In a statement released on Saturday, Amosun labeled the firm as dishonest and accused it of attempting to defraud Nigeria.

The dispute intensified when Zhongfu International secured a court order in France to confiscate the jets, citing an alleged breach of contract by the Ogun State government.

Amosun expressed regret over the embarrassment caused by the seizure of Nigeria’s assets and likened the situation to the notorious P&ID case, expressing hope that this attempt to defraud Nigeria would also fail.

On Friday, Zhongfu International announced that it had released one of the jets to enable Nigerian President Bola Tinubu to travel to France for a scheduled meeting with President Macron. Despite the court order prohibiting the jets’ movement, sale, or purchase until Zhongfu receives the awarded $74.5 million, the firm described the release as a gesture of goodwill and reaffirmed its commitment to resolving the dispute through negotiations with the Nigerian government.

Amosun explained that the conflict originated from a business rivalry between two Chinese companies, Messrs China Africa Investment FXE and Zhongfu International Investment FXE, over the management rights of the Ogun Guangdong Free Trade Zone (OGFTZ). He accused Zhongfu of misrepresenting itself as a concerned stakeholder and using deceptive practices to undermine China Africa Investment FXE.

According to Amosun, the dispute between the Chinese firms escalated after he took office as Ogun State governor in 2011, disrupting business operations and posing safety threats in the zone. Zhongfu International was appointed interim zone manager in 2012, but it was later revealed that the firm had provided misleading information to discredit China Africa Investment FXE and gain control of the zone.

Amosun noted that the Chinese government had clarified that China Africa Investment FXE was the rightful investor. Consequently, the Ogun State government terminated Zhongfu International’s management rights in 2016, leading to legal battles that Zhongfu ultimately lost in Nigerian courts.

He further mentioned that Zhongfu International’s attempts to challenge these decisions in Nigerian courts and through petitions to higher authorities had failed. Amosun urged the Nigerian government to handle Zhongfu’s case similarly to the P&ID case, stressing that there was no need for negotiation with the firm, which he deemed lacking legitimate standing.

Amosun expressed his willingness to collaborate with government agencies to prevent Zhongfu International or any other entity from defrauding Nigeria. He also denied claims that his administration used security forces to intimidate or harass individuals involved in the dispute, attributing any such actions to the rival Chinese companies.

Amosun called on the Nigerian government to disregard Zhongfu International’s claims and prevent the firm from unlawfully appropriating Nigeria’s assets. He affirmed his readiness to assist in protecting Nigeria’s interests in the ongoing dispute.