Tinubu & Atiku. |
The Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election says the fact that President Bola Tinubu’s son and his surrogates are on the board of companies owned by Gilbert Chagoury clearly constitutes a conflict of interest.
Atiku
said this in a statement on Sunday by his Media Adviser, Paul Ibe even as he
advised Tinubu to focus more on attracting real investors than adopting
propaganda as a state policy.
The
former Vice President noted that Tinubu’s son, Seyi, is a director on the board
of CDK Integrated Industries, a subsidiary of the Chagoury Group, which
manufactures ceramic tiles and sanitary towels.
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.
He
said, “Thanks to quality reporting by Africa Intelligence, our suspicions have
been confirmed that Chagoury and Tinubu are indeed business partners and it has
been formalized with Seyi on the board of one of Chagoury’s firms."
The
former Vice President restated that it has become obvious even 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 owner of Hitech, the contractor that was awarded the contract for
the highway project in contravention of the procurement laws. 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.
He
added: "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.”
Atiku
said the demolition of tourist and recreational facilities and other properties
within the Oniru corridor, including parts of Landmark, without ample notice,
is one of the reasons foreign direct investments continue to elude the country.
He
argued 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.
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.”
The former Vice President advised Tinubu and his economic team to do less of propaganda and focus on improving the ease of doing business as this remained the surest path to sustainability.
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