There was a country

Esseite:


This is the major problem here... they could pick your NNPC, oil wells, mining sites etc.. it's at their discretion with no holds barred.

Wrong. Even if they can pick at will, the value must be commensurate

Posterity will never forgive Buhari and his generations

SmartyPants:


Wrong. Even if they can pick at will, the value must be commensurate

They would be in position to tell you when the value is commensurate, interest could run for years if they declare loss constantly.

The real deal is the fact that China got to choose which asset they will take over if Nigeria default. It is wrong for a sovereign country to give unilateral collateral of all her asset to secure a paltry loan. If I need a bank loan, I can say, my collateral is my house in Wuse Abuja, if I default, the bank can only take over the Abuja house and will not touch the one in Lagos or Kaduna neither will they be able to touch my car or any of my companies. Nobody tells a bank to pick whatever the bank want in case of a loan default.
Let Nigeria be wise, this politicians are not our friends. Unfortunately, China will still bring the Engineers, technician even drivers for the projects.
We shall overcome one day.
CAVEAT: I no get house for those places mentioned o, na hypothetical analogy.

SmartyPants:


Wrong. Even if they can pick at will, the value must be commensurate

You seem to be missing the "irrevocably" part of the clause. Thats a major problem here too. It means whatever they seize becomes their property forever, except im missing something.

Esseite:


As long as they are Nigerian assets, they would take the Nigerian stake...

Lies.

They would be subject to litigation.

Are you expecting ExxonMobil for instance, would be looking at chinese partners taking over their assets?

You people just write trash for the sake of sensation.

The lack of patriotism shown by succesive government to our nation is really down right disheartening.
How can we not see that we can be so much better as a people.
Nigeria should be a home to all Africans and a source of pride to our kind.
We must wake up all of us and demand better of ourselves and fellow country men. Nobody will fix this country for us but ourselves.

Golan007:


Lies.

They would be subject to litigation.

Are you expecting ExxonMobil for instance, would be looking at chinese partners taking over their assets?

You people just write trash for the sake of sensation.

Nigerian stake******, ExxonMobil has no say over a stake that does not belong to them.

Oh oh... This is just to show that there is more to it... What if we do not pay back? What if someone, I mean one of these politicians will make sure we do not pay back so they they can take the assets hand in hand with the Chinese? Just thinking out loud sha...

dustydee:
In Nigeria, you can cause any controversy because majority of the people do not read and only go by the headline. Nigeria is a sovereign state and the waiver in the contract was only to guarantee that the debtor will get paid, which is normal. For those talking about oil wells and mining sites being taken over, that will be foolish on the Chinese part because the Nigerian government can render those assets useless if they are taken over by simply passing laws (Tax, operational etc.) that will inhibit them from getting full value from those assets. The Chinese are more likely to go after assets outside the country if we default.

bro that's just your thinking, China has the power to choose for themselves, the clause exempted the Army, that alone is huge to know they can choose their gold, na Dia e get k leg.

This is what is termed as a miscontrued mis-understanding & ignorance, at the highest level, to the detriment of the forced & expired 1914-2014 contraption!

The truth is as posited by Quaker the clause give China an edge over Nigeria. Either waiver immunity clause or sovereign immunity clause-a borrower is a slave to the lender and ultimately China has a vested interest before reaching such an agreement full of error.

God1stson:

APC CHANGE. I'M HAPPY I AM AMONG THE 5% that did not vote this party. The harm they did and still doing to this country will be so visible when to they leave office. As for me and my family we are depending on God and plugging into international economies

This is by far better than what PDP guys left behind, I mean the mess they created with PID of a thing. At least we know that we collected something from China that necessitates taking over our assets. What did we get from PDP's deal with PID which made courts gave favourable judgements to PID to target and confiscate our assets? Or the 470 million dollars loan to install CCTV cameras in both Lagos and Abuja?

AlwaysMotun:
Oh oh... This is just to show that there is more to it... What if we do not pay back? What if someone, I mean one of these politicians will make sure we do not pay back so they they can take the assets hand in hand with the Chinese? Just thinking out loud sha...

You meant that they may want to inherit Nigeria alongside China? That would be interesting if it is even possible

Geeoriginal:
The real deal is the fact that China got to choose which asset they will take over if Nigeria default. It is wrong for a sovereign country to give unilateral collateral of all her asset to secure a paltry loan. If I need a bank loan, I can say, my collateral is my house in Wuse Abuja, if I default, the bank can only take over the Abuja house and will not touch the one in Lagos or Kaduna neither will they be able to touch my car or any of my companies. Nobody tells a bank to pick whatever the bank want in case of a loan default.
Let Nigeria be wise, this politicians are not our friends. Unfortunately, China will still bring the Engineers, technician even drivers for the projects.
We shall overcome one day.
CAVEAT: I no get house for those places mentioned o, na hypothetical analogy.

That should be common sense, but you would be surprised at what these 'govt officials' sign, most of them do not think long term, are selfish and have no patriotism, so they will sign all sorts of rubbish.

@ hypothetical analogy

Esseite:


Nigerian stake******, ExxonMobil has no say over a stake that does not belong to them.

And how does China know what exactly is Nigeria's stake?

Esseite:


As long as they are Nigerian assets, they would take the Nigerian stake...

