Adewole Adebayo, the Social Democratic Party (SDP) candidate in the 2023 presidential election, has described the recent judgment allowing a Chinese company to seize Nigeria’s presidential aircraft over a contractual dispute with the Ogun State government as a temporary setback. He expressed confidence that the decision would be overturned in the next court hearing.
Adebayo explained that no state entity can legally seize assets or property belonging to a sovereign nation based on contract disputes. He traced the issue back to a disagreement between the Chinese firm and the Ogun State government, which originally partnered but later ended up in litigation.
He highlighted that such business agreements often outlast the tenure of the incumbent governor, leading to complications when successors fail to appreciate the gravity of ongoing contracts and may terminate them.
Adebayo further clarified that when international investors are involved, the contracts signed are not merely commercial but can also carry treaty obligations. In cases of disputes, investors may resort to arbitration, sometimes invoking international treaties signed by both nations.
He pointed out that while the dispute stems from obligations of the Ogun State government, under public international law, the Federal Government is ultimately held accountable. However, Adebayo stressed that this situation does not involve a loan where national assets were used as collateral but rather a business deal that has soured.
He emphasized that the interim seizure of the presidential jets does not imply a loss of those assets. Adebayo reassured that under international law, diplomatic assets and central bank funds used for governmental functions are immune from seizure. He expects that once Nigeria presents its case, particularly with assistance from the French government, the court will likely lift the temporary seizure.
