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Chinese Firm Plotting to Take Over Nigeria’s Offshore Assets—Presidency

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Zhongshan Fucheng Industrial Investment Company Limited

By Adedapo Adesanya

The presidency on Thursday accused a Chinese company, Zhongshan Fucheng Industrial Investment Company 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.

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, in a statement today alleged that the Chinese firm was trying “to take over offshore assets of the Federal Government of Nigeria through subterfuge”.

Business Post reports that the court in Paris ruled in favour of the Chinese firm in the dispute involving an arbitration award. The ruling will allow the firm 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.

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“When the contract with Ogun State was revoked in 2015, the company had only erected a perimeter fence on the land earmarked for a free trade zone,” he said.

“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 spokesperson said.

In 2007, the foreign firm signed a contract with the Ogun State government to manage a free-trade zone but the contract was revoked by the state government in 2015.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

Nigeria and Ogun State 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”.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Nigeria Eyes Stronger Diplomatic Ties in Sustainable Development

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tinubu in UK

By Adedapo Adesanya

Nigeria is eyeing stronger diplomatic and strategic ties when it comes to sustainable development as it participates in the 2026 edition of Abu Dhabi Sustainability Week (ADSW).

President Bola Tinubu arrived in Abu Dhabi, United Arab Emirates (UAE), on Sunday. His plane landed at the Presidential Wing of Zayed International Airport at exactly 11:30 pm local time.

He was received by Sheikh Shakhboot Nahyan Al Nahyan, UAE Minister of State for Foreign Affairs; the UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi; Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar; and members of the Nigerian diplomatic mission in Abu Dhabi.

Several other ministers, including the Minister of Budget and Planning, Mr Atiku Bagudu; the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole; and the Director-General of the National Intelligence Agency, Mr Mohammed Mohammed, welcomed President Tinubu at his hotel.

President Tinubu arrived in Abu Dhabi from Europe, where he spent part of his end-of-year break, engaging in fruitful discussions with Rwandan President Paul Kagame and French President Emmanuel Macron, according to a statement by the presidency.

The 2026 Abu Dhabi Sustainability Week, with the theme The Nexus of Next, All Systems Go, is a global platform that brings together world leaders, policymakers, investors, and experts to advance dialogue and action on sustainable development, climate action, energy transition, and inclusive economic growth.

This visit further reinforces the strong diplomatic and economic ties between Nigeria and the United Arab Emirates (UAE), while positioning Nigeria as an active contributor to global conversations on sustainable development.

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SERAP in Court to Force INEC to Account for N55.9bn for 2019 Elections

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serap inec

By Modupe Gbadeyanka

The failure of the Independent National Electoral Commission (INEC) to account for about N55.9 billion earmarked for the purchase of some materials for the 2019 general elections has forced the Socio-Economic Rights and Accountability Project (SERAP) to file a lawsuit against the commission.

In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP asked the court for an order of mandamus to compel INEC to disclose the names of all contractors paid the sum of money.

It was claimed that the N55.9 billion was meant for the purchase of smart card readers, ballot papers, result sheets and other election materials for the 2019 general elections, which produced the late Mr Muhammadu Buhari as President for a second term in office.

SERAP is relying on the latest annual report published by the Auditor-General on September 9, 2025, to ask for the use of the funds, which is said to be missing or diverted.

The organisation argued that the electoral umpire “must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”

“INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered,” a part of the statement issued by the group stated.

“INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.

“These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law,” it further declared.

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Finance Ministry Directs Shippers, Airlines to Submit Manifests via Single Window Project

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NLNG Shipping Arm

By Adedapo Adesanya

The Ministry of Finance has directed all shipping companies and airlines operating in Nigeria to submit their manifests through the Single Window Project (SWP) as part of efforts to strengthen cargo tracking and transparency.

The submission of shipping manifests before the change of policy was handled exclusively by the Nigeria Customs Service (NCS) for onward cargo processing and port clearance.

However, following a memo from late last year signed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, all shipping firms and airlines were directed to integrate with the National Single Window platform to ensure seamless Manifests submission.

“I would like to bring to your attention that His Excellency, President Bola Ahmed Tinubu inaugurated the National Single Window (NSW) Project on the 16th of April 2024.

The NSW Project aims to streamline and automate import and export processes at Nigeria’s entry & exit ports, with the dual goals of enhancing trade facilitation and increasing government revenue.

“By integrating the operations of multiple government agencies involved in trade processes on one platform, the NSW platform will ensure faster clearance of goods and services, improve operational efficiencies at the imports and significantly reduce bureaucratic bottlenecks.

“Key components of the Single Window as defined by the World Trade Organisation (WTO) and World Customs Organisation (WCO) include: (a) a single-entry point i.e. traders, shipping lines, airlines and other stakeholders should submit all required import and export documentation through a single-entry point on a centralized digital platform, and (b) single submission i.e. all documentation should only be submitted once and data only entered once.

“As a result, the NSW Platform will be the single-entry point of submission for all Sea and Air Manifests. Therefore, all shipping lines and airlines are therefore directed to integrate with the NSW Platform to ensure seamless Manifests submission,” parts of the memo read.

The Comptroller-General of the NCS, the chairman of the Nigerian Revenue Service (NRS), the Managing Director of the Nigerian Ports Authority (NPA), the Managing Director of the Federal Airports Authority of Nigeria (FAAN) and the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) were copied in the memo.

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