What happens if Nigeria split, would the contract terms still be enforceable, since they enter into contract with "Nigeria"

3Ceagle:


What happens if Nigeria split, would the contract terms still be enforceable, since they enter into contract with "Nigeria"

That is another discussion on it's own..

Esseite:


This is the major problem here... they could pick your NNPC, oil wells, mining sites etc.. it's at their discretion with no holds barred.

Interest and loan recovery could run for years along as they keep declaring loss..

you're right. Currently China took over Zambia broadcasting corporation, major airport in the capital and about taking over electricity. My worry is that, with the level of loan been obtained by buhari, I doubt if we can pay back. Buhari is mortgaging the future of this country and in few years from now, that man won't be here when we battle for survival God forbid.

RealEzee:
bro that's just your thinking, China has the power to choose for themselves, the clause exempted the Army, that alone is huge to know they can choose their gold, na Dia e get k leg.

Let's assume they choose a gold mine in Zamfara (The value of the deposit has to be commensurate with the loan, which makes it unlikely that they can take over the mine because the mine will be worth more). The FG can enact a law that mandates foreign mining companies to pay a say 90% tax on all the value of gold mined.

Esseite:


They would be in position to tell you when the value is commensurate, interest could run for years if they declare loss constantly.

Not sure I get what you are trying to say.

China is giving Nigeria a loan with a fixed principal and a fixed interest rate. The value of the loan is an objective amount at any given point.

RealEzee:
bro that's just your thinking, China has the power to choose for themselves, the clause exempted the Army, that alone is huge to know they can choose their gold, na Dia e get k leg.

It has to still go through an international arbitration panel so yes they can choose to want this or that, but no they don't have a blank cheque.

What is this Agbakoba saying sef? when we want to support shenaigans we keep going round in circles during deliberations/negotiations/reviews. Why not call a spade a spade?
We know what an immunity clause is, do not redefine it. Thats why we have a problem with the provisions of the contract in the first place.
Why was there not enough legal consultations on this, what is the motive behind the stakeholders involved in signing up for the contract, so it took us two years to define 'Sovereign immunity?'
Retarded folks!

That is the best agreement Nigeria could have get.
The deal put the unthinking leaders in a precarious position.
The days of free meal from IMF's loans and World bank are over.

China doesn't give out direct money to be stolen, it uses the debt to directly construct
needed infrastructures without the money getting to politicians pocket.

You are correct, let me Add they can even collect NCC, and Nacomsat, our backbone of Data collection

Esseite:


This is the major problem here... they could pick your NNPC, oil wells, mining sites etc.. it's at their discretion with no holds barred.

Interest and loan recovery could run for years along as they keep declaring loss..

dustydee:
In Nigeria, you can cause any controversy because majority of the people do not read and only go by the headline. Nigeria is a sovereign state and the waiver in the contract was only to guarantee that the debtor will get paid, which is normal. For those talking about oil wells and mining sites being taken over, that will be foolish on the Chinese part because the Nigerian government can render those assets useless if they are taken over by simply passing laws (Tax, operational etc.) that will inhibit them from getting full value from those assets. The Chinese are more likely to go after assets outside the country if we default.

Assets outside nigeria...I hope u know that's our foreign reserve u talking about.
There's everything wrong with that contract. It's a careless contract written n agreed by dumb leaders.

Saao:
you're right. Currently China took over Zambia broadcasting corporation, major airport in the capital and about taking over electricity. My worry is that, with the level of loan been obtained by buhari, I doubt if we can pay back. Buhari is mortgaging the future of this country and in few years from now, that man won't be here when we battle for survival God forbid.

Aregbesola of state of Osun too did same and Osun people are suffering for it after he has gone. I wonder who is advising Buhari. They are just mortgaging Nigeria's future thru phony PPP arrangements. Tinubu too did his own in Lagos and still has Lagos in his pocket - talking about massive docility.

dustydee:

Let's assume they choose a gold mine in Zamfara (The value of the deposit has to be commensurate with the loan, which makes it unlikely that they can take over the mine because the mine will be worth more). The FG can enact a law that mandates foreign mining companies to pay a say 90% tax on all the value of gold mined.

and you think they would go for something like that.

Those people are not dumb like Nigerian politicians, those Chinkos would rather go for something that might be overlooked by us now but in the long run it would hold us by our balls.

They would think and analyse before picking, unlike Nigeria politicians that doesn't think.

SIRTee15:


Assets outside nigeria...I hope u know that's our foreign reserve u talking about.
There's everything wrong with that contract. It's a careless contract written n agreed by dumb leaders.

So you want to borrow and run away? If your credit rating is low, the lender is duty bound to request for a collateral except if they are mad or do not expect a repayment. Okonjo Iweala knows better hence why she approved it. Commercial lawyers also have not faulted the premise of that agreement.

Xisnin:
That is the best agreement Nigeria could have get.
The deal put the unthinking leaders in a precarious position.

The days of free meal from IMF's loans and World bank are over.

China doesn't give out direct money to be stolen, it uses the debt to directly construct
needed infrastructures without the money getting to politicians pocket.

Your statement in emphasis (emphasis mine) is the real deal.

Nigeria as a sovereign nation has over time shown to be an irresponsible debtor (begging for debt forgiveness comes to mind).

When a debtor has a bad credit rating, he has to abide by terms that are more stringent than that of others with good credit rating!

Our leaders and people should learn to be responsible, don't go aborrowing for looting and non-revenue generating ventures.