The Azura power deal has become a subject of controversy in recent weeks.
Details showed that the nation will have to pay Azura $1.2 billion if it decides to exit the Pull Call Option Agreement .
The government’s attempt to attribute the deal agreement to Mr Jonathan, therefore, comes against the background of these developments.According to newspaper reports, the presidency official said that “records show that the Power Purchase Agreement for the transaction in question was signed on April 22, 2013, during the tenure of Mr Jonathan.”
The Senate committee on power, in its report presented by its chairman, Gabriel Suswam, had last week described the agreement as a drain on the country’s treasury and called for its immediate termination.The Azura power deal had many phases, the preliminary parts of which the government of Mr Jonathan initiated and signed., at the Presidential Villa, Abuja.
In the first letter dated 24th July, 2014, addressed to Mrs Okonjo-Iweala, Mr Adoke rejected some of the clauses included in the PCOA agreement, including “certain events that ordinarily ought not to be under force majeure or this type of force majeure” that were included in the PCOA. Mr Adoke said that, for one, no significant change was made to his recommendation on a number of clauses, adding that in the PCOA, radioactive contamination was not treated as a local political force majeure event, but still attracted Buyer Default Purchase Price.The clause, he explained, provides that the Nigerian government irrevocably waives its immunity over its assets or revenue from suits, execution, attachment or other legal processes.
A guarantee instrument is a type of financial backstop offered by a lending institution, which means that the lender will ensure that the liabilities of a debtor will be met. The guarantee enables the customer, or debtor, to acquire goods, buy equipment or draw down a loan.
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