Finance & Business

China, Nigeria, and Hostage Aircraft

This ruling is a significant blow to Nigeria’s absolute sovereign status and the doctrine of sovereign immunity. The order has since been upheld by a US court, which dismissed Nigeria’s sovereign immunity defence in enforcing the $70 million investment treaty award.

Published

10 months ago

August 20, 2024

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By Dakuku Peterside

Every story has two sides, but when a country’s reputation as a sovereign and an investment destination comes under threat, it calls for immediate concern and action from its citizens and leaders.

The recent unfolding of a concerning development has significant implications for Nigeria’s global standing as an investment hub. A Chinese company, Zhongshan Fucheng Industrial Investment Co. Ltd., secured a court order in France following an arbitration award initiated in 2017 with the Ogun State Government over a contractual relationship that dates to 2010. The arbitration panel ruled in favour of Zhongshan. This is not just a legal victory for the Chinese firm but a red flag for Nigeria’s global investment reputation that demands immediate attention and action.

The US court was scathing in its judgement, asserting that Nigeria had “gruesomely” violated the Chinese firm’s fundamental and commercial rights. This ruling has led to the dramatic seizure of three Nigerian aircraft in France—aircraft that belong to the federal government. The seized jets include a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243, all stationed at Paris-Le Bourget and Basel-Mulhouse airports.

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Matters arising

While initially a dispute between a subnational government and a private firm, this situation has spiralled into a crisis with broader and more severe implications for Nigeria. It raises critical questions about Nigerian subnational entities’ conduct and the federal government’s oversight of international contracts.

Can subnational entities enter into agreements guaranteed by the sovereign that do not include national assets or support? What level of due diligence should subnational governments observe before they engage in contractual relationships with foreign firms? More importantly, does this case reflect a more profound, systemic issue within Nigeria—a culture that lacks respect for contracts and international agreements?

This perception is troubling and raises the question: do foreign investors lack confidence in Nigerian institutions? These are not rhetorical questions but rather pressing concerns that demand a thorough investigation and straightforward answers.

The implications are dire, as evidenced by this case, which has resulted in public embarrassment for the country and the potential loss of much-needed funds due to poorly negotiated and managed contractual relationships. A thorough investigation is crucial to restoring trust and confidence in Nigeria’s international business dealings.

This situation is not an isolated incident but part of a worrying trend. It calls to mind earlier cases, such as the P&ID arbitration ruling in 2010, where Nigeria was found tardy in a failed gas supply and processing contract. Though this was reversed, it left a scar. Similarly, in 2019, a UK court awarded an Irish engineering firm $9.6 billion in damages against Nigeria over a failed gas project.

In that case, the firm went so far as to instruct its lawyers to identify Nigerian assets worldwide that could be seized to enforce the arbitration award. These incidents paint a troubling picture of Nigeria’s handling of international contracts and the country’s reputation on the global stage.

Dent on Nigeria’s global reputation

The ongoing dispute with Zhongshan Fucheng Industrial Investment Co. Ltd. is likely to negatively impact Nigeria’s global standing, especially when the country is desperately trying to attract foreign direct investment.

This case highlights the often poorly structured nature of Nigeria’s international contracts, where subnational governments and even private companies have found ways to entangle the federal government in their questionable and often poorly thought-out deals. The result is a further tarnishing of Nigeria’s already fragile reputation.

Following the Dangote saga, where there is a perception that Nigeria could not treat its own businesses fairly, this is another blow to Nigeria’s global image. The country already suffers from a prevalent negative perception regarding the sanctity of contracts, largely due to inconsistent adherence to contractual obligations.

The federal government’s failures to uphold these commitments, particularly at the subnational level, only exacerbate the problem. This disregard for the sanctity of contracts contributes to a growing cynicism about Nigeria as a reliable destination for investment and business. It is crucial to uphold agreements and respect contracts to restore Nigeria’s reputation.

The symbolism of this saga is still visible to us. Beyond the immediate damage to Nigeria’s national reputation, this incident brings broader issues related to leadership, business ethics, and the sacrosanct nature of contracts. It underscores the importance of continuity in government—where all governments inherit their predecessors’ assets and liabilities and should not cancel contracts arbitrarily.

Moreover, this situation highlights the critical need to build solid, responsive, and trustworthy institutions that command respect locally and internationally and can handle the complexities of international business contracts. It is an anomaly that contracts involving Nigerian subnationals or firms and foreign businesses always situate arbitration in foreign lands when local institutions are available and ostensibly capable of fulfilling this role.

Diplomatic tools to the rescue

This incident lays bare Nigeria’s leadership challenges and sensitivity to foreign investment disputes. If not resolved diplomatically and swiftly, such disputes could severely jeopardise Nigeria’s diplomatic relations and economic credibility. I am happy the minister of foreign affairs is rising up to the challenge.

The needless dispute between a negligent subnational entity and a private firm, which has dragged sovereign assets into the fray, could strain diplomatic ties between Nigeria and China. Recall that the root of this matter is the bilateral investment treaty signed by Nigeria and China in 2001, and since then we have seen progress in trade and investments on both sides.

