On 19-Jul-2024 3460
Seizure of 3 presidential jets - Nigeria loses sovereign immunity appeal in a US court
A US appeal court has ruled that Nigeria assertion of sovereign immunity does not hold water in a commercial venture.
Nigeria claim of sovereign immunity was dismissed by the court over the enforcement of a $70m investment treaty award made in favor of Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese investor, in respect of a free trade zone.
The American judges found that Nigerian has violated both the Chinese firm fundamental and commercial rights most cruelly for the sake of securing profits.
On 9th August, two out three judges presiding over this case upheld an earlier decision by US District Court for the District of Columbia affirming that the arbitral award is executable.
In January 2023, Nigeria argued before Beryl Howell, who was then head judge at the lower court, that because it is a sovereign state, no jurisdiction should be given to this court.
Howell explained why she had jurisdiction; having signed the New York Convention, United Kingdom (UK) which is where Nigeria got its name from gave validity to arbitration awards against one country and Nigeria happened to be the country.
The agreement entitled Zhuhai Zhongfu Industrial Group Co. Ltd. (Zhuhai), its parent company from China to develop a free trade zone in Ogun state in 2010.
Culled from NigeriaNeye
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