Former Vice-President Atiku Abubakar alleged that President Bola Tinubu hurriedly awarded the Lagos-Calabar coastal highway project to the Chagoury Group due to his son, Seyi Tinubu’s interest in the company.
Atiku pointed out that Seyi Tinubu was on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which is owned by one of President Tinubu’s business allies, Gilbert Chagoury.
This, according to Atiku, constitutes a conflict of interest and a violation of the country’s procurement laws.
Atiku, through his Media Adviser, Paul Ibe, emphasized that it was essential for Tinubu to focus on attracting genuine investors rather than resorting to propaganda as a state policy.
He cited a report from a Paris-based Africa Intelligence News Agency, which revealed that Seyi Tinubu was officially a business associate of Chagoury, as evidence of the close ties between the Chagoury Group and the Tinubu family.
Atiku criticized the lack of transparency and competitive bidding in the awarding of the project, which he described as the most expensive single project ever undertaken by the Nigerian government, costing over $13 billion.
He expressed concern that similar projects, such as the Badagry-Sokoto highway, might also be awarded without competitive bidding, leading to significant costs for taxpayers.
The former Vice-President highlighted the negative impact of the project on local businesses, particularly the demolition of tourist and recreational facilities along the Oniru corridor without adequate notice.
He argued that such actions deter foreign direct investment and demonstrate that the interests of the Tinubu family take precedence over national interests.
Atiku also criticized Tinubu’s economic policies, pointing out that despite claims of securing over $30 billion in foreign direct investments, the country had not seen any substantial investment.
He cited the IMF’s prediction that Nigeria would become the fourth-largest economy in Africa by the end of the year as evidence of the country’s economic decline under Tinubu’s administration.
Furthermore, Atiku accused Tinubu’s administration of poor coordination and lack of transparency, citing examples such as the rushed awarding of the Lagos-Calabar coastal highway project, incomplete environmental impact assessments, and the conversion of the project from a public-private partnership to a government-funded project without proper justification.
He also criticized the administration for releasing funds for the project without approval from the National Assembly and for its handling of the fuel scarcity issue in the country.
