Former Nigeria Vice-President Atiku Abubakar, at the weekend, continued the offensive against the controversial Lagos Calabar Coastal Highway project. This time around, the leader of the major opposition Peoples Democratic Party accused President Bola Tinubu of conflict of interest, alleging the President’s son, Seyi, sits on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, owned by one of the President’s business allies, Gilbert Chagoury.
Atiku alleged that this constitutes a conflict of interest, given the Chagoury Group’s involvement in the Lagos-Calabar coastal highway project.
“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 said.
Atiku criticised the contract award process, stating that it was hurriedly awarded and executed against the country’s procurement laws. He also expressed concerns over the economic crisis facing Nigeria, citing the IMF’s report that Nigeria will become the fourth largest economy in Africa by the end of the year, behind South Africa, Egypt, and Algeria.
“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,” Atiku said.
Atiku advised Tinubu to focus on improving the ease of doing business, rather than relying on propaganda.
“Investors are seeing how local businesses are being treated and will not come to a place where their investments will not be protected,” he said.
According to a report by Africa Intelligence News Agency on 25th of April, 2024, Seyi was officially a business associate of Chagoury, and CDK Integrated Industries, which was into the manufacturing of ceramic tiles and sanitary towels.
The coastal highway project, which has raised eyebrows over what transparency advocates have described as inflated cost and alleged procurement irregularities, has drawn condemnation from opposition figures.
Atiku has insisted the project was awarded without a competitive bidding process and that the environmental impact assessment report was not completed. The former Vice President similarly alleged that the Tinubu administration had shown a lack of coordination and transparency, failing to explain to Nigerians why there is petrol scarcity across the country.
