Victor Ezeja
A Chinese firm, Zhongshan Fucheng Industrial Investment, has listed two Nigeria-owned buildings in the United Kingdom for sale on eBay, a worldwide online shopping platform.
The move is to recover up to $70 million in arbitration awards.
Prime Business Africa understands that the residential buildings located in Liverpool were seized by the company in June 2024, following a British Court judgment the company obtained in December 2021 to seize Nigeria’s assets in the UK to settle the $70 million arbitration award.
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Zhongshan had in 2018, initiated proceedings against Nigeria at the UK Arbitration Tribunal over alleged violation of contract agreement with Ogun State government in 2016.
In March 2021, the arbitration tribunal chaired by the President of the UK Supreme Court, awarded $74.5 million in compensation to the Chinese firm.
Also, United States Court of Appeals ruled that Zhongshan could go ahead to confiscate Nigeria’s assets abroad to recover the money.
Nigeria’s assets targeted for recovery of the money were the two properties located at 15, Aigburth Hall Road, and Beech Lodge, 49, Calderstones Road, Liverpool, and also the Presidential Jets that were seized recently in France through a Paris court order.
According to a Leadership report, a consultant working with Zhongshan said the firm has concluded plans to put the two Liverpool houses up for sale on eBay, adding that both properties’ value should be up to $2.2 million.
“Some websites like eBay might bring buyers faster than other methods,” the source was quoted by Leadership.
