Transport
Amaechi Blasts Nigerians Misinterpreting ‘Waiving Sovereignty’ In $500m Chinese Loan
Minister of Transportation, Rotimi Amaechi, has lambasted Nigetians didn’t understand that the clause ‘waiving sovereignty’ in the loan agreement between Nigeria and China is only a contract term.
According to the Minister, the clause is a sovereign guarantee that assures payback according to the terms and conditions of any loan.
Amaechi made the clarification while answering questions about the loan controversy on a TV programme, monitored by Grassroots.ng.
He argued that the Ministry of Transportation is only responsible for implementing projects and not taking loans
According to Amaechi, “it is a commercial agreement; a trade agreement between Nigeria and China. The first issue is that the Ministry of Transport does not take loan. Anything about loan, talk to Ministry of Finance.
“What I signed is what they call commercial contract; that is contract between the Federal Government and CCECC as a contractor.
“The contract between Nigeria and China is usually signed by the ministry of finance on behalf of Nigeria, but that will be escaping the issue.
“Whether it is the Ministry of Finance that signed it or the Ministry of Transport, the issues are the issues.
“There is no contract without an agreement and that agreement must contain some terms and one of the terms that this one contains is not that you’re signing away the sovereignty of the country.
“No country will sign away its sovereignty. What you do is, you give a sovereign guarantee; and I’m ashamed of those who interpret it the wrong way.
“Now, when you say ‘I give you a sovereign guarantee and I waive that immunity clause’, the immunity clause is that if tomorrow I’m not able to pay you and you come to collect the items that we’ve agreed upon (that these are items I have put down as guarantee), I can use my immunity and say no, you cannot touch our assets, we are a sovereign country.
“Is China our father that will give us money for free? They (the Chinese) are saying, if you are not able to pay, don’t stop us from taking back those items that will help us recover our funds.
“And it’s a standard clause, whether it’s with America you signed it or with Britain or any country, because they want to know they can recover their money.
“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 throw your immunity on me (the lender) when I come to collect back the guarantee you put forward, that’s all.
“The waiving of immunity simply means in trade parlance that I’m not giving you this loan free.
“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. The Chinese can never come and take over Aso rock and become President or Minister.
“In the event of a default, Amaechi stated that the lender can only go after, and take back the same assets built with the loaned funds.
“And if the assets you put down become depreciated, then you negotiate which assets they can go after. The Chinese will never take over what was not constructed with the loan.”
Zambia’s fate fear
Allaying the fear of some Nigerians asking if it’s possible to repay the loan and not get into the same situation as Zambia, Amaechi stated that the loan was already being repaid.
“But we’re paying,” he said. “In the same National Assembly committee sitting, they were told that out of the 500 million dollars, we’ve paid 96 million dollars already.
“Nigeria is already paying. So, it’s not that Nigeria doesn’t have the capacity to pay back. We’ll pay back. At 2.8 percent, what other country would give you that loan? 2.8 per cent for 20 years with seven years moratorium; why can’t you pay back?
“The repayment plan is not done by us, it’s done by the ministry of finance, but they are meeting the requirements. At any point in time that we need to pay, we pay.”
The Minister further explained that the loans are not paid to him nor the Ministry, which automatically eliminates any fear of corruption or diversion of funds. They are paid directly to the contractor in China.
Amaechi also reiterated his call to the National Assembly to put a hold on the probe as some loans are still being expected for the completion of Lagos to Ibadan and the construction of Ibadan to Kano and Port Harcourt to Maiduguri rail.
Transport
WIMAfrica and SIFAX Group Partner to Champion Gender Equality in Maritime Industry
Women in Maritime Africa (WIMAfrica), in a significant step forward for female representation in the Maritime field, held a strategic meeting with SIFAX Group at the SIFAX headquarters on November 12th, 2023.
The two organizations aim to foster mentorship, sponsorship, and skills development programs that will empower women to pursue and excel in maritime careers, where female representation remains below 1%. Key figures from WIMAfrica, including Continental Vice President Mrs. Carolyn Ufere and Nigeria’s President Mrs. Rollens Macfoy, emphasized the need for corporate partnerships to expand access to training and professional networks for women. SIFAX’s Coordinating Director, Mrs. Wunmi Eniola-Jegede, expressed the Group’s commitment to gender inclusivity and highlighted the presence of women in leadership roles across its various sectors.
In closing, WIMAfrica extended an invitation for SIFAX Group to support its upcoming conference in Lagos, themed “New Economy and Moving Forward for the Next Generation,” which seeks to inspire young women to explore maritime career paths like engineering and marine security. The collaboration between WIMAfrica and SIFAX Group marks a crucial move toward an inclusive future in Africa’s maritime industry.
… Mbah is godsent to Nsukka zone- Igwe Asadu
… You’ve proven yourself more Nsukka than any Nsukka man- Ezenta Ezeani
… Enugu has suddenly become a reference point for transformational projects – Dennis Agbo
… We’ll deliver on schedule and quality – Contractor
Governor of Enugu State, Dr. Peter Mbah, has flagged-off the construction and dualisation of the 43.7km Penoks-Abakpa Nike-Ugwogo-Nike-Opi Nsukka Road with streetlights and 18-month completion timeframe in line with his administration’s vision to make the state the premier destination for investment, business, tourism, and living.
