A Chinese investment group have seized two apartments belonging to a Nigerian to be sold on a global online platform eBay.
Peoples Gazette reports that up to $70 million in arbitration awards from the West Africa country in up in stake to be recovered.
According to the report, Zhongshang Fucheng Industrial Investment Ltd have confiscated of two buildings linked to the Nigerian government in Liverpool, United Kingdom, in June 2024, years after Nigeria failed to settle an arbitration judgement handed down in 2021.
These apartments are located at15, Aigburth Hall Road, Liverpool and Beech Lodge, 49, Calderstones Road, Liverpool. The British court in December 2021 gave Zhongshang executives the order to seize the assets in the UK belonging to Nigerians to retrieve the $70 million payment, which remained outstanding as of August 20, 2024, with two per cent monthly interest accruals.
Zhongshang was awarded $55,675,000 plus interest of $9,400,000 and costs of £2,864,445 as of the date of the arbitration verdict on March 26, 2021.
