Nigerias Debt to China in Focus as Chinese Firm Seizes FGs Assets Globally, Nigerians React [Video]

• Nigerians are fidgeting over the recently seized presidential jets by a French court due to a debt to a Chinese firm
• The court ordered the seizure of three presidential jets over the failure of Ogun State to pay a judgment debt of $74.5 debt
• Nigerians say the seizure is a sign of what could happen to Nigeria if it fails to repay its debt to China

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Federal Government of Nigeria is facing international embarrassment. A French court has seized three presidential jets following a legal dispute with a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited. 

The seizure is linked to a contract dispute with the Ogun state government, which terminated a contract with Zhongshan in 2016 and failed to pay the $74.5 million awarded by an arbitral tribunal.