Chinese Company take over Nigeria’s guest houses in Liverpool, to sell on eBay for $2.2 million
Chinese Investors to Sell Nigeria’s Guest Houses in Liverpool on eBay for $2.2 Million.
A Chinese investment firm, Zhongshang Fucheng Industrial Investment Ltd, is set to sell two residential properties in Liverpool, United Kingdom, that it confiscated from the Nigerian government. The sale is part of efforts to recover up to $70 million in arbitration awards following a 2021 court ruling.
The properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, were seized by Zhongshang in June 2024 after Nigeria failed to settle the arbitration judgement.
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The 2021 ruling awarded Zhongshang $55.7 million plus interest and legal costs after a dispute with Ogun State over a free trade zone agreement. The firm claimed that its rights were unlawfully rescinded by the Nigerian state in 2016, violating a 2001 trade treaty between Nigeria and China.
A December 2021 British court order gave Zhongshang the authority to seize Nigerian assets in the UK to recover the outstanding payment, which continues to accrue monthly interest. The company has now decided to list the properties for sale on eBay, with an asking price of $2.2 million for both.
“The value of both properties is estimated to be around $2.2 million, and we’ve planned to sell them through online platforms like eBay, which might attract buyers more quickly,” a consultant working with Zhongshang told Peoples Gazette under anonymity.
The seized properties were not classified as Nigerian diplomatic or consular assets, which allowed the court to authorize their confiscation. According to a June 2024 ruling by Master Lisa Sullivan of the UK High Court, King’s Bench Division, the properties were being used for commercial purposes, making them ineligible for state immunity protection.
The case has added to Nigeria’s ongoing legal challenges, following a recent arbitration battle where the country narrowly avoided a $11 billion payout to P&ID after allegations of bribery and corruption. Unlike the P&ID case, the Zhongshang dispute has seen European courts uphold enforcement orders against Nigerian assets in multiple countries.
Zhongshang has pledged to conduct the sale transparently, acknowledging the high public interest in Nigeria regarding the matter. The proceeds from the sale will go towards satisfying the arbitration award until the full amount is recovered.
The situation has once again highlighted Nigeria’s vulnerability in international arbitration disputes and the potential consequences of not adhering to treaty obligations.
