Chinese Investors Seize Nigerian Properties in Liverpool, Set for $2.2 Million eBay Auction Amid $70 Million Arbitration Battle | #NwokeukwuMascot

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Chinese Investors Take Over Nigeria’s Guest Houses in Liverpool, Set to Sell on eBay for $2.2 Million | #NwokeukwuMascot 

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Zhongshang Fucheng has intensified efforts to seize Nigeria’s assets in Europe and North America to recover up to $70 million from a 2021 arbitration verdict.







The Chinese investment group, seeking to reclaim up to $70 million in arbitration awards from Nigeria, has finalized plans to list two residential properties it confiscated from the country for sale on the global online marketplace eBay, sources familiar with the arrangement told *Peoples Gazette*.





Zhongshang Fucheng Industrial Investment Ltd took possession of two buildings linked to the Nigerian government in Liverpool, United Kingdom, in June 2024, years after Nigeria failed to settle an arbitration judgment issued in 2021, according to *The Gazette*.






The properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road in Liverpool, were targeted following a December 2021 British court order that granted Zhongshang executives the authority to seize Nigerian assets in the UK to recover the $70 million payment. As of August 20, 2024, the payment remained outstanding, with a two percent monthly interest accrual.






Zhongshang was awarded $55,675,000 plus $9,400,000 in interest and costs of £2,864,445 as of the arbitration verdict on March 26, 2021, according to court documents. The case arose from a dispute between Zhongshang and Ogun State. The company claimed that the state violated a 2001 trade treaty between Nigeria and China when its rights to a free trade zone were rescinded in 2016.






Zhongshang brought Nigeria before an arbitration panel in the UK in 2018, alleging that Nigeria had allowed federal agencies such as the police, immigration, and export processing authority to be deployed by Ogun State without due process. Court documents revealed that two Zhongshang executives were expelled from Nigeria between mid and late 2016, with one allegedly detained and tortured by the police.





This case has once again thrown Nigeria into turmoil, only months after the country narrowly escaped a similar arbitration ruling that awarded over $11 billion to a consortium called P&ID. That verdict was later overturned after it was discovered that P&ID's owners were involved in bribery and corruption.







However, the Zhongshang case appears different, with several European courts already granting enforcement orders in the UK, Belgium, France, and other countries, where Nigerian-owned jets and other assets are being tracked down. An appellate panel recently declined to grant Nigeria sovereign immunity protection over Zhongshang’s recovery efforts in the United States.






A consultant working with Zhongshang stated that the company is working to list the two Liverpool properties for sale, including on eBay, where they expect to ask up to $2.2 million for both.






“They estimate the value of both properties at around $2.2 million and have already put together a plan to sell them to interested buyers,” the consultant said, speaking on condition of anonymity due to the sensitivity of client discussions. “Some platforms like eBay might attract buyers faster than other methods.”








Although the properties belonged to Nigeria, they were seized because they were not listed as Nigerian diplomatic or consular assets. *The Gazette* learned that the current occupants of the properties have no connection to the Nigerian mission in the UK. It remains unclear when Nigeria acquired the assets, but a senior judge indicated that officials had regularly rented out both locations to guests.






In her June 14, 2024, ruling that allowed Zhongshang to seize the buildings from Nigeria, Master Lisa Sullivan of the UK High Court, King’s Bench Division, stated: “The properties are currently used for leases to residential tenants unconnected with Nigeria and its mission. These are commercial purposes under section 13(4) of the SIA, and therefore enforcement against the properties is not barred by state immunity.”





The source noted that the sale would not be conducted in secret, as the Nigerian public deserves to know the value of all recovered assets until the full amount has been reclaimed.





“Zhongshang has promised to be transparent with the sale due to the significant public interest among Nigerians in this matter,” the consultant added.







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