A Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, is set to sell two Nigerian-owned properties in Liverpool, UK, on eBay to recover $70 million in arbitration awards. The properties were seized after Nigeria failed to pay a 2021 arbitration ruling linked to a dispute over a revoked free trade zone in Ogun State.
The properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, were taken in June 2024 following a British court order. The court had allowed Zhongshang to seize Nigerian assets in the UK as the debt, including interest, remains unpaid. The firm is now preparing to sell the properties online, estimating their value at $2.2 million.
Zhongshang’s decision to sell the properties through platforms like eBay aims to expedite the sale process. The Nigerian government had rented out the properties to private tenants, making them vulnerable to seizure under UK law. Zhongshang has promised transparency in the sales process, keeping the Nigerian public informed.