NewsOnline Nigeria reports that Zhongshan, a Chinese firm entangled in a legal battle with the Ogun State government, has expressed its willingness to reach a settlement with the Nigerian government.
This move comes after a French court authorized the seizure of three Nigerian presidential jets, preventing their movement, sale, or purchase until Zhongshan receives $74.5 million, as determined by an arbitration ruling.
The seized jets, which include a Dassault Falcon 7X, a Boeing 737, and an Airbus A330, were undergoing maintenance in France and Switzerland at the time the orders were issued.
The seizure is part of Zhongshan’s efforts to enforce the arbitration award granted in its favour in March 2021.
This award followed the Ogun State government’s revocation of Zhongshan’s management contract for the Ogun Free Trade Zone in 2016.
Zhongshan has indicated its openness to negotiate with the Nigerian government to resolve the dispute.
Meanwhile, NewsOnline Nigeria reports that the Nigerian Federal Government, through the Offices of the National Security Adviser and the Attorney-General of the Federation, is actively challenging the court’s decision, arguing that the jets are sovereign assets meant for official use, and thus, should be immune from seizure.
Oil Marketers have their silence on lifting Dangote Petrol. NewsOnline Nigeria reports that Oil…
Naira has fallen massively in the black market. NewsOnline Nigeria reports that the value…
Fuel scarcity has continued to bite harder as FG suspended Dangote’s direct sales to marketers.…
Black market dollar to Naira exchange rate on Thursday 17th October 2024 can be accessed…
Senate has confirmed the 21 fresh appointees by President Tinubu for RMAFC. NewsOnline Nigeria…
Umar Sani has hinted on Nyesom Wike’s suspension from PDP. NewsOnline Nigeria reports that…