Foreign Loan Brouhaha: No Inch Of Yoruba Land Will Be Ceded To FG’s Creditors – Afenifere

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THE pan-Yoruba sociopolitical group, Afenifere, on Friday declared that no inch of Yoruba land will be ceded to creditors of the Federal Government should there be reasons for its creditors to make such demands.

Afenifere was reacting to reports that the Federal Government had signed an agreement with the Chinese government, which contains a clause that compels Nigeria to waive its immunity for itself or its property in case of a breach of the agreement.

In a statement by its spokesman, Mr Yinka Odumakin, Afenifere described the disclosure that a clause in a loan agreement signed by the President Muhammadu Buhari-led government ceded the sovereignty of Nigeria and its assets if the nation defaults in payment as worrisome.

Odumakin said: “The Yoruba nation will not allow an inch of its land to be taken over by any foreign interest to which any government that is loan-crazy must have concessioned the sovereignty.

We are not aware of any such authority given to any government to do such. “Let lenders beware so they don’t give loans beyond what any regime can repay in its tenure.”

The controversial clause in the agreement says: “The borrower hereby irrevocably waives any immunity on the grounds of sovereign or otherwise for ITSELF or its property in connection with any arbitration proceeding pursuant to Article 8(5), thereof with the enforcement of any arbitral award pursuant thereto, except for the military assets and diplomatic assets.”

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