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A new development has confirmed that Zhongshan Fucheng Industrial Investment Co. Limited, a Chinese firm embroiled in a legal tussle with Nigeria, has released one of the seized presidential jets.
The move comes ahead of President Bola Ahmed Tinubu's scheduled meeting with French President Emmanuel Macron early next week.
The Chinese company, which had previously secured a court order to confiscate three Nigerian presidential jets with over $74.5 million in debt, released the Airbus A330 detained in France.
Zhongshan's spokesperson confirmed this decision on Friday, August 16, highlighting the company's commitment to acting reasonably.
"Zhongshan has consistently sought to act reasonably and fairly in the course of a legal dispute with Nigeria which was not of its making.
"It has now been made aware that the aircraft is needed for the President of the Federal Republic of Nigeria to travel to a scheduled meeting with President Macron of France," the spokesperson stated, according to Premium Times.
As a goodwill gesture, the company lifted the seizure to facilitate President Tinubu's trip.
The spokesperson added that Zhongshan remains open to further discussions with the Nigerian government to resolve the ongoing dispute swiftly and amicably.
US court backs Chinese firm in $70m arbitration dispute against Nigeria
Pulse Nigeria reported earlier that a US appellate court upheld a $70 million arbitration award against the Nigerian government in it's dispute with Chinese company Zhongshan Fucheng Industrial.
It was gathered that the ruling further complicates the Nigerian government's efforts to contain the fallout from an international dispute that has already led to the attempted seizure of Nigerian assets in Europe.
The ruling authorises the Chinese firm to impose final charging orders on two residential properties owned by Nigeria in the United States.