Prof. Itse Sagay (SAN), Chairman of the Presidential Advisory Committee Against Corruption (PACAC) has described the uproar over the China loan as a storm in a teacup, saying many Nigerians are displaying ignorance over the issue.

It will be recalled that the House of Representatives had raised the alarm over clauses in Article 8(1) of the commercial loan agreement signed between Nigeria and Export-Import Bank of China, which allegedly concedes sovereignty of Nigeria to China in the $400 million loan for the Nigeria National Information and Communication Technology (ICT) Infrastructure Backbone Phase II Project, signed in 2018.

The controversial clause in the agreement signed by Federal Ministry of Finance (Borrower) on behalf of Nigeria and the Export-Import Bank of China (Lender) on September 5, 2018, provides that: “The Borrower hereby irrevocably waives any immunity 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.”

Speaking in a chat with Daily Independent, Sagay said there is nothing unusual in the loan as Nigeria had experienced it before in the 70s.

He said "Looking at the reaction of the House of Representatives and a lot of Nigerians on this issue, my mind goes to the Biblical saying that ' my people perish for lack of knowledge'. 

The problem with Nigeria and the crisis they have created over this issue is due to pure ignorance. That's all. It is a storm in a tea cup over nothing". 

"The so- called Article 8 which was signed by Nigeria in its Chinese Bank loan is a standard term in all international loan agreement. It exists in  current international law as customary international law. The first impact of this new law is Nigeria".

"Nigeria has already experienced this in 1977 when a judgment was given against the Central Bank on the Cement Armada issue and we had to pay the money. And we paid. The Trendex Trading Company took us to a court in London and we paid because the court said we are not entitled to immunity when we go to the market to do transactions as ordinary men. That's the law and we paid".

"What we have signed now is nothing unusual. We have even gone through it before. I don't expect that we will default. But if we default and the Chinese decides to take us to the Court of Arbitration, which is most unlikely because of diplomatic relations". 

"If they did, we are bound and we have to accept that. It's either we accept it or we shouldn't even look for International loans. Nobody is going to give us any loan which is protected by immunity. You can't be collecting loans all over the world and say nobody can sue you. That is not tolerable" .

 

https://www.independent.ng/row-over-chinese-loan-storm-in-teacup-sagay/

They're not even done borrowing yet

National Interest supersede.

Prof wey mumu

Abouwaza:
Prof wey mumu

Prof is talking about you. Wise up

Officialgarri:

Prof is talking about you. Wise up

Do you still take this man serious?

Dooms Day Politicians

So it's wrong to ask questions when the entire contract agreement was shrouded in secrecy? This man with velvet mouth will never cease to surprise me with his comments.

I dey smile how God go take punish our politicians and their generations

Ok

Joefat:
I dey smile how God go take punish our politicians and their generations

They shall all die a painfull death, anyone of them that steal our yams .

I rest my case on this country.

Sir Gay.. Shut up

You people that know better should come and teach us

Borrow borrow makes man rich, not for Nigeria.

Nigeria will remain poor even if they borrow 1 trillion dollar.

Only politicians will get richer.

Nigerians only want free stuff... Like China building the rail supplying the coaches training people all on loan and later when we default on paying them we beg like Obasanjo did for debt cancelation

Good morning
Like say government hate to borrow money like I do, we for done go far for this country.

For the LORD your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you.
Deuteronomy 15:6

This is the place Nigeria as a nation missed it.
A borrower remains a slave to the lender.

Nigeria as a country has now become a slave to other nations due to constant borrowing just because they refused to appreciate what they have.

Because it’s the standard wording of such agreement does not mean that it’s not enforceable.

Maybe it’s because we don’t trust you our leaders to make the right decisions for us.
Maybe it’s because our leaders have been known to cheat us.

Officialgarri:

Prof is talking about you. Wise up

Abi ohh

Joefat:
I dey smile how God go take punish our politicians and their generations

At the same time don't you think he is punishing you and your generation currently?

engrtee:
You people that know better should come and teach us

He has already elucidated perfectly.

Ordinarily, China could have no claim to Nigerian property, as all of such would be covered under the principle of sovereignty and territorial integrity.

However the exception to this rule is when a nation incurrs debts in the course of a commercial transaction, the effect is that the sovereignty of that nation is waived with respect to its liability. That does not mean China can take ownership of Nigeria, but it means that Chins can lay claim to some assets belonging to Nigeria.

The only issue I have with this is that the particular property to be claimed is not stated.

Abouwaza:

Do you still take this man serious?

No because he belongs to this PMB administration ...
Thank you

Typical Nigerian no get sense. Only to whip up sentiments they sabi

galaxy2020:
So it's wrong to ask questions when the entire contract agreement was shrouded in secrecy? This man with velvet mouth will never seize cease to surprise me with his comments.

How can the entire contract agreement be shrouded in secrecy, when the national assembly was the one that approved the loan in the first place. Did the national assembly mean to tell us that they did not read the loan terms before approving the loan? What do they want to do now since the loan has been taken and the contract is running? Do they want to withdraw their approval for the loan?

Going by your use of grammar, do you think you are qualified to challenge the professor?

Most Nigerians are boldly ignorant and very loud.

You dare not correct them. They will abuse you.

They will direct there frustration into anyone willing to educate them.

A simple research will have told them China can now take Nigeria as a nation to court and take over the trains they borrowed us money for if we failed to pay back since we've waived our sovereignty as a nation.

This is just what any banks or money lender will do if you borrow money and can't pay up.

Bizarre how almost every Nigerian on this issue expects the govt to default on the loan, and also expects zero consequences.... What kind of human borrows money and anticipates not paying back?

Anybody no matter the position found to have misinformed or manipulated Nigeria into enslavement must be allowed to face the masses80 no covering or you be dragged into it.

Mo3891:
Nigerians only want free stuff... Like China building the rail supplying the coaches training people all on loan and later when we default on paying them we beg like Obasanjo did for debt cancelation

That's the Nigerian culture. Nigerians would beg you for a loan, and then fight you when it's time to repay. Nigerians generally do not like redeeming loan obligations.

Na today?

Officialgarri:

Prof is talking about you. Wise up

Those in government need the wise upmost. Their counterparts are in Dubai making good impressions.