![]() That was to provide additional protection to the Federal Government of Nigeria and some of its separate legal entities, such as the CBN, NNPC and NSIA, whose assets would be liable to attachment in enforcement proceedings in foreign jurisdictions. In August 2014, the SGF issued a circular directing that a ‘specimen indemnity’ clause be inserted into all contracts and agreements entered into by the Federal Government with foreign entities. Learning its lesson from the losses, the FEC resolved that no further Sovereign Guarantees were to be issued by the Federal Government in favour of private entities. It is a private company in which the Edo state government holds a minority stake, based on the 100 hectares of land it allocated to the company.Īdoke wrote: “The Federal Government of Nigeria had become susceptible to incurring huge judgment debts from Sovereign Guarantees made in favour of states and private enterprises. ![]() Azura is an independent power plant in Edo state with plans to generate 461MW of electricity. ![]()
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