Sovereign Assets at Risk Due to Chinese Debt – Akinyemi Warns Tinubu

Renowned Professor of Political Science, Bolaji Akinyemi, has urged President Bola Tinubu’s administration to exercise caution when engaging in deals with China.

Speaking on Channels Television’s Sunday Politics programme, Akinyemi, who is also a former Director-General of the Nigerian Institute of International Affairs (NIIA), emphasized the importance of careful debt management.

“Of course, we need to be careful, but we shouldn’t focus solely on debt to China. We also have debts owed to the United States and some medium-power countries,” he said.

Akinyemi stressed the need for Nigeria to avoid defaulting on its debts, noting, “A month before the African-Chinese Summit, Nigerian sovereign assets were being seized globally at the behest of a Chinese company. China won’t offer us any favors; we must honor our agreements, not just with China but with all countries we have deals with.

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Failing to do so could result in seizing sovereign assets, damaging our reputation and pride.”

He further explained that the global competition between China and the United States for economic dominance requires Nigeria to maintain discipline in repaying borrowed funds.

President Bola Tinubu recently visited China, where he met with President Xi Jinping and signed several bilateral agreements during the 2024 Summit of the Forum on China-Africa Cooperation. This visit came shortly after a French court ruled in favor of a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, allowing the seizure of Nigerian presidential jets in a dispute with the Ogun State government.

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Akinyemi also cautioned against agreements between Nigerian state governments and foreign entities, stressing that Nigeria, as a sovereign entity, would be held responsible if state governments defaulted.

“Nigeria needs to monitor the agreements being signed by sub-national entities. States are not sovereign in the global system—Nigeria is. If states default, Nigeria bears the burden,” Akinyemi said.

He also criticized the excessive power wielded by state governors, saying, “The real emperors in Nigeria are not in Abuja. The governors hold all the power, controlling state assemblies and even the judiciary, yet when they create problems internationally, it is Nigeria that suffers the consequences.”

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