1. Reps uncover clause in loan agreement ceding Nigeria’s sovereignty to China.
Chairman of the Committee, Rep Ossai Nicholas Ossai, raised the alarm over lethal clauses in Article 8(1) of the commercial loan agreement signed between Nigeria and Export-Import Bank of China...
Chairman of the Committee, Rep Ossai Nicholas Ossai, raised the alarm over lethal clauses in Article 8(1) of the commercial loan agreement signed between Nigeria and Export-Import Bank of China...
2. which indirectly “wills the sovereignty of Nigeria” in the $400 million loan for the Nigeria National Information and Communication Technology (ICT) Infrastructure Backbone Phase II Project, signed in 2018.
3. Ossai raised the alarm during an investigative hearing into some of the agreements signed between Nigeria and China, during which the Amaechi responded to various questions on the ongoing modernization of railway projects being implemented by the Federal Ministry of Transport.
4. One of the agreements in contention, which was signed by Federal Ministry of Finance (Borrower) on behalf of Nigeria & the Export-Import Bank of China (Lender) on 5th Sept, 2018, reads in Article 8(1) of the agreement: “The Borrower hereby irrevocably waives any immunity...
5. on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration proceeding pursuant to Article 8(5), thereof with the enforcement of any arbitral award pursuant thereto, except for the military assets and diplomatic assets.”
6. Alarmed by the clause, Ossai said: “I have also seen from the Ministry of Communications where Nigeria signed off some certain level of its sovereignty if part of the clauses is breached?
7. So, when the National Assembly reacts in this manner, to question some level of agreements being entered into by any ministry of this country with any other nation, we have every right to question that because this will affect our generations unborn.
