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Chinese Firm Seizes Nigerian Properties in UK, Lists for Sale on eBay.

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A Chinese investment company, Zhongshang Fucheng Industrial Investment Ltd, has taken possession of two Nigerian properties in Liverpool, UK, and plans to sell them on eBay for $2.2 million. This move is part of efforts to recover $70 million in arbitration awards from Nigeria.

The properties, 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, were seized in June 2024 after Nigeria failed to settle a 2021 arbitration judgment. A British court order allowed Zhongshang to seize Nigerian assets in the UK to recover the debt, which has accrued interest of 2% per month since August 2024.

The dispute began in 2016 when Ogun State government allegedly breached a trade treaty between Nigeria and China, leading to Zhongshang's expulsion from Nigeria. The company was awarded $55.7 million plus interest and costs in a 2021 arbitration verdict.

Nigeria has faced similar arbitration cases, including a recent $11 billion award to P&ID, which was later overturned due to bribery and corruption allegations. However, the Zhongshang case appears more solid, with European courts granting enforcement orders in several countries.

The properties, used for commercial purposes, were not listed as Nigerian diplomatic or consular assets, making them eligible for seizure. The sale will be transparent, with the proceeds going towards recovering the arbitration award.

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