NIGERIA SOVEREIGNTY AND CHINA LOAN: THE LAWMAKERS ERRED!

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NIGERIA SOVEREIGNTY AND CHINA LOAN: THE LAWMAKERS ERRED

While I'm concerned about the continuous and incessant borrowing of money by the government of President Muhammodu Buhari and previous governments from Federal to State, and State to Local Governments across Nigeria, I will be the last person to join in the frenzy of the House of Representatives that Nigeria Sovereignty is for sale based on the agreement signed between the Federal Government and Chinese company. 


My concern about incessant loan and borrowings is based on my firm believe in sustainable development, which is simply defined as the execution and undertaken of projects for developmental purpose to meet the needs of the present generation without preventing future generations from meeting their own needs. 

The truth however is that Nigeria Sovereignty is not for sale. What the clause in the agreement implies is that in case of default on the part of Nigeria to repay the loan, the Chinese company will have the 'locus standi' to sue the Nigeria government at International Court of Arbitration for e.g, and in case of favourable judgment in favour of the company, they will be allowed to seize the property or assets of Nigeria anywhere in the world as a repayment of the loan and the interest that might have acrued on it to the exclusion of the Nigeria diplomatic offices, defence and others.

Thus, there is no case to worry if one: Nigeria government doesn't default. Two, if the country should default, the clause in the picture above only shows that the company will have the legal right to convert Nigeria assets to the company assets as a form of indemnity. It's a form of collateral security for the company.

This is the standard practice in International Trade Law, since countries have been found to be defaulting transnational corporations, and citing immunity from prosecution on the basis of Sovereignty.

In view of this, I humbly submit that the National Assembly through the House of Representatives erred, and the Honourable Minister, Rotimi Ameachi is right. 

Thank you. 

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