Whoever signed that did cos of the money they planned to embezzle from the loan. Most of the loans have not really made any tangible impact 'cos 3|4 of the loan has been embezzled without really using them for why they got the loan in the first place.
Our Leaders are selfish and are blindly selling the future of this great country for peanuts.

This reminds me when abaribe was challenging the said loan....in his voice
"Mr President,we cant pass a loan when the details of the loan is not send together with the loan itself,we should Deb on each paragraph simultaneously so that tomorrow our unborn children will not question us on this"

But some people here was busy insulting the distinguished senator
Now what is happening?

Igbos are very insightful.
When Yar dua emerged as a president of this country, Igbos were happy with it; but they refused PMB and people was saying that they hate Northerners.
Both are Northerners, but their actions prove the Igbos right.

Am impressed with what the national assembly is doing these days. They're suddenly working. Probe everybody Biko. Make dem collapse more

Koni da fun Iwo ati awon family e. Because u voted the nincompoops doesn't make me one of u idiots that vote for senile people,ok

BlackfireX:



Ko ni da fun e , if you voted this chaos in 2015

armadeo:


You think this is funny.


We are in deep shit. We already owe world bank and IMF 30 year loans now we want to take another 30yesr loan from another source.

Submitting our sovereignty if we cant pay back. Just imagine.

Let’s look at the bright side- Someone needs to laugh at the foolery of our leaders!

REMOVE THOSE CLAUSES IMMEDIATELY. WE DON'T WANT ANOTHER MIYETTI ALLAH CHINESE' NIGERIADEMIC AMAECHI SHOULD KNOW BETTER.

Stewart883:


Most of my working life has been with the Chinese and Singaporean. I have no reservations about them. It's our poor labour laws that makes most of them behave badly to Nigerian workers.

you had your sovereignty and they behaves in such manner,so what we happen if your sovereignty is waive?

Realadey:
Koni da fun Iwo ati awon family e. Because u voted the nincompoops doesn't make me one of u idiots that vote for senile people,ok

Enu orofo ni pa orofo,
Oponu ni idile eleyi o

These people are just using this as drama to distract. The clause there never said what they are suggesting. It only means that the country looses ownership of the project being paid for.

nairaman66:


Let’s look at the bright side- Someone needs to laugh at the foolery of our leaders!

Well that's a point.

Great view point. Our major problem in this country is ignorance on the part of the government and the governed. I typed a detailed analysis of the relevant international laws that informed the clause in the contract, but for some reason that I don't know, the moderator banned me and refused to show the post. In all the posts so far none but you has attempted an intellectual analysis of the issue, the rest are just pouring vituperations. SO SAD!!!

jabolo:


Ok, you ask (hopefully for education) before jumping to conclusion...

First of all, Sovereign immunity clauses are normal and widely used. Many countries incuding Nigeria have signed of hundreds if not thousands of them so I believe these lawmakers are either grandstanding, or unaware of how international finance works.
he part of t
Let's go:

- Nigeria (represented by a parastatal) wanted to take a loan from a Chinese entity (or have a Chinese entity perform a job on 'credit') and negotiates a contract;
- As part of the negotiations, they agreed what to do when a dispute arises (this is called 'arbitration', the adopted rules are generally 'clear and fair');
- Assume the arbitration goes against Nigeria, let's say the panel awards an amount to be paid to the Chinese entity;
- If Nigeria does not pay, the Chinese entity would not want to go to Abuja High court (lol!) to enforce the award;
- It would want to head to another jurisdiction and the 'waiver of sovereign immunity' is the Nigerian Government effectively conceding that saying - "if after we have gone to arbitration and we are at fault, you can sue us in a court in another jurisdiction to recover your payment"
- In these jurisdictions, the only assets the court can assess for seizure in case of continuous non-payment by Nigeria are usually commercial assets and not diplomatic and military assets;
- For commercial assets, think NNPC/NPA London office building, Nigeria Airways airplanes (Ha!) etc;
- For excluded assets ,think Embassy buildings, airforce jets, Presidential jets , Arms and ammunition paid for etc.

Replace 'Nigeria' and 'Chinese Entity' above with any other country and any other entity in a contractual relationship and the same applies.

Investors deem these necessary as a direct function of the lack of confidence in our Judiciary. Any country with a weak and non-independent judiciary would find it difficult to attract foreign investments without these clauses. If we fix our judiciary and it establishes precedence in enforcing against Government entities in test cases with arbitration awards paid when due, these sort of clauses would begin to be phased out in new agreements.

So, the danger with this legislative 'over-reach' is that foreign investors would not invest, simple. The tap will be turned off.

Now I'm not necessarily defending it but I hope you now understand better.

ndubueze92:
. You didn't make any sense.

This is what I meant.

https://www.youtube.com/watch?v=ibUNHZDOK3Y



You have to understand that many on Niraland and on Social Media generally, when it concerns Nigeria, are not looking for truth and many lack the capacity to read and understand issues, others still are not Nigerians but foreigners keen to spread disinformation about Nigeria worldwide. The way OP couched his China Nigeria contract article is going to make such people run to the Social Media to claim that China has LITERALLY bought Nigeria . And when next time intelligent Nigerians, debating Africa issues with peers, try to caution nations like Zambia taking on too much China loans, these nations nationals will turn around and say Nigerians cant tell them anything because China owns Nigeria, which they bought for $400 million etc.



https://www.youtube.com/watch?v=KHP9o0AsJig

Some like this so-called Nigerian Vlogger above have questionable loyalty to Nigeria and are often more concerned about making other African nations feel good at the expanse of Nigeria.