…Put them for sale, to sell on eBay
A Chinese investment group, Industrial Investment Ltd, racing to recover up to $70 million in arbitration awards from Nigeria are moving forward with plans to sell two Nigerian-owned guest houses in England, which it confiscated from the country for sale on global online marketplace.
According to reports, the investors will put the guest houses, located in Liverpool, England for sale on e-commerce platform, eBay for $2.2 million. The Chinese group are aiming to recover up to $70 million from an arbitration ruling issued in 2021.
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.
Zhongshang is reportedly planning to sell the properties for around $2.2 million, ensuring transparency throughout the process due to the public interest in the case.
This development follows Nigeria’s recent legal troubles, including a narrowly avoided $11 billion arbitration loss to another consortium called P&ID. The arbitration verdict was thrown out after it was later discovered that P&ID owners were involved in bribery and corruption.
