Lawrence Nwimo, Awka
Former Vice President and Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general election, Mr. Atiku Abubakar, has criticised President Bola Tinubu for what he perceives as conflict of interest in foreign direct investment (FDI) and infrastructure projects.
Atiku highlighted that Tinubu’s son, Seyi, sits on the board of companies owned by Gilbert Chagoury, a business associate of Tinubu, creating a clear conflict of interest.
In a statement on Sunday by his Media Adviser, Paul Ibe, Atiku pointed to the awarding of the Lagos-Calabar Coastal Highway project to Chagoury’s company, Hitech, as a prime example of this conflict.
Citing a report by Paris-based Africa Intelligence News Agency where it was revealed by the Corporate Affairs Commission that Seyi is officially a business associate of Chagoury, the former Vice President said it was not surprising that the Chagoury Group had become the biggest beneficiary of the Tinubu largesse.
Atiku states that it has become obvious to the undiscerning that the Lagos-Calabar Coastal Highway is being done in a hurry purely because of the business relationship between Tinubu and Gilbert Chagoury, the contractor that was awarded the contract for the highway project in contravention of the procurement laws.
He raised concerns about the lack of competitive bidding, the high cost of the project, and the rushed implementation, suggesting that personal business interests were being prioritised over national interest.
“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 said.
Atiku criticised Tinubu’s administration for the hurried demolition of properties within the Oniru corridor and the failure to provide adequate notice to affected businesses, such as Landmark. He suggested that such actions deter foreign investors and hinder the ease of doing business in the country.
He also highlighted the lack of transparency and coordination in Tinubu’s economic policies, citing issues such as the handling of fuel subsidies and the mismanagement of infrastructure projects.
He emphasised the need for a focus on improving the ease of doing business and ensuring transparency in government actions to attract sustainable foreign investments.
The former PDP presidential candidate stated, “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.”
He advised Tinubu and his economic team to prioritise national interests over personal business interests, address conflicts of interest, and adopt a more transparent and coordinated approach to economic policies in order to attract and retain foreign investments for the benefit of Nigeria’s economy.
