A contractual dispute between Zhongshan Fucheng Industrial Investment Company Limited and the Ogun State Government has taken a dramatic turn. The Chinese firm alleges that its top officials were unlawfully detained and brutalized by police, prompting it to seek the seizure of Nigerian assets overseas.
In a shocking move, a French court has ordered the seizure of three Nigerian presidential jets, including two currently for sale (Dassault Falcon 7X and Boeing 737) and an undelivered Airbus 330.
The seizure is linked to the contractual disagreement, sparking concerns about Nigeria’s international business dealings. The incident has raised questions about the use of force by Nigerian authorities and the potential consequences for the country’s assets abroad.
The controversy surrounding seized presidential jets in Paris, France, linked to Ogun State government, took a new turn as two former governors, Ibikunle Amosun and Gbenga Daniel, yesterday, opened up about their involvement.
Amosun, who governed Ogun State from 2011 to 2019, revealed that the issue is a “Chinese against Chinese” dispute, stressing he was ready to work with the agencies of government in any capacity to ensure that Nigeria is not scammed by Zhongfu International Investment Co. Ltd or any other entity.
Gbenga Daniel, who governed the state from 2003 to 2011, has also weighed in on the matter, stating that he has documents to assist in the investigation.
Foreign Affairs Minister, Yusuf Tuggar, who reacted to the matter, attributed the dispute which resulted in the impoundment of the aircraft to the wrong handling of international affairs by sub-national actors.
Following an arbitration judgement in favour of the Chinese firm, a Chinese court had on August 12, ruled that the judgment creditor could attach any of Nigeria’s assets abroad in payment of the judgment debt.
Medical Students Kidnapped
Twenty medical students from the University of Jos were kidnapped while traveling to Enugu for a convention. The students were intercepted by gunmen along the notorious Otukpo/Otukpa/Enugu road, known for frequent kidnappings.
Meanwhile, the group of gunmen who kidnapped the medical students along with a House Officer, are demanding a ransom of N50 million for their release.
Benue Police Command Spokesperson, SP Catherine Anene, confirmed the incident to newsmen in Makurdi, stating that the students were travelling in two buses when they were intercepted by criminals after Otukpo town and taken to an unknown destination.
But on Saturday, one of the students, Kwaghaondo Aondona Kingsley, alerted the public by posting a desperate message on his X account. In his tweet, Kingsley revealed that the group of students had been without food for two days. He called on government and families of the victims to intervene for their immediate release.
“We were kidnapped on our way to Enugu for a convention. They are requesting N50 million for the 20 of us medical students.
“Please help us; we haven’t eaten for two days. Contact Pius at 08163420157 — he is coordinating the funds.
The kidnapping of the medical students has sparked widespread outrage and condemnation. Many are calling for increased security measures to protect citizens, particularly along high-risk roads. The government must take immediate action to rescue the kidnapped students and ensure their safe return.
Nigerian stock market declines 1.51%
The Nigerian equities market experienced a decline of 1.51% in the trading week ended August 16, driven by investors selling industrial and banking stocks. The market saw 39 stocks increase in price, down from 46 in the previous week, while 66 stocks decreased in price, up from 38. Additionally, 46 stocks remained unchanged, down from 67 in the previous week.
According to Meristem research analysts, the NGX All-Share Index (NGXASI) fell by 1.5% week-on-week to 97,100.31 points, bringing the year-to-date return to 29.85%. The sector performance was mixed, with NGX Consumer Goods, NGX Insurance, and NGX Oil & Gas recording gains, while NGX Industrial and NGX Banking declined.
The Nigerian Exchange Limited (NGX) All-Share Index and Market Capitalisation closed the week at 97,100.31 points and N55.132 trillion, respectively. Most indices finished lower, except for NGX Insurance, NGX Consumer Goods, NGX Oil & Gas, NGX Lotus II, and NGX Growth, which appreciated by 0.79%, 0.37%, 5.25%, 0.42%, and 6.14%, respectively. The NGX ASeM index remained flat.