BREAKING... External Loan: Chinese Investors Take Over Nigeria's Guest Houses in UK

From Abdul SULE

Chinese investors from Zhongshang Fucheng Industrial Investment Ltd have concluded arrangements to sell two Nigerian-owned guest houses in Liverpool, England on eBay at a cost of $2.2million.

It is one of the moves by Chinese firm to recover about $70 million from an arbitration ruling issued in 2021.

This development follows Nigeria’s recent legal troubles, including a narrowly avoided $11 billion arbitration loss to another consortium.

The properties, located at 15 Aigburth Hall Road and 49 Calderstones Road, were seized in June 2024 following a British court order.

The assets were targeted after Nigeria failed to settle the arbitration debt, which stemmed from a dispute involving Ogun state and a 2001 trade treaty violation.

The arbitration awarded Zhongshang $55.7 million, with additional interest and costs bringing the total to approximately $70 million.

Despite attempts by Nigeria to claim sovereign immunity, European courts have granted enforcement orders, allowing Zhongshang to pursue the recovery of assets across the UK, Belgium, France, and other countries.

The properties in Liverpool were not classified as diplomatic assets, making them eligible for seizure.

A UK High Court ruling highlighted that these buildings were being rented out for commercial purposes, unrelated to Nigeria’s diplomatic mission, thus allowing their confiscation.