Chinese Debt-trap Diplomacy and Cross River State MoU’s —by Richard Duke

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19 September 2018 
All these Chinese endorsed MoU’s need to be reviewed critically. I don’t know if any committees of the CRSHA (CRS Rubber Stamp House of Assembly) have taken time to forensically analyse any of these agreements. 
While it is agreed that Chinese investment in CRS does have the potential to address our infrastructure gap; their antecedents are very worrying. The Chinese Investment approach has led to mounting debt in many African countries with few guarantees of any jobs.
Even Rex Tillerson the US Secretary of State recently observed that China “encourages dependency using opaque contracts, predatory loan practices, and corrupt deals that mire nations in debt and undercut their sovereignty…” The so-called Intellectual Money model is a also a debt-trap. 
As a result of this Chinese Debt Trap Diplomacy the Chinese have taken over the assets of many defaulting countries.
•Sri Lanka-Sea Port
•Djibouti-Sea Port
•Kenya-72% of it’s public debt is owned by China
•Zimbabwe-Mineral rights were sold off to China
This recurring addictive love for doing MoU’s with Chinese companies and Regional governments needs to halt. We need to evaluate the viability of previous MoU’s and also audit the Consultancy fees that get paid to the “Circle” each time an MoU is signed. Consultancy fees even get paid for signing frivolous MoU’s.
The fictitious Bakassi Sea Port could be the next Chinese debt-trap acquisition whenever it’s made a reality. 
Beware, the Chinese are coming !!
Richard Duke 
Is a Leadership Development Consultant based in Oman/London