Connect with us

News

$33bn Chinese Loans: Reps Probe Panel Postpones Hearing …As Amaechi, Lawmakers Clash

Published

on

The House of Representatives has suspended its investigative hearing on Nigeria’s external borrowings and commercial agreements with other countries, especially China.
The House Committee on Treaties, Protocols, and Agreements had invited several ministers and top officials of the Federal Government to the third hearing, yesterday.
Those expected at the hearing included the Minister of Works and Housing, Babatunde Fashola; Minister of Communications and Digital Economy, Ali Pantami; Minister of Police Affairs, Muhammad Maigari; and Minister of the Federal Capital Territory, Mohammed Bello.
Both Bello and Maigari had arrived at the venue.
The Chairman of the committee, Hon Nicholas Ossai, who led members of the panel into the venue about one hour behind schedule, called for the adjournment after the opening prayers were said.
Ossai said the lawmakers needed to scrutinise the documents already presented to it, while the panel would also demand explanations from the Federal Ministry of Justice on the loans and agreements.
The committee, therefore, resolved to adjourn till next Tuesday.
Earlier, there was heated argument at the House of Representatives Hearing Room 028, last Monday between Minister of Transportation, Chibuike Rotimi Amaechi and House Committee Chairman on Treaties, Particulars and Agreement, Hon Ossai Nicholas Ossai.
It was during the legislative hearing on the loans agreements signed by the ministry.
At issue was an alleged $33billion loan which Ossai said Nigeria had signed.
But the minister denied any such agreement.
The drama unfolded before Minister of Works and Housing, Babatunde Fashola, and the Minister of Federal Capital Territory (FCT), Muhammed Bello.
Amaechi, who had warned the committee against scrutinising the Chinese loans, repeated his position that Nigeria might lose the opportunity of a loan to fund the Lagos-Calabar coastal rail line and the people of South-South would be denied that project because “of the committee you set up to investigate the Chinese loans.”
Ossai (PDP Delta), frowned at the “misconception and misgivings” on the legislative scrutiny of various agreements signed by government officials.
He said: “We have heard some people ask why we are focusing on only Chinese-related loans and commercial contracts. We will like Nigerians to know that we aren’t focusing on only Chinese loans. From what we know, Nigeria has over 500 bilateral loan and commercial contracts agreements and investments treaties with different countries and institutions.
“There is no way the committee will do a thorough job without segmenting the issues based on countries, institutions, or MDAs. Thus, it must be clearly noted that this is not targeted at only China, neither was it designed to impede the development of the railway sector and other infrastructures.
“But rather to ensure full disclosure, transparency, accountability, utmost good faith, and value for money in both the bilateral loans and commercial contracts agreements entered into by the Nigerian government.
“The loan agreements we have seen so far, show that government officials charged with the responsibility of representing Nigeria were more desperate to just take the loans at any condition, possibly using non-negotiated loan agreements templates rather than go through the rigour of diligent technical review of negotiating specific clauses with clarity and for national interest.
“For instance, it’s a common practice that most international loan agreements would adopt ‘Sovereign guarantee’ and a neutral international arbitration centre as opposed to waiving of our national sovereignty in an omnibus manner; especially in dealing with countries like China, known to possess an absolute state status on their institutions and corporations.
“However, the immunity clauses in most of these agreements before us are not only ambiguous but very obscure. And without recourse to the fact that Nigerian government had issued circular on the subject matter with reference number SGF/OP/S.3/X/1737 dated 11th August, 2014 that provided guideline on issues of waiver of sovereign immunity clause during loan and commercial agreements negotiations.
“We expected government officials negotiating and signing these loans to fully comply with this guideline and also ensure that the clauses are couched to clearly reflect same”.
Questioning the rationale behind accepting Hong Kong as arbitration centre for the Chinese loans secured by Nigeria, he said “arbitration centres for bilateral loan agreements are known to be generally on neutral grounds unlike what we have in most of the Nigeria/China agreements where Hong Kong that is also governed by China laws was designated as the Arbitration Centre.
“From our experience, the MDAs sign these commercial agreements in billions of dollars, then go to the President and Federal Executive Council for approval to execute, including securing loan facilities through Ministry of Finance and Debt Management Office (DMO) and then proceed to negotiate the terms of these loans before coming back to Mr. President who then writes the National Assembly asking for approval for billions of dollars to do projects without attaching the negotiated loan and commercial contracts agreement details.
“This approach is the reason we have government representatives signing empty pages of loan agreements repayment schedule and other key documents required for the loan agreements to become effective. We have commercial contracts signed in US dollars, while the loan agreements for the execution of the same contracts were signed in Chinese YUAN currency in Ministry of Communications and Digital Economy/Galaxy Backbone Limited.
“We have noticed from documents available to us that commercial contracts signed by federal ministry of transportation alone is over $33billion without any clear-cut financing arrangements. Most of these commercial contracts agreements didn’t also have local content clauses and more witnessed by none properly designated and authorized officials.
“There are observable issues relating to procurement process, evidence of 15% advanced payments, payment of management fees, drawdown process and remittances and a whole lot of other matters, which we are strongly poised to ask questions on and hopes to get honest answers that will fine tune the current process, plan for possible renegotiation of some these agreements in order serve Nigerians better.
While dismissing the claim of an existing $33billion contract signed by the ministry, Amaechi demanded evidence of the contract from the committee.
He said: “Mr. Chairman, if you say that the ministry has awarded a contract of $33billion, we would want to see it because the only contract Ministry of Transportation has awarded so far is $1.6billion for Lagos/Ibadan (rail project).
“The Implication of having a $33billion contract is that we will have a large number of workers. There is no $33billion contract in the ministry of contract. What we have is the $1.6billion contract awarded under President Buhari and $800million contract awarded under President Goodluck Jonathan. By the time, the contract signed under President Jonathan had been completed, 80 per cent and so, we didn’t have to do anything about local content or no local content.
“The only one we had to deal with the issue of local content which is the only contract we have for now is the $1.6billion contract awarded from Lagos to Ibadan of which the Chinese government is providing $1.2 and we are providing the remaining $400million. There are over 20,000 workers on that project with only 560 of them being Chinese. We need to begin to say truth to Nigerians.”
Amaechi told the committee that the Lagos/Calabar rail line will not be possible because the House is probing the loan which has not been secured for the project, adding that at the moment, there is no contract because there was no loan.
However, as the interaction began to degenerate into an altercation between the minister and the Chairman of the Committee, the Speaker walked in unannounced and asked that the hearing be adjourned for 10 minutes.
Ossai demanded comprehensive explanation from the minister on the various loans taken by the government insisting that it was immaterial whether the loan was taken by the APC government or the PDP government, adding that what was important was that the interest of Nigeria and future generation of Nigerians was at stake.

