A Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, is set to list two residential properties seized from Nigeria on eBay for $2.2 million.
The move follows the company’s ongoing efforts to recover up to $70 million from Nigeria, stemming from an arbitration judgment awarded in 2021.
Zhongshang took control of the properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, Liverpool, in June 2024.
This action came after a December 2021 British court ruling that permitted Zhongshang to seize Nigerian assets in the UK to enforce a $70 million arbitration award, which remains unpaid with accrued interest as of August 20, 2024.
The dispute originated from a 2001 trade treaty violation involving Ogun State, which rescinded Zhongshang’s rights to a free trade zone in 2016.
Zhongshang initiated arbitration in the UK in 2018, alleging due process violations by Nigerian authorities.
The seizure of these properties follows a similar arbitration case involving P&ID, where Nigeria narrowly avoided a significant financial penalty.
Unlike the P&ID case, which was dismissed due to bribery allegations, Zhongshang’s case has seen European courts grant enforcement orders in multiple countries, with assets being tracked and seized.
A consultant for Zhongshang revealed that the company is preparing to sell the Liverpool properties, with plans to list them on eBay at a combined value of $2.2 million.
The properties, which were not classified as Nigerian diplomatic assets, have been used for commercial purposes and were not linked to Nigeria’s mission in the UK.
Master Lisa Sullivan of the UK High Court affirmed in June 2024 that the enforcement action against these properties was valid, given their use for commercial leasing.
Zhongshang has committed to transparency throughout the sale process, ensuring public awareness of the proceedings and the recovery of assets.
