A Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, is set to sell two residential properties in Liverpool, UK, that were seized from Nigeria in a bid to recover $70 million in arbitration awards.
This move follows Nigeria’s failure to settle a 2021 arbitration ruling related to a trade dispute.
The properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, were taken over by Zhongshang in June 2024 after a British court permitted the seizure of Nigerian assets in the UK.
The court ruling allowed Zhongshang to recover the debt, which has been accumulating interest at 2% per month.
The arbitration award, which totaled $55.7 million, along with $9.4 million in interest and £2.86 million in legal costs, stems from a 2001 trade agreement dispute.
The conflict arose when Ogun State revoked Zhongshang’s rights to a free trade zone in 2016, leading the company to accuse Nigerian federal agencies of wrongful actions, including the expulsion and alleged mistreatment of its executives.
Zhongshang plans to sell the seized properties, valued at around $2.2 million, on online platforms like eBay to expedite the process.
The properties, rented to private tenants with no connection to Nigeria’s diplomatic mission, were deemed eligible for seizure under commercial purposes by a UK High Court ruling.
This case adds to Nigeria’s ongoing legal challenges abroad, with the country facing difficulties in protecting its assets through sovereign immunity.
Zhongshang has promised transparency in the sales process and has pledged to keep Nigerians informed about the recovery efforts.