Headline

Jets Seizure: FG Accuses Chinese Firm Of ‘Fraudulent’ Attempt To Strip Nigeria’s Assets

Published

2 years ago

August 15, 2024

Editor

The Federal Government of Nigeria has accused a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, of subterfuge after a French court ruled in favour of the firm and granted the seizure of presidential jets belonging to the Nigerian government.

In a statement on Thursday, presidential spokesman Bayo Onanuga alleged that the Chinese firm is trying “to take over offshore assets of the Federal Government of Nigeria through subterfuge”.

In the dispute involving an arbitration award, the court in Paris ruled in favour of the Chinese firm, allowing it to seize three presidential jets on routine maintenance in France as “security” for claims in a decades-long judicial matter between the foreign company and the Ogun State government.

Free-Trade Zone Row
Back in 2007, the foreign firm signed a contract with the Ogun State government to manage a free-trade zone but the contract was revoked by the state government in 2015.

Displeased, Zhongshan initiated an investment treaty arbitration against Nigeria under the bilateral investment treaty between the People’s Republic of China and Nigeria (the China-Nigeria BIT).

The arbitrators ruled that Nigeria was in breach of its obligations under the China-Nigeria BIT and awarded Zhongshan compensation amounting to millions of dollars.

The Nigerian government and the subnational appealed the matter in “eight” jurisdictions including the United Kingdom and the United States.

The latest jurisdiction is in France, where three Nigerian presidential jets are on routine maintenance.

According to reports, the court in Paris held that the seizure of the jets was to “preserve the claim arising from the arbitration award dated 26 March 2021, made by an ad hoc arbitral tribunal”.

But the Nigerian government said it is “not under any contractual obligation with the company”.

“The case in which Zhongshan is trying to use every unorthodox means to strip our offshore assets is between the company and the Ogun State Government,” Onanuga said, flaying Zhongshan which he said “has no solid ground to demand restitution from the Ogun State Government based on the facts regarding the 2007 contract between the company and the State Government to manage a free-trade zone”.

“When the contract with Ogun State was revoked in 2015, the company had only erected a perimeter fence on the land earmarked for a free trade zone,” he said.

Arm-Twisting Tactics?
Onanuga said despite that the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has been working with the Ogun State Government on an amicable resolution, “Zhongshan obtained two orders from the Judicial Court of Paris dated March 7, 2024, and August 12, 2024, without any notice being duly served on the Federal Government of Nigeria and Ogun State Government”.

“This arm-twisting tactic by the Chinese company is the latest in a long list of failed moves to attach Nigerian government-owned assets in foreign jurisdictions.

“The material facts in the transaction between the Ogun State Government and Zhongshan point to another P&ID case in which unscrupulous and questionable individuals falsely present themselves as investors with the sole objective of undercutting and scamming Governments in Africa.”

He claimed the foreign company “withheld vital information and misled the Judicial Court in Paris into attaching the Nigerian government’s presidential jets, which are on routine maintenance in France”.

“The use and nature of the Presidential jets as assets of a Sovereign entity whose assets are protected by diplomatic immunity forbid any foreign Court from issuing an order against them.

“We want to assure Nigerians that the Federal Government is working with the Ogun State Government to discharge this frivolous order in Paris immediately.

“Nigerian Government will always work to protect our national assets from predators and shylocks who masquerade as investors,” he noted.

Shrinking Presidential Fleet

The court order came amid a controversy surrounding the planned purchase of a new presidential jet for President Bola Tinubu who has had to use hired jets for official trips in recent times due to faulty presidential jets.

The health state of the Presidential Air Fleet has been source of concern of late.

In May, a faulty presidential jet stopped Vice President Kashim Shettima from attending the 2024 US-Africa Business Summit hosted by the Corporate Council on Africa.

Last December, a presidential aircraft, Falcon 900B, was put up for sale, with the Nigerian Air Force (NAF) asking interested persons to submit their bids for the purchase of the aircraft.
CHANNELS TV

Headline

Oil Prices Drop After Iran Reopens Strait Of Hormuz

Published

5 days ago

April 17, 2026

Editor

Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.

