Former Vice President Atiku Abubakar has accused President Bola Tinubu of a conflict of interest, alleging that Tinubu’s son’s association with a company owned by one of the president’s business allies raises ethical concerns.
According to Atiku, the revelation of Seyi Tinubu’s position on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group owned by Gilbert Chagoury, suggests a conflict of interest.
This comes amidst the Chagoury Group’s involvement in the Lagos-Calabar coastal highway project, a contract awarded by the Tinubu government.
Atiku, the Peoples Democratic Party (PDP) presidential candidate in the 2019 and 2023 elections, criticized the awarding and execution of the Lagos-Calabar coastal highway contract, citing hurried processes and alleged contraventions of procurement laws.
He urged Tinubu to prioritize attracting genuine investors rather than relying on propaganda.
Citing a report by Africa Intelligence News Agency, Atiku emphasized the formalized business relationship between Tinubu and Chagoury, underscoring the ethical implications of such ties.
He accused the Tinubu administration of rushing the project, converting it from a public-private partnership to a government-funded initiative without due process.
His words: “It is on record that this project is the most expensive single project ever embarked upon by the Nigerian government. The fact that it is happening at a time Nigeria is facing its worst economic crisis ever is a red flag.
“To add insult to injury, this project that is being done in excess of $13bn was awarded without a competitive bidding.
“From all indications, the so-called Badagry-Sokoto highway would be awarded in a similar fashion at an enormous cost to taxpayers purely because Tinubu has put his personal interest ahead of the Nigerian people.”
He stated that rather than improving the ease of doing business, the Tinubu administration had shown to the world that his personal business interest and that of his family would always be prioritised over and above national interest.
“Tinubu has been globetrotting in search of foreign direct investments. He claims to have secured over $30 billion from various companies, but none has been forthcoming.
“Rather, all manufacturing firms have been posting heavy losses while some are exiting due to his poorly implemented exchange rate unification policy with even Aliko Dangote describing it as a huge mess at the recent annual general meeting of Dangote Sugar Refinery.
“The IMF in its latest report stated that Nigeria will by the end of the year become the 4th largest economy in Africa behind South Africa, Egypt and Algeria, a disgraceful development for a nation which was the largest in Africa by a mile when the PDP left the stage in 2015.
“Investors are seeing how local businesses are being treated and will not come to a place where their investments will not be protected. In saner climes, businesses such as Landmark would have been given at least two years’ notice in order for effective planning. But Tinubu’s eagerness to satisfy his business partners impaired his ability to coordinate the project properly.
“The awarding of the Lagos-Calabar coastal highway was rushed; the environmental impact assessment report was not even completed; the right of way for the 700 km stretch of the highway project was not secured; it was converted from a PPP to a government funded project within the twinkle of an eye.
“The N500m that was approved by the National Assembly for the project was ignored, while over N1tn was released by Tinubu’s administration without approval from the National Assembly.
“From falsely claiming to have removed subsidies to secretly paying billions monthly based on the revelation of Nasir el-Rufai, the Tinubu administration has shown a lack of coordination and transparency, failing to even explain to Nigerians why there is petrol scarcity across the country,” the former PDP presidential candidate stated.