Chinese Firm Targets Nigeria’s £20 Million P&ID Judgement Award as Part of its Assets Seizure
Lagos, August 19, 2024 — The Chinese company Zhongshan Fucheng Industrial Investment Co. Limited is making aggressive moves to seize the £20 million awarded to Nigeria by a United Kingdom appeal court in its long-running battle against Process & Industrial Developments Ltd (P&ID). This development comes amid escalating efforts by the Chinese firm to confiscate Nigerian assets in various foreign jurisdictions.
Zhongshan Fucheng has been embroiled in a bitter dispute with the Ogun State government in Nigeria since the termination of a joint venture agreement in 2013, which was originally signed in 2007. The partnership was intended to develop a free-trade zone in Ogun State. However, the agreement fell apart amid allegations of misrepresentation and concerns over the capability o...