Tag: Chinese Loans

“Probe $1.5bn W’Bank loan to States, $3bn Chinese loan” – SERAP urges Tinubu

Aminu Imam
SERAP World Bank

The Socio-Economic Rights and Accountability Project, (SERAP), has called on President Bola Tinubu to instruct the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), along with relevant anti-corruption agencies, to conduct a thorough investigation into the use of a $1.5 billion World Bank loan and a $3 billion Chinese loan. In an open letter dated August 10, 2024, signed by its Deputy Director Kolawole Oluwadare, SERAP said it is concerned about potential mismanagement and corruption related to these loans, arguing that if there is sufficient evidence,…

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Chinese Loans: Reps move to amend Treaties and agreement Act, decry draconian clauses

Ishaku Yohanna

The House of Representatives has commenced moves to subject all agreements entered into by the Nigerian government with foreign countries or companies to proper legal scrutiny before they become effective in the country. The House is worried by the draconian clauses discovered in the Chinese loan agreements, especially those ceding sovereignty of the country. A bill to repeal the Treaties Act of 2004 and replace it with a Treaties Act 2020 which will make the Ministry of Justice a depository of all Treaties and agreement and subject them the approval…

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