Please stop the misinformation. There is no agreement that states that Nigeria should waive its immunity. It is utterly absurd to think that Nigeria with $500b GDP, foreign reserve of $36bn, revenue of approx $60bn will waive its sovereignty for $500m..
loan from China. As an ex Banker, I assume you know the processes involved in the recovery of bad loans. Lenders go after the properties of debtors through the courts. If Nigeria borrows from China and we refuse to pay, China has the right to recover the loans through our assets
If the Chinese government is not sure that we will, through our judiciary enforce the forfeiture of those assets in our country then the best option for them is to look at assets outside the shores of Nigeria in other countries.
Because Nigeria is a sovereign state, other countries must respect that and protect our assets on their land. China is simply saying, when the contact the countries where our assets are located, if we default on the loans, we will not resist the process of forfeiture.
However our military and diplomatic assets cannot be forfeited regardless, wherever they are.
Is China 'father Christmas' that will give us loans and not protect itself from possible default? Do banks in Nigeria give out loans without collateral or guarantee?
Is China 'father Christmas' that will give us loans and not protect itself from possible default? Do banks in Nigeria give out loans without collateral or guarantee?
How will Nigeria waive its sovereignty because of $500m dollars? Nigeria is currently targeting $5.7bn from bids on 57 marginal fields, Lagos state's IGR is over $1bn. These discussion is laughable..
