The recent ruling by the British Virgin Islands High Court granting a Chinese company the right to seize Nigeria’s foreign assets worth $25m has been met with a response from the Presidency. The decision to appeal the judgment was announced by the Special Adviser to the President on Policy Communications, emphasizing that Nigeria still has the opportunity to present its defense and potentially overturn the ruling.
The legal dispute stems from a contract dating back to 2007 between the Chinese company and the Ogun State Government regarding the development of a free trade area. Despite an arbitration panel awarding the company damages in 2021, the issue has escalated, leading to the recent court ruling in favor of the Chinese company.
Efforts are being made to address these legal challenges and protect Nigeria’s rights and assets. The Presidential spokesperson assured that the ruling is not immediately enforceable, providing a window for appeal. The ongoing situation underscores the importance of defending Nigeria’s interests in the face of such disputes.