Continue Reading

News

China Alerts Rivers, A’Ibom, Abia Govs To Economic Triangle

Published

on

The Mayor of Housing, My-ACE China, has alerted the Governor of Rivers, Akwa Ibom, and Abia states to what he calls an emerging ‘Economic Triangle’ within their states.

Mr China, a real estate success strategist who has won numerous local and international awards, has thus drawn the attention of the governors of the concerned states to the emerging development and has urged them to intentionally accelerate the emergence of the economic triangle.

Speaking to newsmen in Uyo, Akwa Ibom State capital at the conclusion of his business trip to the state, Mr China, who is the managing director of the Housing and Construction Mayor Limited, said the envisaged economic corridor would compete favourably with the Lagos economic hub or even better.

He said: “Talking about ‘Economic Triangle’, the only place that can wrest economic power from Lagos is Akwa Ibom, Abia, and Rivers states axis or corridor. This corridor contains more than Lagos has, if they can be interconnected with smooth roads, ports, and if their blue potentials are unlocked. They will not only wrest power from Lagos but would be more lucrative.”

The investor who is behind the emerging Alesa Highlands Green Smart City in Eleme, near Port Harcourt, said the new ‘Economic Triangle’ has a bigger potential due to massive land assets with the corridor plus blue economy and the existing hydrocarbon industry.

