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Nairaland Forum / Nairaland / General / Politics / Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ (13939 Views)
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Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by brosom(m): 9:28am On Aug 06, 2020 |
There was a country |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by SmartyPants(m): 9:29am On Aug 06, 2020 |
Esseite: Wrong. Even if they can pick at will, the value must be commensurate 1 Like 1 Share |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Whothecapfits: 9:29am On Aug 06, 2020 |
Posterity will never forgive Buhari and his generations |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Nobody: 9:32am On Aug 06, 2020 |
SmartyPants: They would be in position to tell you when the value is commensurate, interest could run for years if they declare loss constantly. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Geeoriginal: 9:35am On Aug 06, 2020 |
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. 4 Likes 1 Share |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Nobody: 9:38am On Aug 06, 2020 |
SmartyPants: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. 2 Likes 1 Share |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Golan007: 9:39am On Aug 06, 2020 |
Esseite: 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. 1 Like |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by ehinja: 9:43am On Aug 06, 2020 |
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. 1 Like |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Nobody: 9:45am On Aug 06, 2020 |
Golan007: Nigerian stake******, ExxonMobil has no say over a stake that does not belong to them. 1 Like |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by AlwaysMotun: 9:46am On Aug 06, 2020 |
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... |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by RealEzee(m): 9:47am On Aug 06, 2020 |
dustydee: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. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by BelovedofLord: 9:48am On Aug 06, 2020 |
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! |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by abeladepoju(m): 9:55am On Aug 06, 2020 |
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. 1 Like 1 Share |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by authority2006(m): 9:57am On Aug 06, 2020 |
God1stson: 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? 3 Likes 1 Share |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by authority2006(m): 10:01am On Aug 06, 2020 |
AlwaysMotun: You meant that they may want to inherit Nigeria alongside China? That would be interesting if it is even possible |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by tot(f): 10:02am On Aug 06, 2020 |
Geeoriginal: 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 |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Golan007: 10:04am On Aug 06, 2020 |
Esseite: And how does China know what exactly is Nigeria's stake? |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by 3Ceagle(m): 10:07am On Aug 06, 2020 |
Esseite: What happens if Nigeria split, would the contract terms still be enforceable, since they enter into contract with "Nigeria" 1 Like |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Nobody: 10:11am On Aug 06, 2020 |
3Ceagle: That is another discussion on it's own.. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Saao(m): 10:16am On Aug 06, 2020 |
Esseite: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. 2 Likes |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by dustydee: 10:17am On Aug 06, 2020 |
RealEzee: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. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by SmartyPants(m): 10:24am On Aug 06, 2020 |
Esseite: 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. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by SmartyPants(m): 10:26am On Aug 06, 2020 |
RealEzee: 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. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by odaniel1(m): 10:27am On Aug 06, 2020 |
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! |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by Xisnin(m): 10:38am On Aug 06, 2020 |
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. 1 Like |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by do4luv14(m): 10:40am On Aug 06, 2020 |
You are correct, let me Add they can even collect NCC, and Nacomsat, our backbone of Data collection Esseite: |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by SIRTee15: 10:43am On Aug 06, 2020 |
dustydee: 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. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by CodeTemplar: 10:52am On Aug 06, 2020 |
Saao: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. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by King44(m): 11:00am On Aug 06, 2020 |
dustydee: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. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by dustydee: 11:02am On Aug 06, 2020 |
SIRTee15: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. |
Re: Agbakoba, Quakers Differ On China Loan ‘Sovereignty Clause’ by teepain: 11:02am On Aug 06, 2020 |
Xisnin: 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. 1 Like |
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