SERAP Urges Wike And Nigerian Governors To Disclose Details Of Chinese Loans And Other Financial Transactions.

SERAP urged them to reveal the terms and conditions of these loans, including any collateral provisions.

The organization also requested details regarding the repayment obligations of these Chinese loans, liabilities, and other external borrowings, including interest rates, any defaults, debt restructurings, and the extent of debt exposure to China and other creditors.

Additionally, SERAP asked for clarification on any investment agreements with Chinese companies and the repayment histories of loans and facilities obtained from China and other external creditors, which are guaranteed by the Federal Government.

This appeal was made in a letter dated August 24, 2024, signed by SERAP’s deputy director, Kolawole Oluwadare.

The organization’s statement read in part, “There are significant risks of Nigerian assets being confiscated in foreign jurisdictions by multilateral and bilateral agencies, as well as other creditors, if your state and the FCT fail to satisfactorily meet the terms and conditions of Chinese loans, liabilities, and other external borrowings guaranteed by the Federal Government.

“The apparent lack of safeguards and accountability mechanisms for these Chinese loans, liabilities, and other external borrowings may further expose Nigeria’s assets abroad to confiscation.

“Your state and the FCT have a shared responsibility to ensure that the spending and repayment plans for Chinese loans, liabilities, facilities, and other external borrowings align with national and