Government

Zhongshang Fucheng Moves to Auction Nigerian Properties in UK Following $70M Arbitration Award

Published

4 weeks ago

August 21, 2024

Zhongshang Fucheng Industrial Investment Ltd has escalated its efforts to collect a $70 million arbitration award from Nigeria by putting two residential properties in Liverpool up for sale.

This significant development follows a 2021 arbitration verdict against Nigeria, which remains unsettled.

The Chinese investment group has reportedly listed two buildings linked to the Nigerian government—15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road—on the global online marketplace eBay.

The move is part of a broader strategy to recover the outstanding $70 million, which includes a principal amount of $55,675,000, plus interest and legal costs, as stipulated by the arbitration verdict.

The arbitration stemmed from a dispute between Zhongshang Fucheng and Ogun State over a trade treaty violation.

The company claimed that Ogun State rescinded its rights to a free trade zone in 2016, prompting a legal battle that saw Zhongshang’s executives expelled from Nigeria.

The British court granted Zhongshang the authority to seize Nigerian assets in the UK after the Nigerian government failed to settle the arbitration judgment.

The seizure and subsequent auction of these properties mark a pivotal moment in the ongoing legal conflict.

The properties were confiscated because they were not classified as diplomatic or consular assets, making them subject to seizure under the court’s orders.

According to sources familiar with the situation, the properties are valued at approximately $2.2 million.

Zhongshang Fucheng has opted for an online auction to expedite the sale, aiming to reach a broad pool of potential buyers.

The decision to use eBay highlights the company’s commitment to transparency and swift asset recovery.

“This move is not just about recovering the funds; it’s a demonstration of our commitment to enforcing the arbitration award and ensuring that due process is followed,” said a consultant working with Zhongshang Fucheng, who spoke on condition of anonymity.

The Nigerian government, already grappling with similar arbitration cases, is facing increased scrutiny as European courts have granted enforcement orders in several countries, including the UK, Belgium, and France.

The ongoing conflict with Zhongshang Fucheng has intensified pressure on Nigerian authorities to address these legal and financial challenges more effectively.

In June 2024, the UK High Court, King’s Bench Division, ruled in favor of Zhongshang’s right to seize the Liverpool properties.

Master Lisa Sullivan’s ruling emphasized that the properties were used for commercial purposes, thereby excluding them from sovereign immunity protections.

The case against Nigeria underscores broader issues related to international arbitration and asset recovery, reflecting a growing trend of global legal disputes over state assets.

For Zhongshang Fucheng, the auction of the Liverpool properties represents a critical step in securing the funds awarded by the arbitration panel.

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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

Soludo Reportedly Fires Commissioner Over Poor Performance

Published

1 day 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

1 day 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.

Government

Stakeholders Lead Campaigns for More Involvement of Women in Nigerian Politics

Published

1 day ago

September 17, 2024

Ugwoke Ogbodo

Concerned stakeholders across the globe have commenced advocacies for improved participation and involvement of women in politics in Nigeria.

The stakeholders including UN women, National Institute for Legislative and Democratic Studies and some female politicians in Ebonyi State argued that Nigeria tends to grow better when a sizeable number of females are included in governance.

As part of measures to achieving this aim, the organizations organised a one-day advocacy and sensitization workshop in Ebonyi North East State Constituency with the theme: “Advance Women’s Political Participation and Representation.”

At the event held in Abakaliki, Ebonyi State capital on Tuesday, the Coordinator of UN Women, Prof. Arthur Ikeme lamented that despite the gender equality campaigns, there are still low participation of women in politics and this motivated them to carry out sensitization visits to the South East geopolitical zone and Ebonyi State was chosen as the first point of call.

Ikeme commended the lawmaker, Chinyere Nwogbaga for her ingenuity and thanked the State Governor, Francis Nwifuru for putting women in positions of authority in his administration.

Nwogbaga who facilitated the programme recounted the hurdles she faced while seeking political position adding that women are being marginalised despite their efficiency and dedication to duties.

Nwogbaga who is the Chairman, House Committee on Women Affairs, is representing Ebonyi North East Constituency in the Ebonyi State House of Assembly.

She explained that she organised the programme through the sponsorship of the UN Women to advocate and intensify the involvement of women in politics noting that women have proven to be better in handling positions of authority if given the chance.

Rendering account of her stewardship, Nwogbaga said she has co-sponsored several key bills into law, installed street lights in each of the seven wards in her Constituency, secured health insurance for more than 100 elderly and vulnerable individuals, drilled hand pump boreholes to provide portable water, established a foundation to offer free services to the needy, distributed bag of fertilizers to rural farmers to boost food availability, awarded scholarships to indigent students as well as payment of WAEC fees.

The lawmaker commended the state governor for his giant stride in putting women in positions of authority like the State Deputy Governor, the Secretary to the State Government, Clerk of the State Assembly and members in the State Executive Council and eulogized the wife of the state governor, Mary Maudline Nwifuru for her BERWO programme which has given women great sense of belonging.

In her remarks, the chairman of the Industrial Arbitration Panel in South East, Tonia Adol Awam called for the enhancement and strict implementation of the violence against persons Law (VAPP) to allow more women participation in politics.