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• China’s secrecy clause to loans poses problems, says study • Exposure to EXIM Bank increased by over 2000% in eight years • Lawyers defend legislative scrutiny, sovereign immunity clause As Nigeria and China this year mark their golden jubilee of official relations, there are growing fears over the imbalanced relationship, especially with China’s predatory lending bond with Nigeria and the country’s debt exposure to the Asian powerhouse, which has risen geometrically in recent years. Official relations date back to February 1971 when Nigeria established diplomatic relations with China, and today Nigeria remains China’s major investment destination in Africa. At an event in Abuja to mark 50 years of Nigeria-China relations, the Chinese Charge de Affaires in Nigeria, Mr. Zhao Yong, disclosed that China’s trade with Africa has hit $208.7 billion with foreign direct investment totaling $49.1 billion. ....
• Contemplating Mosaic Law Failure Of Extant Laws, Judiciary – Lawan • Independent, Incorruptible Judiciary Required To Win Anti-graft War – Dim The Federal Government’s criticism of Transparency International (TI) over the country’s poor ranking in the latest Corruption Perception Index notwithstanding, some legal practitioners are worried by the country’s worsening anti-corruption credentials, an ugly development, which they want all and sundry to join forces to tackle. In the latest ranking, Nigeria dropped three places, and also garnered lower scores in a number of areas than the 2019 record. This indicates that corruption is perceived to have worsened in the country within the period under review. Consequently, a jolted Federal Government accused the Berlin, Germany-based outfit of releasing “sensational and baseless rating on Nigeria and the fight against corruption.” ....
• NNPC spends N116m on biro, paper, ink • Over N4.1b, $21b in one month • NASS under attack for oversights failure • Investigate, prosecute ministry officials involved in contract splitting, lawyers urge Lawyers have urged the Federal Government to investigate and prosecute Ministry of Petroleum Resources officials involved in contract splitting as disclosed by the Senate. This, they said, would serve as deterrent to others. The Senate recently uncovered how the ministry, which is headed by President Muhammadu Buhari, spent N14 million for biros and N46 million for letterhead papers and raised the alarm. Stakeholders in the oil and gas sector as well as transparency and accountability advocates are disturbed over how the Ministry of Petroleum Resources, directly overseen by President Muhammadu Buhari spent a whopping N116 million on biros, papers and inks in one year. ....