Amaechi Explains Sovereignty Clause In $500m Chinese Loan

Minister of transportation, Rt Hon has explained the sovereignty clause in chinese loan.

Read quotes from amaechi as he explains further;

“There is no contract without an agreement… and one of the terms that this one contains, is not that you’re signing away the sovereignty of the country. What you do is, you give a sovereign guarantee; and I’m ashamed of those who interpret it the wrong way.” – Amaechi

What the clause does is to say to you, I expect you to pay according to those terms and conditions. If you don’t pay, don’t wave your immunity at me (the lender) when I come to collect back what is the guarantee you put forward.” — @ChibuikeAmaechi

“The waiving of immunity simply means in trade parlance that I’m not giving you this loan free of charge. Just like if you go to take a loan from the bank, the moment you don’t pay, they go after the assets you put down. And people are politicising it.” — @ChibuikeAmaechi“

These loans are not given to us, they are paid

directly to the contractor. Once we sign that the job has been done, they pay the contractor. And this has never been done before… These loans are not paid here, so you can’t even steal it.” — @ChibuikeAmaechi

“What we do is ensure that the work is done. We hired an Italian company that goes with our engineers in the to ensure that the Chinese meet the European standard, so that there are no fake things or poorly done work.” — @ChibuikeAmaechi

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