This recent embargo is particularly concerning at a time when the federal government is spending billions of naira to woo foreign investors. The dispute has cast a stark light on the nature of business transactions in Nigeria, revealing the many dangers they pose to investors, especially when projects collapse or are mismanaged. The potential loss of much-needed funds due to poorly negotiated and managed contractual relationships is a stark reminder of the economic impact of such disputes.

The recurring cases of Chinese companies taking advantage of Nigeria’s open business doors are increasingly worrisome. It is imperative that the federal government, particularly the Office of the Attorney General, take a closer look at international contracts entered by state governments to insulate sovereign assets from exposure. This situation raises significant constitutional questions: does the federal government have the constitutional authority to regulate or even approve contracts entered by subnational entities?

Sanctity of contracts

The ongoing dispute between Zhongshan Fucheng Industrial Investment Co. Ltd. and the Ogun State Government, which has now implicated Nigeria’s sovereign assets, is a stark reminder of the importance of upholding the sanctity of contracts and ensuring due diligence in international agreements.

The federal government must take decisive action to safeguard Nigeria’s reputation as a reliable investment destination. This includes strengthening institutions, enforcing contractual commitments, and resolving disputes through diplomatic channels. The government must address these issues to ensure good diplomatic relations and not deter much-needed foreign investment, compromising Nigeria’s economic future.

The time has come for Nigeria to reassess its approach to international business dealings. This reassessment must focus on restoring confidence among global investors, ensuring that all levels of government adhere to international best practices, and building institutions that are strong, respected, and trusted by domestic and international stakeholders. Nigeria can repair its reputation and safeguard its national interests in an increasingly interconnected global economy by doing so.

This incident is more than just a legal or diplomatic issue; it is a wake-up call for Nigeria to realign its policies, practices, and institutions with global business demands. The country cannot afford to continue this path of negligence, laxity, and mismanagement.

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Christian Wealth Principles

6 Biblical Money Foundations That Unlock Financial Freedom – What the Bible Really Says About Wealth

You will learn about Godly wealth principles and Christian money tips. It covers managing money, financial freedom and you will also explore Biblical investing, and blessings.

Published

2 days ago

June 16, 2025

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Introduction

Is money evil? Should Christians be rich? What does the Bible really say about wealth?
Many believers struggle with finances due to mixed messages. But Scripture provides clear wisdom about money management. In this post, discover 6 Biblical money foundations that help you enjoy wealth without guilt and handle finances God’s way. This will help you in Faith and finances. You will learn about Godly wealth principles and Christian money tips. It covers managing money God’s way as well as spiritual and financial freedom. You will also explore Biblical investing, tithing, and blessings.

Watch the full video breakdown on our Faith & Fortune Finance YouTube channel [embedded below].

___________________

1. God Owns Everything—We Are Just Stewards

Psalm 24:1 – “The earth is the Lord’s, and everything in it.”

God owns it all—your money, house, gifts, even your ideas.
You’re not the owner. You’re the steward.

Action Steps:

Shift from ownership to stewardship
Ask God how to manage what He’s entrusted to you
Use wealth to glorify God, not just yourself

Quote:

“When we see money as God’s, we handle it differently—with purpose, peace, and power.”

2. Diligence and Hard Work Bring Prosperity

Proverbs 10:4 – “Lazy hands make for poverty, but diligent hands bring wealth.”

Financial laziness is mental, physical, and spiritual.
Avoid laziness in planning, learning, and building wealth.

Example: Oprah Winfrey built a global empire through diligence—not luck.
Biblical Application: Psalms 1:3 – “Whatever he does prospers.”

Faith + Action = Prosperity

Action Steps:

Show up early. Learn. Network. Execute.
Serve God in your work, not just in church.
Work is worship when done with purpose.

3. Avoid Debt and Live Within Your Means

Proverbs 22:7 – “The borrower is slave to the lender.”

Debt leads to anxiety, stress, and missed opportunities.
God’s people are called to financial freedom.

Real-World Example:
Chris Hogan teaches the power of debt-free living in Everyday Millionaires. These everyday millionaires became wealthy by saving. They also budget carefully and avoid debt.

Action Steps:

Budget with a plan, not emotion
Buy only what you can afford
Practice the “banana principle”: Don’t chase what’s ripe today but rotten tomorrow.

4. Tithing and Generosity Invite God’s Blessing

Malachi 3:10 – “Bring the whole tithe… see if I will not throw open the floodgates of heaven.”

Generosity invites God into your finances.

Real-World Example:
Bill Gates’ philanthropy helped eradicate diseases and feed nations. He gave to bless, and the blessing multiplied.

Action Steps:

Tithe as an act of faith
Give beyond money—give time, wisdom, love
Be a blessing to others

5. Invest and Multiply What God Gives You

Matthew 25:14–30 – Parable of the Talents

God expects you to grow what He gives you. Don’t bury your potential.

Real-World Examples:

Warren Buffet invests long-term with wisdom and restraint
Ray Dalio succeeds through planning, research, and principles

Action Steps:

Start small—just start
Learn to invest: stocks, skills, businesses
Multiply resources for Kingdom impact

6. Practice Contentment—Avoid the Love of Money

1 Timothy 6:10 – “The love of money is the root of all evil.”

Wealth is a tool, not a goal.

