The Permanent Secretary, who represented the finance minister, said, “Regarding the waiver of sovereign immunity, if you check most of the international commercial agreements these days, it is a standard clause in a number of international financial loans and commercial agreements worldwide.”
Commenting on the document Ossai showed him, the permanent secretary said, “I am aware. This is an arm of the World Bank, the International Centre for Settlement of Investment Disputes. This is in the event that you have an investment dispute with any of the contracting parties. You can go to arbitration.”
When asked if the judgment would be enforceable in Nigeria, the permanent secretary said, “Yes.”
Ossai said, “That means that the particular clause is dangerous. Now, you have a circular, agreed by the Federal Government to guide you in signing agreements. You disobeyed that circular issued by the President of the Federal Republic of Nigeria to guide you.
But you were desperate enough to go and sign and waive the immunity clause of Nigeria. And you come on the pages of newspapers and tell Nigerians that, that is a standard. That is not a standard.”