Zhongshan Fucheng Industrial Investment Co. Ltd. has dominated the trends in Nigeria over the last 24 hours. The Chinese company has been in the news for what many describe as the most audacious move that taints the image of a sovereign state—not just any foreign state, but the most populous Black country in the world.

Per reports that have emerged and gone viral, Zhongshan Fucheng got a court injunction to ground three presidential jets belonging to the Federal Government in Europe. Not only have they successfully gotten that order, but they have also initiated plans to seize other Nigerian assets in the United Kingdom, the United States of America, and six other countries.

According to a Punch report, the company has also begun legal proceedings in about eight jurisdictions globally regarding the dispute.

The other countries include Belgium, Canada, France, Singapore, and the British Virgin Islands, documents relating to the case, which were obtained by our correspondent, revealed on Thursday.

This comes as the Federal Government vowed to protect its foreign assets from “predators.”

What is the backstory?

In 2007, a sub-national (Ogun State) entered into a join agreement with Zhongshan Fucheng Industrial Investment Co. Ltd. to create the Ogun Guangdong Free Trade Zone Company. The Nigeria Export Processing Zones Authority, a Federal Government entity that oversees free-trade zones in Nigeria, then delegated control and operation of the free-trade zone to the company.

In 2010, the Ogun Guangdong Free Trade Zone Company contracted with Zhongshan’s parent company to develop an industrial park in the free-trade zone. The goal was for Zhongshan’s parent company to develop the park and build factories in it for tenants to use.

In the first half of 2016, however, the agreement between both parties was terminated, leading to Zhongshan filing lawsuits in Nigerian federal and state courts seeking reinstatement of its contractual rights but the legal proceedings were discontinued in Spring 2018.

However, a French court, recently, authorised the seizure of three of Nigeria’s presidential jets, two of the jets – a Dassault Falcon 7X and a Boeing 737 – are part of Nigeria’s presidential air fleet that were recently put up for sale and the third, an Airbus 330 purchased by Nigeria, but not yet delivered.

Zhongshan had again dragged Ogun to court, where an independent arbitral tribunal, chaired by the former President of the UK Supreme Court, awarded the Chinese firm $74.5m compensation, which Ogun was yet to pay.

What do we know about huhai Zhongfu Enterprises Co.

Checks reveal that the Zhuhai Zhongfu Enterprises Co. has been listed on the Shenzhen market since 1996. For its ownership, CVC Capital Partners acquired a 29% stake in the company in 2007, paying $US225 million. This made CVC the largest single shareholder in the company.

The company has operations throughout China and produces approximately 12 billion PET bottles a year.