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The Presidency on Thursday said it is aware of the failed attempts by a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, to take over offshore assets of the Federal Government of Nigeria through subterfuge.<\/p>\n

It clarified that the Federal Government is not under any contractual obligation with the company, noting that the case in which Zhongshan tries to use every unorthodox means to strip the country\u2019s offshore assets is between the company and the Ogun State Government.<\/p>\n

This was contained in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy.<\/p>\n

The statement comes after a Chinese company, Zhongshan, had successfully petitioned for the seizure of three Nigerian presidential jets.<\/p>\n

According to the report, a French court authorized the seizure of the three presidential jets due to the ongoing dispute between Zhongshan, a Chinese company, and the Ogun State government.<\/p>\n

DAILY POST learnt that the seizure is a result of the government\u2019s failure to honour a $74.5 million award granted to Zhongshan by an independent arbitral tribunal, chaired by the former President of the UK Supreme Court.<\/p>\n

The seized jets are said to be part of Nigeria\u2019s presidential air fleet.<\/p>\n

However, responding to the development, Onanuga in the statement said the Federal Government is fully aware of efforts being made by the Ogun State Government to reach an amicable resolution on the matter.<\/p>\n

Part of the statement read: \u201cThis arm-twisting tactic by the Chinese company is the latest in a long list of failed moves to attach Nigerian government-owned assets in foreign jurisdictions.<\/p>\n

\u201cThe material facts in the transaction between the Ogun State Government and Zhongshan point to another P&ID case in which unscrupulous and questionable individuals falsely present themselves as investors with the sole objective of undercutting and scamming governments in Africa.<\/p>\n

\u201cUndoubtedly, Zhongshan withheld vital information and misled the Judicial Court in Paris into attaching the Nigerian government\u2019s presidential jets, which are on routine maintenance in France. The use and nature of the presidential jets as assets of a Sovereign entity whose assets are protected by diplomatic immunity forbid any foreign Court from issuing an order against them.<\/p>\n

\u201cWe are convinced the Chinese company misled the Judicial Court of Paris regarding the use and nature of the assets it seeks to attach and did not fully disclose to the court as required by law.<\/p>\n

\u201cThis same Chinese company had tried to enforce its questionable judgment in the UK and USA but failed.<\/p>\n

\u201cLike the P&ID case, foreign companies are trying to defraud Nigeria with the collaboration of some bureaucrats. Zhongshan appeared to have sold the judgment they got to a venture capitalist seeking to make money by embarrassing the Federal Government and President Bola Tinubu.<\/p>\n

\u201cWe want to assure Nigerians that the Federal Government is working with the Ogun State Government to discharge this frivolous order in Paris immediately.\u201d<\/p>\n

BREAKING: Presidency speaks as French court orders seizure of three Nigerian presidential jets<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Presidency on Thursday said it is aware of the failed attempts by a Chinese company, Zhongshan Fucheng Industrial Investment…<\/p>\n","protected":false},"author":1,"featured_media":47249,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4168,15,18898,761],"tags":[1227,135,6225,764,5826,180,766,2891,993,7998,17791,1167,332,762],"class_list":["post-47248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-news","category-presidential-jets","category-top-headlines","tag-breaking","tag-court","tag-french","tag-headlines","tag-jets","tag-news","tag-nigerian","tag-orders","tag-presidency","tag-presidential","tag-seizure","tag-speaks","tag-three","tag-top"],"yoast_head":"\n