Chinese Firm has taken over and making plans to sell Nigeria Guest Houses in the UK amid a dispute.
NewsOnline Nigeria reports that Chinese investors from Zhongshang Fucheng Industrial Investment Ltd are moving forward with plans to sell two Nigerian-owned guest houses in Liverpool, England on eBay, aiming to recover up to $70 million from an arbitration ruling issued in 2021.
This Nigeria news platform understands that the properties, located at 15 Aigburth Hall Road and 49 Calderstones Road, were seized in June 2024 following a British court order.
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The assets were targeted after Nigeria failed to settle the arbitration debt, which stemmed from a dispute involving Ogun State and a 2001 trade treaty violation.
The arbitration awarded Zhongshang $55.7 million, with additional interest and costs bringing the total to approximately $70 million.
Despite attempts by Nigeria to claim sovereign immunity, European courts have granted enforcement orders, allowing Zhongshang to pursue the recovery of assets across the UK, Belgium, France, and other countries.
The properties in Liverpool were not classified as diplomatic assets, making them eligible for seizure.
A UK High Court ruling highlighted that these buildings were being rented out for commercial purposes, unrelated to Nigeria’s diplomatic mission, thus allowing their confiscation.
Zhongshang plans to sell the properties for around $2.2 million, ensuring transparency throughout the process due to the significant public interest in the case.
This development follows Nigeria’s recent legal troubles, including a narrowly avoided $11 billion arbitration loss to another consortium.
