Vice-president Yemi Osinbajo says poorly negotiated agreements are the major causes of illicit financial flows (IFFs) and economic loss in many nations.

Osinbajo said this at the opening ceremony of a capacity building for Nigerian negotiators event in Abuja on Monday.

The two-day event is organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in conjunction with the inter-agency committee on stopping IFFs from Nigeria.

According to the vice president, Guinea and Pakistan had suffered economic losses arising from poorly negotiated bilateral investment treaties, observing that Nigeria has also been confronted with similar issues.

He cited the Process and Industrial Developments Limited (P&ID) case where Nigeria is at risk of losing billions of dollars due to poor and shrewd negotiations of the contracts.

He advised that rules and guidelines for negotiations should be drafted with care and caution in line with the country’s objectives.

“One of the sources of economic loss for a country such as Nigeria is the consequence of poorly negotiated and poorly drafted agreement,” he said.

“Lack of accountability or monitoring… Nobody checks to know how a negotiation went so as to track outcomes. Henceforth, those who draft contracts that turn out poorly should be held accountable.

“Sometimes, we find out that huge contracts are drawn out without following due processes, lack of checks and balances have promoted corruption in our system.

“In most cases of commercial contracts, we have seen lack of transparency, and this ranges from not advertising and opening up opportunities to other potential investors and not subjecting agreements to established legislative and duty ratification processes.”

The vice-president further advised that officials must engage experts and highly experienced professionals in negotiating foreign contractual agreements.

In his remarks, Bolaji Owasanoye, ICPC chairman, said, “Negotiators of developing countries often mistakenly assume that beneficial agreements can be concluded mainly by diplomatic, political, compassionate, human rights or other non-legal considerations alone.

“Given the fact that the outcome becomes legally binding, it behoves negotiators to prepare themselves for a legal outcome and its implications on development rather than on sentimental considerations.”

Iyiataata92:
Fellow countrymen and women, this is a coded message. The Prof. dey use style tell una say dem don sell Naija give China as a result of poor negotiation..

The earlier you all realize this, the better

festacman:
Not poor negotiation but outright corruption. Deliberate sabotage by trusted Nigerians through colluding with foreigners to steal from Nigeria for a small percentage kickback.

A kind of treasonable felony, if you ask me.

TheRareGem1:
.

Officialgarri:

Only if you had taken only 5 minutes to read the report. But No, just because you want to make a comment, it wouldn't matter if it was a stupid one as long as it is on FP

uptimumOne23:
It's fair to note that all of the poorly negotiated agreements in Nigeria was borne out of pdp mismanagement and tendency for corruption.

One thing I love about this government is the ability to put the right people at the right place.

President Buhari and Prof Yemi Osinbajo will forever be remembered after their service to Nigeria as one of the best thing that has ever happened to us in this country.

NifemiKolade:
Prof osinbajo is working for one of the most corrupt Govt ever in Nigeria history and here's he forming Saint.

Nigeria Defaults On Mambilla’s $200m Settlement Agreement, Incurs Heavy Penalty

For multiple defaults on a $200 million settlement agreement it willingly entered, Nigeria now faces about $500 million in penalty over the botched $5.8 billion Mambilla hydroelectric power project.

The original awardee of the contract, Sunrise Power and Transmission Company Limited (SPTCL), had accepted a settlement offer of $200 million from the Nigerian government in the course of arbitration at the International Court of Arbitration in Paris, France.

Sunrise was also expected to let go of all claims to the project which has been grounded for 14 years.

The original contract was to generate 3,050 megawatts, but later reviewed, to 1,525  megawatts and the cost cut down to $4 billion.
1.5 MW for $4 billion! Only in Nigeria under Buhari and Osinbanjo


Judicial interventions, sought home and abroad, have made it impossible for Nigeria to make any gains from the project and the vacillation of the administration of President Muhammadu Buhari on the compensation is further hurting the country.

In the Terms of Settlement, Nigeria agreed to a sustained halt on the project until the liability to Sunris, is discharged.

The original contract signed on May 22, 2003, became entangled in judicial web following the decision of the Nigerian government to revoke the contract on May 28, 2007 and re-award it to a Chinese company, Messrs China Gezhouba Group Corporation/China Geo-Engineering Corporation (CGGC/CGC).

The 10% per annum, interest rate, agreed to, by parties in the Settlement Agreement, would see a further spike to close to $700 million payable to Sunrise.

If arbitration resumes without the parties staying true to the Settlement Agreement, Sunrise is likely to walk away with close to $700 million, due to negligence on the part of decision makers in Nigeria.

If Sunrise returns to the Nigerian legal system, the earlier $960 million damages will come back into play.

https://tribuneonlineng.com/nigeria-defaults-on-mambillas-200m-settlement-agreement-incurs-heavy-penalty/

Jaro999:

I seconded

festacman:
Not poor negotiation but outright corruption. Deliberate sabotage by trusted Nigerians through colluding with foreigners to steal from Nigeria for a small percentage kickback.

A kind of treasonable felony, if you ask me.