Explaining, Mayor of Housing said Aba (Abia State) provides the biggest fabrication capacity in West Africa to supply goods to the Gulf of Guinea; Port Harcourt provides access to the Gulf of Guinea for off-taking Aba products, and the Uyo provides deep sea port at Ibaka and international airport facilities as well as forest reserves for massive agro-economy.

He said with sea ports in Rivers State and deep seaport in Akwa Ibom, and international airports in Rivers and Akwa Ibom, Aba can focus on adequate power supply and fabrication boom to supply a new booming market around the economic triangle.

By doing this, he said, jobs would spill out in huge quantities and more manufacturers would be drawn from all over Africa to boost the fast coming African Continental Free Trade Agreement (AfCFTA). He said Nigeria would thus have two major trade nodes in West Africa; Lagos and the PH/UYO/Aba triangle.

 

He said goods going to or coming from Chad, Niger, and the rest of Central Africa can head to the Lagos ports or to the Ibaka/PH ports zone in the new economic triangle.

He said with power supply made stable, good roads, excellent security system, and ease of doing business enthroned in the zone, the South-South and South East would become the biggest economic nerve in the near future.

Mayor of Housing called on governors of the three states to be intentional about the new corridor, put away political differences (if any), and create this corridor by agreeing on projects each state would execute with a short period of time so the states would be linked by good roads, communication, security, trade laws, concessions to investors, etc.

He remarked that northerners were already heading to the Onne Port in Rivers State to export goods, saying creating a commission to oversee the development of the ‘Economic Triangle’ would fast-track its emergence.

He observed that people of the three states are peaceful and usually preoccupied with zeal for economic prosperity, saying that if they are linked to such huge opportunities staring at them in the emerging economic triangle, they would totally shun violence and focus on prosperity.

Mr China insisted that the emerging economic triangle would form a big node not only into the Gulf of Guinea economic zone but into Africa because AfCFTA is about production, certification, market availability, and easy transport nodes by sea and air. He said the new economic triangle boasts of all the factors.

“They can only realise this by working together, through collaboration. One state cannot do it but a triangle of the three will create it through seamless interconnection, ports, industrial park, etc. The people will be the richest and internally generated revenue (IGR) will be the biggest in the country,” he said.

 

Continue Reading

News

Tinubu Nominates Ex-INEC Chair Yakubu, Fani-Kayode, Omokri, 29 Others As Ambassadors

Published

on

President Bola Tinubu has sent the names of 32 ambassadorial nominees to the Senate for confirmation, days after he sent the first batch of three names.

Among them are the immediate past chairman of the Independent National Electoral Commission, Mahmud Yakubu, an aide to former President Goodluck Jonathan, Reno Omokri (Delta), and former Enugu State Governor, Ifeanyi Ugwuanyi, among others.

“In two separate letters to the Senate President, Godswill Akpabio, President Tinubu asked the Senate to consider and confirm expeditiously 15 nominees as career ambassadors and 17 nominees as non-career ambassadors,” read a statement on Saturday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

In the statement titled, ‘Tinubu nominates 32 additional ambassadors,’ Onanuga noted, “There are four women on the career ambassadors’ list and six women on the non-career ambassadors’ list.”

“Among the non-career ambassador designates are Ogbonnaya Kalu from Abia, a former presidential aide, Reno Omokri (Delta), former chairman of the Independent National Electoral Commission (INEC), Mahmud Yakubu, former Ekiti first lady, Erelu Adebayo, and former Enugu governor, Ifeanyi Ugwuanyi.

“Others are Tasiu Musa Maigari, the former speaker of the Katsina House of Assembly, Yakubu N. Gambo, a former Commissioner in Plateau State and former Deputy Executive Secretary of the Universal Basic Education Commission.

“Professor Nora Ladi Daduut, a former senator from Plateau; Otunba Femi Pedro, a former Deputy Governor of Lagos State; Femi Fani-Kayode, a former aviation minister from Osun State; and Nkechi Ufochukwu from Anambra State are on the nomination list,” the statement read.

Also on the list are former First Lady of Oyo, Fatima Florence Ajimobi, former Lagos Commissioner, Lola Akande, former Adamawa Senator, Grace Bent, former governor of Abia, Victor Okezie Ikpeazu, Senator Jimoh Ibrahim, businessman, lawyer and Senator from Ondo State, and the former ambassador of Nigeria to the Holy See, Ambassador Paul Oga Adikwu from Benue State.

