Government

French Court Seizes Nigerian Presidential Jets Amid Contract Dispute

Published

1 month ago

August 15, 2024

A French court has ordered the seizure of three Nigerian presidential jets as part of a long-standing contractual dispute between a Chinese company, Zhongshan, and the Ogun State government.

The seized aircraft include a Dassault Falcon 7X stationed at Le Bourget airport in Paris, a Boeing 737, and an undelivered Airbus 330 located at Basel-Mulhouse airport in Switzerland.

This legal action stems from a conflict dating back to 2016, when the Ogun State government terminated Zhongshan’s export processing zone management contract.

The termination led to an arbitration process, resulting in a $74.5 million award in favor of Zhongshan by an independent arbitral tribunal, chaired by a former President of the UK Supreme Court.

Despite the ruling, the Ogun State government has yet to comply with the award, leading Zhongshan to seek enforcement through the seizure of Nigerian assets abroad.

The court’s order effectively restricts any movement, sale, or further purchase of the jets until the Nigerian government fulfills the financial obligations imposed by the arbitration award.

This has placed the Nigerian government in a precarious position, as the assets seized belong to the federal government’s presidential air fleet, but the dispute originates from a state-level agreement.

Bailiffs have already served legal papers for the seizure of the aircraft, adding pressure on Nigerian authorities to resolve the matter.

The federal government has reportedly been attempting to address the issue diplomatically, but so far, no resolution has been achieved.

This seizure follows a similar legal action in the United Kingdom, where Nigerian-owned properties in Liverpool were confiscated in connection with the same dispute.

The properties, located at Aigburth Hall Road and Beech Lodge on Calderstones Road, are valued between £1.3 and £1.7 million.

The origins of this conflict trace back to 2010, when Zhuhai Zhongfu Industrial Group Co Ltd, Zhongshan’s parent company, entered into an agreement with the Ogun Guangdong Free Trade Zone (OGFTZ) to establish Fucheng Industrial Park within the zone.

However, the relationship soured in 2016 when the Ogun State Government removed Zhongfu as interim manager of the zone, triggering the legal battles that have since ensued.

Zhongfu initiated investment treaty arbitration under the bilateral investment treaty between China and Nigeria, which culminated in the 2021 tribunal decision mandating the substantial financial award to Zhongshan.

Despite federal-level efforts to mediate the conflict, the Ogun State government’s non-compliance has resulted in the current international legal crisis.

As the situation unfolds, the Nigerian government faces mounting pressure to resolve the dispute and prevent further damage to its assets and international reputation.

The implications of this case could have far-reaching effects on Nigeria’s foreign relations and its management of state-level contracts with international partners.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Government

Yahaya Bello Leaves EFCC Office Without Interrogation, Says Media Office

Published

8 hours ago

September 19, 2024

Philip Victoria

The media office of the former governor of Kogi State, Yahaya Bello, has confirmed that the Economic and Financial Crimes Commission (EFCC) did not interrogate him when he visited the anti-graft agency’s office on Wednesday morning.

According to the media office, the EFCC informed Bello that he could leave without being interrogated. This occurred in the presence of Alhaji Usman Ododo, who accompanied the former governor to the commission’s office.

“The EFCC did not interrogate him, as officials told him he could leave,” Ohiare Michael, the director of Bello’s media office, said in a statement.

“We don’t know what this means yet. As we write, Alhaji Yahaya Bello has left the EFCC office. He was accompanied there by the Governor of Kogi State, His Excellency Alhaji Ahmed Usman Ododo.”

He further stated that this decision came after consultations with Bello’s family, legal team, and political allies.

He said, “Bello showed up at the EFCC office after consultations with his family, legal team, and political allies, saying he had nothing to hide or fear. His legal team has represented him in court throughout the ongoing case. The EFCC had earlier declared Bello wanted after a series of events.”

Recall that the media office of Yahaya Bello alleged that, on Wednesday night, operatives of the EFCC laid siege to the Kogi Government Lodge in Abuja in an attempt to forcefully arrest the former governor.

They also explained how his legal team had represented him in court throughout the ongoing case and how Bello had mustered the courage to honor the EFCC’s invitation to clear his name, stating he has nothing to hide or fear.

