Malami Backs Amaechi, Defends Chinese Loans |The Source

By Ola Samuel

The Minister of Justice and Attorney General of the Federation, Abubakar Malami, has allayed the fears of many Nigerians over some Chinese loans, believed to have obtained with Nigeria’s sovereignty compromised.

The National Assembly who has been probing the Muhammadu Buhari administration on the details of the country’s loan deals with the communist country.

One of the preconditions for the Chinese loans said “the borrower (Nigeria) 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(5), thereof with the enforcement of any arbitral award pursuant thereto, except for the military assets and diplomatic assets”.

But Malami told Thisday newspapers in an interview that President Buhari will “guard Nigeria’s sovereignty and its territorial independence”.

According to the minister “The point of note, as per waiver of immunity is concerned, is the fact that it could either be an immunity of sovereignty of a nation or in the alternative waiver of sovereignty as it relates to a contractual obligation, which in effect entitled a party to the contract to have their contractual right enforced on the assets of a sovereign state simpliciter (sic), without affecting the sovereignty of a nation in its own right.’’

He said the loans were not obtained without the National Assembly approval, adding that all loan deal had been well scrutinized.

He said “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,” he said.

Contentious issues will not only be addressed, but other implications will be analysed with a view to making informed decisions in the best interest of the country and for the betterment of Nigerians.”

Recall that the Minister of Transportation, Rotimi Amaechi had, last week warned the National Assembly about the probe, which he said will discourage the Chinese government from approving more loans for the country and set back the ongoing infrastructure drive by the government.

Meanwhile, some analysts insist that Chinese loans are riddled with corruption which tend to enrich officials from both sides, unlike loans from Europe and America.