In an exclusive report by Peoples Gazette, it has been revealed that Zhongshang Fucheng Industrial Investment Ltd, a Chinese investment group, is preparing to sell two residential properties it seized from Nigeria on eBay. This move is part of their effort to recover up to $70million in arbitration awards from the Nigerian government.
The properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road in Liverpool, were taken into Zhongshang’s possession in June 2024, following Nigeria’s failure to settle a 2021 arbitration judgment.
According to Peoples Gazette, the British court’s December 2021 order permitted Zhongshang to seize Nigerian assets in the UK to enforce the outstanding payment, which has accrued additional interest as of August 20, 2024.
Court documents indicate that the arbitration award included a principal amount of $55,675,000, plus $9,400,000 in interest and £2,864,445 in costs. This case arose from a dispute between Zhongshang and Ogun State over a trade treaty between Nigeria and China.
The case has intensified Nigeria’s legal challenges, coming shortly after the country successfully overturned a previous arbitration award involving over $11 billion. Zhongshang’s actions, however, seem to be progressing with enforcement already taking place in several European countries.
Peoples Gazette also learned that Zhongshang plans to list the Liverpool properties on eBay with an estimated combined value of $2.2 million. The sale will be conducted transparently, reflecting Zhongshang’s commitment to keeping the Nigerian public informed about the recovery process.
