News | Events | Digital PR | Advertising

Home News Chinese investment group seize two Nigerian guest houses in Liverpool
News

Chinese investment group seize two Nigerian guest houses in Liverpool

Share
Share

Chinese investors reportedly seize Nigeria’s guest houses in Liverpool, to sell them on eBay for $2.2 million A Chinese investment group is set to list two residential structures it confiscated from Nigeria for sale on global online marketplace eBay.

Peoples Gazette reports that the group is racing to recover up to $70 million in arbitration awards from the West Africa country.

According to the report, Zhongshang Fucheng Industrial Investment Ltd took possession 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.

The properties, 15, Aigburth Hall Road, Liverpool and Beech Lodge, 49, Calderstones Road, Liverpool, were targeted after a December 2021 British court order gave Zhongshang executives the power to seize Nigerian assets in the UK 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, court documents said.

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
Nigerian military
News

Nigeria Ranked 3rd Most Powerful Military in Africa by 2025 Global Firepower Index

Nigeria has been ranked as the third most powerful military force in...

NewsPolitics

America State Department Advises Americans in Iran to ‘Shelter in Place’; No Evacuation Plans Announced

The U.S. State Department has advised Americans currently in Iran to “shelter...

13 Killed Houses Burnt During Gunmen Attack in Plateau State
News

13 Killed, Houses Burnt During Gunmen Attack in Plateau State

Multiple communities in Bassa, Bokkos, and Mangu local government areas of Plateau...

Alhaji Dahiru Mangal
News

Katsina Philanthropist, Alhaji Dahiru Mangal, Sponsors Urology Surgeries with Over N80m

Popular philanthropist in Katsina State, Alhaji Dahiru Mangal, has donated more than...