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WAHALA!! Nigerian Presidential Jets Seized By French Court Over Debt

Posted by Gistsnaija. on 17 August, 2024 | under News
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A French court has ordered the seizure of three Nigerian presidential jets to settle a $74.5 million debt owed to Chinese company Zhongshan Fucheng Industrial Investment Co. Limited.

The jets, currently in France and Switzerland for maintenance, will be held until the debt is paid.

The debt originates from a 2007 contract between Zhongshan and the Ogun state government, which was later revoked in 2015.

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Despite the Nigerian government’s claim that it has no contractual agreement with Zhongshan and that the case only involves the Ogun state government, the French tribunal court ruled in favor of Zhongshan, awarding compensation.

Nigeria has filed appeals in multiple jurisdictions, including the UK and US, challenging the decision.