Former Vice President Atiku Abubakar has disclosed the reason behind the swift implementation of the Lagos-Calabar coastal highway project by the administration of Bola Ahmed Tinubu. 

Criticisms have surrounded this initiative ever since its announcement by Tinubu’s administration. In a statement issued by his Media Adviser, Paul Ibe, Atiku pointed out that Seyi Tinubu, son of Bola Ahmed Tinubu, serves as a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which specializes in manufacturing ceramic tiles and sanitary towels. 

Referring to a report from the Paris-based Africa Intelligence News Agency, Atiku highlighted that Seyi Tinubu is officially affiliated with the Chagoury Group, as per the Corporate Affairs Commission. 

He emphasized that it comes as no surprise that the Chagoury Group has emerged as a major beneficiary of the Tinubu family’s generosity.

Atiku advised Tinubu to focus more on attracting real investors than adopting propaganda as a state policy.

The former vice president 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 formalised with Seyi on the board of one of Chagoury’s firms.”

Atiku reiterated that it has become evident, even to those with less discernment, that the contract for the highway project was awarded to the contractor, Hitech, purely due to the business ties between Tinubu and Gilbert Chagoury, the owner of Hitech, in violation of 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.

“To add insult to injury, this project that is being done in excess of $13 billion was awarded without a competitive bidding.

From all indications, the socalled 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.

Atiku further asserted that the sudden demolition of tourist attractions, recreational facilities, and other properties within the Oniru corridor, including parts of Landmark, without adequate notice, is one of the factors contributing to the continued avoidance of foreign direct investments in the country. He contended that instead of enhancing the business environment, the Tinubu administration has demonstrated a preference for advancing personal and familial business interests over national priorities.

According to the former Peoples Democratic Party’s (PDP) presidential candidate in the 2023 election, “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 700km 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 N500 million that was approved by the National Assembly for the project was ignored, while over N1 trillion 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 ex-vice president counselled Tinubu and his economic team to reduce their reliance on propaganda and concentrate instead on enhancing the ease of doing business, as this remains the most reliable route to sustainability.