Government

Soludo Reportedly Fires Commissioner Over Poor Performance

Published

2 days ago

September 17, 2024

Ugwoke Ogbodo

Governor of Anambra State, Prof Chukwuma Soludo, has reportedly sacked the state Commissioner for Information, Paul Nwosu.

Sources close to the embattled commissioner revealed that Nwosu was relieved of his duties over alleged poor performance.

Another source claimed that the commissioner resigned and was not sacked.

Feelers from the Ministry of Information in the state have it that the commissioner have already dusted his table and moved on.

“As I speak to you, Mr Paul Nwosu has packed his bag, and we’re just waiting for the news to be announced by the Press Secretary to the Governor, Mr Christian Aburime,” a source in the ministry confided in Investors King on Tuesday.

However, the governor’s Press Secretary, Christian Aburime, in a mobile phone conversation said that he is not aware of Nwosu’s sack but promised to get back to the media if anything like that happens.

As at the time of filing this report, it was not yet clear if the commissioner would be redeployed to another ministry.

Meanwhile, feelers have it that Dr. Law Mefor, a veteran communications strategist and a notable All Progressives Grand Alliance (APGA) member, has been lined up as a replacement.

Government

Edo Governorship: Anger, Worry as APC, PDP Candidates Shun Debate

Published

2 days ago

September 17, 2024

Ugwoke Ogbodo

There is raging worry among major political stakeholders in Edo State over the refusal of the candidates of the Peoples Democratic Party (PDP), Dr. Ighodalo Asue, and his All Progressives Congress (APC) counterpart, Senator Monday Okpebholo to honour debate organised in the state recently ahead of the Saturday’s governorship election.

Asue and Okpebholo failed to show up at a governorship debate organised by the Edo State Council of the Nigeria Union of Journalists (NUJ) in conjunction with the Nigeria Elections Debate Group (NEDG) and the Broadcasting Organisation of Nigeria (BON) for the party flag bearers to tell the people of the state their plans if elected to govern the South-South state.

Investors King gathered that only the Labour Party (LP) candidate, Olumide Akpata, his Peoples Redemption Party (PRP) candidate, Patience Ndidi-Key and the Action Democratic Congress (ADC) Derek Izedonmwen were present at the debate.

Speaking at the debate event, Akpata condemned in strong terms the absence of the other candidates, describing the failure of the APC and PDP candidates to honour the invitation to debate as an outright disregard not only to the NUJ and BON but Edo people.

Urging residents to call out the candidates and use their votes to do justice to them at the poll, Akpata, who claimed the two candidates hoped on violence and manipulations to win the governorship election and that is why they did not show up, also charged media organisations and executives to condemn the action by the two candidates in their editorials, writing, among others.

He wondered why a candidate should intend to govern a state without coming to tell the people what he has for them, saying, “Asue Ighodalo comes from the private sector as I do, but if I may ask, as chairman of the board of several companies, did he employ any intending employee without an interview? This is simple logic.”

Also frowning at the refusal of the candidates to show up for the debate, Olugbenga Edema Campaign Organisation of the NNPP in the forthcoming off-cycle governorship election in Ondo State, Olugbenga Edema, berated Asue and Okpebholo.

While describing the absence of PDP and APC candidates from the debate as an affront and disrespect to the electorate, Edema maintained that the action of the duo denies the people, particularly the electorate, their fundamental right to evaluate the policies and visions of those seeking to govern them.

In a statement signed and issued by the spokesperson of the campaign organisation, Oluwatosin Ayeni, it was emphasised that the refusal of the candidate to participate in the debate was a lack of respect for the voters, who are entitled to assess those seeking public office.

While urging the people of Edo State to take a stand, Edema called for the rejection of the two parties at the poll on Saturday, adding that such impunity on the electorate by the two political parties would not be tolerated in Ondo State.

Similarly, the Nigerian Elections Debate Group (NEDG) condemned the development and called on Nigerians to insist that those aspiring to govern them must be made accountable to them.

The Executive Secretary of NEDG, Eddie Emessiri said their non-appearance was unwarranted because ample time was giving to all candidates.