Share on LinkedInShare on LinkedIn

ARTICLE · 18 SEPTEMBER 2024

Assessing 'Mistake' As A Defence In International Arbitration: The Ogun Free Trade Zone Dispute

Tope Adebayo LP
Tope Adebayo LP
Contributor
Explore more from Tope Adebayo LP

On August 14, 2024, Nigerians were confronted with the alarming news that a Chinese firm had seized three of the nation's presidential jets under the orders of a French court...

NigeriaLitigation, Mediation & Arbitration
Harrison Ogalagu
Harrison Ogalagu
Oludayo Ayeni
Oludayo Ayeni
Theresa Idelegbagbon
Theresa Idelegbagbon
Author LinkedIn connections

On August 14, 2024, Nigerians were confronted with the alarming news that a Chinese firm had seized three of the nation's presidential jets under the orders of a French court, a move that has significant implications for the nation. Former Ogun State Governor Ibikunle Amosun, a key figure in this dispute, offered his account in response to the seizure. He alleged that the Chinese company, Zhongfu International Investment FXE (Zhongfu), misled the state government, leading to the contested management decision that has now culminated in Nigeria's assets being targeted abroad.

Background: The Dispute and Claims of Mistake

Upon taking office in 2011, Governor Amosun inherited a conflict between two Chinese firms, China Africa Investment FXE (CIA FXE) and Zhongfu, laying claim to the Ogun State Free Trade Zone (OGFTZ) management rights. Amidst this dispute, Zhongfu International presented itself as a legitimate stakeholder. It provided what has now been alleged to be

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Nigeria’s New Crypto Tax Rules: What Virtual Asset Service Providers Need To Know, And The Legal Questions That Remain

Nigeria has introduced comprehensive tax guidelines for virtual assets, requiring VASPs to withhold taxes, collect stamp duties, and maintain detailed records. The new framework classifies crypto assets into six categories and imposes income tax, VAT, and stamp duty on various transactions, fundamentally changing compliance obligations for cryptocurrency platforms operating in Nigeria.
NigeriaTax
Tope Adebayo LP
Tope Adebayo LP
Article

CBN’s Data Localisation Mandate: What Nigerian Fintechs Need To Know

Nigeria's Central Bank has issued a sweeping directive requiring all payment and financial transaction data generated within the country to be processed and stored locally by January 2027. This regulatory shift forces fintech companies to abandon their reliance on global cloud platforms like AWS and Azure, introducing significant operational costs, infrastructure risks, and compliance complexities. The mandate affects not only licensed financial institutions but extends throughout the entire fintech ecosyst
NigeriaFinance and Banking
Tope Adebayo LP
Tope Adebayo LP
Article

When A Banking Partner Loses Its Licence: What The CBN’S Revocation Of 46 MFB Licences Means For Fintech Resilience And Customer Funds

When the Central Bank of Nigeria revoked the operating licences of 46 microfinance banks in July 2026, fintech companies relying on these institutions for customer accounts and settlement infrastructure faced immediate operational disruption. This analysis examines the regulatory grounds for revocation, the deposit insurance framework administered by the NDIC, and the critical due diligence and resilience measures fintech companies must implement when their products depend on regulated banking partners.
NigeriaFinance and Banking
Tope Adebayo LP
Tope Adebayo LP
Article

Dangote’s Fresh Suit Against The Federal Government: Tensions In Nigeria’s Midstream And Downstream Petroleum Sector Continue

The Dangote Petroleum Refinery has filed a lawsuit against Nigeria's Federal Government challenging petroleum import licences issued by the regulatory authority, claiming they violate court orders and undermine domestic refining capacity. With the refinery supplying over 81% of national fuel demand in early 2026, this legal battle raises critical questions about Nigeria's path to energy independence and the balance between supporting local production and maintaining competitive fuel markets. The outcome cou
NigeriaEnergy and Natural Resources
Tope Adebayo LP
Tope Adebayo LP
Article

Open Banking And Digital Lending In Nigeria: Opportunities, Risks And Regulatory Readiness

Nigeria's open banking framework promises to transform digital lending through secure, consent-driven financial data sharing. As the phased rollout approaches mid-2026, lenders face both opportunity and obligation: faster credit decisions, better risk assessment, and new product possibilities, alongside stricter compliance requirements and infrastructure dependencies that will reshape competitive dynamics across the sector.
NigeriaFinance and Banking
Tope Adebayo LP
Tope Adebayo LP