 2013, when Zhongfu entered into a contract with Ogun State to develop a free trade zone, granting Zhongfu a 60% stake in the joint venture. However, the agreement was allegedly breached by Ogun State three years later, leading to what Zhongfu described as a "campaign of illegal acts" that forced them out of the project.
In response, Zhongshan initiated arbitration proceedings against Nigeria in 2018. A London-based arbitration panel awarded Zhongshan $70 million in damages in 2021, a sum that has since increased to approximately $81 million due to accrued interest.
On August 16, a company spokesperson announced that the release of one of the jets was a gesture of goodwill to enable President Tinubu's travel to his meeting with President Macron. The spokesperson emphasized Zhongshan's commitment to fair and reasonable conduct throughout the dispute and expressed the company's willingness to seek a "reasonable compromise" with the Nigerian government.
"Zhongshan has consistently sought to act reasonably and fairly throughout this legal dispute," the statement read. "As a gesture of goodwill, we have released the seized aircraft to facilitate the President’s important trip."
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