Real-World Example:
Dave Ramsey lives and teaches contentment after rebounding from financial failure. He preaches peace over pressure.

Action Steps:

Be content with what you have
Avoid comparison and consumerism
Focus on eternal rewards over earthly riches

🎯 How to Apply These Biblical Money Foundations Today

✅ Recognize that God owns everything
✅ Be diligent and hardworking
✅ Avoid debt and impulse purchases
✅ Tithe and give generously
✅ Invest wisely
✅ Practice contentment daily

Watch Full Teaching on YouTube

👇Watch this full video breakdown with real-life case studies and extra teaching only on Faith & Fortune Finance:

Conclusion

God’s financial principles aren’t just spiritual—they’re practical. Apply them and you’ll see peace, purpose, and prosperity flow into every area of your life.

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Finance & Business

As Nigerians Battle Pains Of Soaring Petrol Price

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy.

Published

8 months ago

October 16, 2024

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BY IFEANYI MOGBOLU

The Daily Times-The latest fuel price hike in Nigeria is beyond frustrating. Every time we think it can’t get worse, it does, and yet again, ordinary Nigerians bear the brunt of it.

It’s like a never-ending cycle, where the government’s promises of reforms or stabilisation always end up as empty rhetoric. The cost of living is already sky-high, and now, with fuel prices rising again, transport fares, food prices, and basic commodities are bound to follow suit.

It’s enraging because it doesn’t feel like anyone is truly considering the everyday citizen who is struggling just to survive.

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy. The subsidies are gone, and now we’re left in a situation where the prices of everything keep climbing, while salaries remain stagnant or non-existent for many.

The disparity between the elites and the masses is growing, and it feels like nobody in power truly cares about the suffering of the people.

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The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground.

It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum. The state of living is unbearable, and the lack of empathy or real action from those in power only adds salt to the wound.

There’s a deep sense of anger and betrayal that comes with seeing your country’s wealth mismanaged, while the people continue to suffer. It’s hard not to feel like we are constantly being taken for granted, pushed further into hardship without any hope of relief. Something has to give, because this state of affairs is unsustainable.

QUOTE:

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Finance & Business

Nigeria To Receive $5.600,000 From Bill Gates, For Health And Agricultural Reforms, GMOs

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

Published

9 months ago

September 27, 2024

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Bill Gates, GMOs, KASHIM Shettima

Bill and Melinda Gates Foundation is giving Nigeria through Vice President Kashim Shettima, a $5.600,000 funds to speedy up health and agricultural reforms in favour of the GMOs in Nigeria, and flood relief.

Through the Foundation’s head of Global Development Programme, Dr Christopher Elias, Bill Gates pledged $5 million grant approved for Lagos Business School and partners to develop the agricultural economics they called “industrial cassava” and $600,000 for flood relief in Borno State and other health sector initiatives.

Recall that on 4 September, Bill Gates had described the Nigeria’s economy as “stagnated” and proposed agricultural reforms for faster and increased growths in crops, fruits, vegetables amongst others to enhance nutritional values of the Nigerian citizens through the agricultural sector.

In that meeting Chaired by Vice President Kashim Shettima, Bill gates urged Nigeria to adopt “innovative crop varieties with shorter growing periods, higher yields, and better pest resistance” pointing to the GMOs to address the food crisis.

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Moreover, at the 79th UN General Assembly in New York, VP Shettima reaffirmed to the Bill and Melinda Gates Foundation, the commitment of the administration of President Bola Ahmed Tinubu prioritizing health, nutrition, and agricultural development in Nigeria’s national agenda.

In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said: “we are deeply committed to addressing the pressing developmental challenges facing our nation, particularly the significant malnutrition crisis”.

He emphasised the Federal Government’s dedication and urgently working to secure locations for maize production under the Telemaze programme.

VP Shettima, promising swift action to the Gate’s Foundation on import permits for certified seeds, the VP said, “We recognize the critical importance of food security and industrial agricultural development. The Cassava Accelerator programme, in particular, holds immense potential for our economy.

“We are pursuing a whole-of-government approach to digitisation and data exchange systems, which we believe will revolutionise our public services,” he added while reiterating the government’s focus and commitment to digital transformation.

“With the expertise” of Nigeria’s ministers, “and the continued support of partners like the Gates Foundation,” the nation remains confident in its “ability to drive meaningful change and improve the lives of all Nigerians.”

In his response, President of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, said the Foundation is burdened with worries of the severe flooding in Borno, and is “committed to supporting Nigeria in times of crisis.”

Speaking of Polio, the Foundation said, “We’re impressed by the national task force’s efforts to eliminate variant polioviruses by year-end,” Dr. Elias noted.

Also, President of Global Growth & Opportunity Division at the Bill & Melinda Gates Foundation, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme emphasizing that a $5 million grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.

In his words, “Industrial cassava presents a multi-billion-dollar opportunity for Nigeria,” Voorhees stressed.

He requested import permits for 5,000 metric tons of certified GMO maize seed to build a foundation seed system in Nigeria.

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