BREAKING: Nigeria Loses Another Jet to China in Canada
A Canadian court has handed over a $57 million luxury jet seized from fugitive Dan Etete to Chinese investors, Zhongshang Fucheng Industrial Investment Ltd, marking a significant loss for Nigeria in its ongoing asset recovery battle, Excel Magazine International reports.
The Bombardier 6000 type BD-700-1A10 jet, valued at $57 million, was transferred into Zhongshang’s custody after a Canadian court granted the firm permission to seize the aircraft as part of its enforcement of arbitration awards exceeding $70 million against Nigeria.
Nigeria had initially seized the jet from Etete in 2016 and detained it in Dubai, but it was flown to Canada in 2020, where Nigerian authorities secured a court order to hold it at Montreal’s main airport.
However, Zhongshang successfully challenged Nigeria’s claim to the jet, with the Canadian court ruling that Nigeria had failed to contest the seizure adequately and dismissing its claim of sovereign immunity.
This latest development marks a significant blow to Nigeria’s efforts to protect its assets worldwide, with Zhongshang having already seized Nigerian assets in the UK, France, and Canada.
Further seizures are anticipated in Belgium and the US in the coming weeks, as Zhongshang continues to enforce its arbitration awards against Nigeria.
Nigeria maintains it has committed no wrongdoing in the lawsuits, which originated from a failed free trade zone contract in Ogun State, but has yet to comment on the latest developments.