Benchmark crude prices fell by more than 10 per cent, with West Texas Intermediate (WTI) slipping below $85 per barrel, while Brent crude declined to about $89 per barrel.

The decline follows comments by Iran’s Foreign Minister, Abbas Araghchi, who said commercial vessels would be allowed to transit the strait for the duration of a 10-day ceasefire involving Israel and Lebanon.

The truce, which began on Thursday, is reported to include the Iran-backed group Hezbollah.

Oil prices had surged above $100 per barrel in recent weeks amid heightened tensions in the region, with WTI reaching nearly $113 per barrel earlier this month and Brent climbing above $119 in late March.

Analysts say the reopening of the key shipping route has eased supply concerns in global energy markets.

Brian Therien, a senior investment strategist at Edward Jones, noted that oil futures are now trending lower, with projections suggesting prices could fall to the low $70 range by the end of the year. He added that a sustained drop in prices could help reduce inflationary pressures globally.

The Strait of Hormuz, which links the Persian Gulf to the Arabian Sea, is one of the world’s most critical oil transit routes, accounting for roughly one-fifth of global oil and liquefied natural gas shipments.

Shipping through the passage had been disrupted during the conflict due to security concerns, including threats of attacks and the presence of naval mines.

An Iranian official told Reuters that vessels moving through the strait during the ceasefire would be required to use designated safe lanes approved by Iranian authorities, while military ships would not be permitted to pass.

Despite the announcement, some shipping firms remain cautious. German carrier Hapag-Lloyd said it is still reviewing the situation before resuming operations in the area.

Meanwhile, Knut Arild Hareide of the Norwegian Shipowners’ Association welcomed the development but warned that uncertainties remain, particularly regarding maritime safety, operational guidelines, and the potential risks posed by unexploded sea mines.

Headline

You Can’t Go To US With Good Feelings Since Trump Returned To Power – Sports Legend

Published

5 days ago

April 17, 2026

Editor

Germany legend, Oliver Kahn, has insisted that one cannot go to the United States with ‘good feelings’ since President Donald Trump returned to the Presidency.

Kahn stated this while speaking to Sky Sport Germany about the upcoming World Cup, which is to be held in the US, Mexico and Canada.

According to the former Bayern Munich goalkeeper, there are so many things happening in the US at the moment that are no longer compatible with ‘values’.

“There are simply so many things happening in the USA right now that are no longer compatible with our understanding of values,” Kahn said.

“One example was the war, but I don’t want to list everything Donald Trump has been doing there since he returned to the presidency.

“You can’t go there with a good feeling at the moment.”

Headline

Trump Bows To Pressure, Deletes Post Depicting Self As Jesus

Published

1 week ago

April 13, 2026

Editor

United States President, Donald Trump, has deleted a social media post that appeared to portray him as Jesus, following backlash and rising tensions with Pope Leo XIV over the Iran war.

The image, shared on Truth Social late Sunday, showed Trump as a Christ-like figure healing the sick, surrounded by American flags and eagles.

The post came shortly after the president criticised the pope for opposing the war with Iran.

By Monday morning, the image had been removed from his account. A previous link to the post now leads to a notice stating the “content is no longer available.”

Speaking later at the White House, Trump denied the interpretation of the image and said he believed it depicted him differently.

“I did post it, and I thought it was me as a doctor, and had to do with the Red Cross,” he told reporters at the White House.

He dismissed claims that the image portrayed him as Jesus, blaming the media for the narrative.

“Only the fake news” could come up with the idea that it depicted him as Jesus.

“I just heard about it, and I said, ‘How did they come up with that?’ It’s supposed to be me as a doctor making people better. And I do make people better,” he said.

The development comes amid an ongoing public disagreement between Trump and Pope Leo XIV over the Iran war.

The pope said Monday he has “no fear of the Trump administration” and would continue to speak out, despite criticism from the president, who described his stance as “terrible for foreign policy.”

Leo, the first American pope, has intensified his criticism of the war in recent days, condemning Trump’s remarks about the Iranian people as “truly unacceptable.”

(CNN)