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The news on Nigeria SIGNING AWAY ITS SOVEREIGNTY has been heavily sensationalised. It's almost funny.
I'll try to break it down as simply as I can and I hope this helps educate the general public.
I tried to make the thread a bit interesting.
A THREAD EXPLAINING THE CLAUSE/1
I'll try to break it down as simply as I can and I hope this helps educate the general public.
I tried to make the thread a bit interesting.
A THREAD EXPLAINING THE CLAUSE/1
It is being sold to be of a nature and effect that it actually does not have. The media is reporting the news as if China would move into Nigeria and hoist a red flag with 5 golden stars at Aso Rock, Challenge Bus Stop and Obalende Roundabout./2
So what is the effect and meaning of the clause?
Would we have to tell our children stories of the Naija-Saxon war? How we valiantly stood with our cutlass and black magic as the Chinese rained missiles from the sky at the Battle of Eko Atlántíkì Siti?/3
Would we have to tell our children stories of the Naija-Saxon war? How we valiantly stood with our cutlass and black magic as the Chinese rained missiles from the sky at the Battle of Eko Atlántíkì Siti?/3
How Sango roared with thunder in the clouds as the Chinese fighter jets fried to a crisp and fell down the sky in what would be known as the Skyfall of Metal Tears?
No, darlings. Perhaps, another loan agreement would lead to that but not this one./4
No, darlings. Perhaps, another loan agreement would lead to that but not this one./4
So let me break it down the best I can for those who really want to know the effect of this clause. What's the fuss about?./5
When a person owes and can't pay, we sell off the person's property to pay, right?
The court, the judicial arm of the government, orders this. Yeah?
Then the executive arm of government then enforces it through the police, bailiff etc./6
The court, the judicial arm of the government, orders this. Yeah?
Then the executive arm of government then enforces it through the police, bailiff etc./6
Point is, the government is integral to recovering owed debts in a country.
Now imagine where the government is the debtor!
The foreigner lending the money is thinking
1. Is their judiciary independent enough to order the executive to pay?/7
Now imagine where the government is the debtor!
The foreigner lending the money is thinking
1. Is their judiciary independent enough to order the executive to pay?/7
2. Is the executive itself, that is meant to force debtors to give up their properties after the court has ordered such, actually going to force itself to give up its own property?/8
As an answer to question 1
The foreigner asks for dispute to be resolved by arbitration instead of the courts of the country.
That's why you're seeing "arbitration proceeding" there. Arbitration is basically a private settlement by experts./9
The foreigner asks for dispute to be resolved by arbitration instead of the courts of the country.
That's why you're seeing "arbitration proceeding" there. Arbitration is basically a private settlement by experts./9
As an answer to question 2, the truth is that no country would willingly give up it's own property especially the ones located in it's own country.
So at the arbitration (i.e. their answer to the problem of Question 1), they'll go after Nigeria's property in other countries./10
So at the arbitration (i.e. their answer to the problem of Question 1), they'll go after Nigeria's property in other countries./10
That way the country that will enforce the order that the property is to be forfeited is not the owner of the property.
Wait, why the talk about sovereignty then? That would be the next question./11
Wait, why the talk about sovereignty then? That would be the next question./11
To explain loosely and without technical troubles, the country where Nigeria's properties are to be taken would refuse to give it out because a country's property in another country is an extension of the country a.k.a sovereignty./12
So once the country cries sovereignty, they won't allow the creditor take it, meaning the money they refused to repay has entered "voicemail". Who wants 400 million dollars to enter "voicemail"?/13
So the term there says "promise us that when you fail to pay, you won't come and cry about sovereignty when we want to take your property abroad"./14
If they indeed do that (check P&ID arbitration case when you're free), the country where the property is located can easily say "look, you promised not to mention this sovereignty thing and that's why they felt comfortable and gave you the money" aka pay up with your property./15