Speaking during the flag-off ceremony at Opi attended by political heavy weights and leaders of Nsukka Zone, Mbah stressed that the the project, which includes straightening the of many bends, would drastically reduce accidents and criminality on the road.
“In the build-up to the election and in my acceptance speech after my election, we made a pledge that we are going to dualise the Penoks-Abakpa-Ugwogo-Opi-Nsukka Road because . we realised from the outset that if we had to grow this economy to an exponential height, no section of this state should be left behind, more so an economic hub like Nsukka Zone. So, all we are doing here today is connecting those dots,” he said.
Mbah regretted that a trip from Enugu to Nsukka presently takes over an hour, hence the decision to do the 3.6km from the Penoks Junction all the way to the T-Junction flyover in addition to the 41km Abakpa Nike-Opi Nsukka Road to reduce travel time to about 30 minutes and make it possible for the people to comfortably live and work in Enugu and vice versa.
He also noted that his administration’s grassroot-based development and economic model placed the Enugu North Zone at an advantage.
“We are doing projects based on electoral wards. Guess who are the greatest beneficiaries of this model? It is the Nsukka zone. You have 102 electoral wards. That means you will end up with 102 smart schools, 102 Type 2 Primary Healthcare Centres, over 1,000km of roads based since we are additionally going to do at least 10km of roads per ward,” he remarked.
In his remark, the traditional ruler of Edem-Ani and Chairman, Enugu State Traditional Rulers Council, Igwe Samuel Asadu, said, “The people of Nsukka cultural zone and Enugu North Senatorial District never imagined the possibility of this life-time project. The only way we can pay you back is that you do not need to come to campaign here for your second tenure because we are all going to do that for you. You are Godsent to the people of Nsukka, Enugu State and Nigeria at large.”
Also speaking, the Deputy Speaker of the Enugu State House of Assembly, Hon. Ezeani Ezenta, noted that the governor had shut the mouths of naysayers.
“I feel emotional because a lot of things were said during the election. But today, by your good work, you have proved yourself even more Nsukka than any other Nsukka man,” he emphasised.
On his part, former Deputy Governor of Enugu State, Chief Okechukwu Itanyi, described the project as “gigantic, huge, unbelievable and marvelous,” noting that it would open Nsukka Zone and the state to the world.
“This is a legacy project. Your name will never die. Your spirit shall never die. We will continue to give you support,” he added.
Other speakers, including the Chairman of Nsukka Nsukka LGA, Hon. Jude Asogwa, former Secretaries to the State Government, Dr. Dan Shere and Prof. Simon Ortuanya, among others extolled the initiative.
Significantly, in a press statement he personally issued on Monday, Member representing Igboeze North/Udenu Federal Constituency on the platform of the Labour Party, Hon. Dennis Agbo, described the road as “a transformational project, which will greatly facilitate commerce, ease mass transit and evacuation of farm produce by our hard working farmers as well as fight crime and criminality.“
“Our governor has clearly demonstrated his uncanny ability to see and unleash the enormous potential of our dear state and people. It is heartwarming to note that Enugu has suddenly become a frontline state and a reference point for transformational project initiatives,” he stated.
The Member representing Nkanu East/Nkanu West Federal Constituency and Leader of the Enugu State Caucus of the National Assembly, Hon
Nnoli Nnaji, expressed the total delight of the federal lawmakers at the governor’s development initiatives and pledged their total support for him to move the state forward.
Meanwhile the CEO of COMAG Construction Company, Cosmas Agu pledged to deliver a high quality project and on schedule.
Transport
Federal Government To Launch Out 2700 CNG Buses, Tricycles Ahead Of First anniversary Of Tinubu’s Administration
The Presidency on Sunday said it was ready to launch about 2,700 CNG-powered buses and tricycles before May 29 when President Bola Tinubu turns one year in office.
“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.”
It said the Federal Government is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.
The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, revealed this in a statement he signed Sunday titled ‘Presidential CNG initiative set for rollout.’
“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.
“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.
“About 2,500 of the tricycles will be ready before May 29, 2024…working towards delivering 200 units before the first anniversary of the Tinubu administration,” said the Presidency.
He also said that over 600 buses are targeted for production in the first phase which will be accomplished in 2024.
In October 2023, about five months after the removal of the petrol subsidy, President Tinubu launched the Presidential CNG Initiative to deliver cheaper, safer and more climate-friendly energy.
The CNG Initiative was designed to deliver compressed natural gas, especially for mass transit.
The Federal Government earmarked N100bn (part of the N500bn palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, with plans to develop CNG refilling stations and electric charging stations nationwide.
The FG had said the initiative would ease the burden of the increased pump price on the masses.More information added that the creation of a new plant on the Lagos-Ibadan Expressway that will assemble the tricycles while Brilliant EV will assemble electric vehicles when it receives the Semi Knocked Down components.
The Presidency explained further, “The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and expected to arrive early in May.
It is expected that before 2027, There’ll be a considerable wave of these buses and tricycles in use.
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