The Nigerian government has vowed to contest a British Virgin Islands High Court ruling that permits Zhongshan Fucheng Industrial Investment Co. Ltd, a Chinese company, to seize $25 million from the country’s foreign assets.
The case stems from a 2010 agreement granting Zhongshan rights to develop a free trade zone in Ogun State, a project later terminated in 2016 under Governor Ibikunle Amosun’s administration. Following arbitration proceedings under a bilateral investment treaty between China and Nigeria, Zhongshan was awarded $70 million in compensation.
Special Adviser to the President on Policy Communications, Daniel Bwala, clarified that the ruling has not yet been enforced and reassured Nigerians of the government’s determination to protect the nation’s assets. “We will appeal and take necessary steps to vacate the judgment,” he said.
The federal government had previously attempted to invoke state immunity, a plea dismissed by UK courts.