Among the nominees for career ambassador and high commissioner-designates are: Enebechi Monica Okwuchukwu (Abia), Yakubu Nyaku Danladi (Taraba), Miamuna Ibrahim Besto (Adamawa), Musa Musa Abubakar (Kebbi), Syndoph Paebi Endoni (Bayelsa), Chima Geoffrey Lioma David (Ebonyi) and Mopelola Adeola-Ibrahim (Ogun).

The other nominees are Abimbola Samuel Reuben (Ondo), Yvonne Ehinosen Odumah(Edo), Hamza Mohammed Salau (Niger), Ambassador Shehu Barde (Katsina), Ambassador Ahmed Mohammed Monguno (Borno), Ambassador Muhammad Saidu Dahiru (Kaduna), Ambassador Olatunji Ahmed Sulu Gambari (Kwara) and Ambassador Wahab Adekola Akande (Osun).

“The new nominees are expected to be posted to countries with which Nigeria maintains excellent and strategic bilateral relations, such as China, India, South Korea, Canada, Mexico, the United Arab Emirates, Qatar, South Africa, Kenya, and to Permanent Missions such as the United Nations, UNESCO, and the African Union.

“All the nominees will know their diplomatic assignments after their confirmation by the Senate,” it read.

Last week, Tinubu sent three ambassadorial nominees for screening and confirmation.

The nominees were Ambassador Ayodele Oke (Oyo), Ambassador Amin Mohammed Dalhatu (Jigawa), and Retired Colonel Lateef Kayode Are (Ogun).

All three are in the pot for posting to the UK, USA, or France after their confirmation.

“More nominees for ambassadorial positions will be announced soon,” Onanuga revealed.

 

Continue Reading

News

Investment In Education Remains Top Priority For Gov Fubara – SSG

Published

on

The Secretary to Rivers State Government, Dr. Benibo Anabraba, has reiterated that the administration of Governor Siminalayi Fubara remains committed to improving access to quality education at all levels.

Dr. Anabraba gave the assurance while receiving the Deputy Registrar/Zonal Coordinator of the West African Examinations Council (WAEC), Mr Ayanfemi Adeniran-Amusan in Port Harcourt during a courtesy visit.

He emphasised that Governor Fubara remains resolute in sustaining investment in the education sector to improve the quality of teaching and learning.

According to him, “We appreciate the work you are doing and know that our students are amongst the highest in ranking.

“His Excellency, Sir Siminalayi Fubara, takes education very seriously. He is sponsoring the free registration of students for the West African Senior School Certificate Examination (WASSCE) in Government Schools.

“Also, Governor Fubara has approved the establishment of Computer-Based Test (CBT) Centres across the State’s three senatorial districts and the 23 LGAs. The project is intended to improve access to digital learning and examination facilities for students so that our children are at breast with digital literacy, a prerequisite for today’s students.

“We are currently working assiduously to get those centres, both mega and mini, across the three senatorial districts and the 23 local government ready in order to meet up with your deadline,” he said.

The SSG also conveyed the assurances of the Governor to WAEC on Government’s willingness in providing land for its Zonal Office.

Earlier, the Deputy Registrar/Zonal Coordinator of the West African Examination Council, Mr Ayanfemi Adeniran-Amusan, promised to collaborate with the State Government in matters concerning education development.

In another development, the Secretary to State Government, Dr Benibo Anabraba, also met with officials of the National Agency for the Prohibition of Trafficking in Persons, NAPTIP, led by the Assistant Director of Intelligence, Rivers State Command, Barr. Ikediashi Nwamaka.

The SSG while appreciating the Agency for its effort in the protection of vulnerable persons, also raised Government’s concern on the activities of orphanages and care homes in unwholesome practices such as child trafficking, abuse of underaged girls also known as baby-factory, and the lack of regulations on surrogacy.

He however assured that the Rivers State Government has already put plans in place towards legislation to regulate these acts against vulnerable persons, particularly women and children.

 

Continue Reading

Trending