Malami: Nigeria Won’t Sign off Its Sovereignty for Any Loan - THISDAYLIVE

Malami: Nigeria Won’t Sign off Its Sovereignty for Any Loan

Says contentious clause would be resolvedThe Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, has allayed concerns over the signing of loan agreements with a clause that waives the sovereign immunity of the country if it defaults in its repayment plan, saying President Muhammadu Buhari will at all times act in the national interest.

The provocative clause in the agreement, reportedly signed by Federal Ministry of Finance on behalf of Nigeria and the Export-Import Bank of China on September 5, 2018, provides that “the borrower hereby irrevocably waives any immunity on the grounds of a sovereign or otherwise for itself or its property in connection with any arbitration proceeding pursuant to Article 8, thereof with the enforcement of any arbitral award pursuant thereto, except for the military assets and diplomatic assets.

‘’As you might be aware, relevant ministries and agencies will make presentations and receive inputs at National Assembly sessions in order to deliberate on the matter. THISDAY had reported that China in 2018 had taken over Zambia National Broadcasting Corporation over loan default and had commenced talks with the Zambian government to take control of Zambia’s national electricity company, ZESCO, and the Kenneth Kaunda International Airport, Lusaka, owing to the inability of Zambia to meet its loan repayment promises to the Asian country.

He had also explained that the clause ‘waiving sovereignty’ in the loan agreement between Nigeria and China was only a contract term, a sovereign guarantee that assures payback according to the terms and conditions of any loan.Meanwhile, the APC and PDP yesterday traded words over an allegation by Atiku that the loan agreement amounted to mortgaging of Nigeria’s sovereignty.

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