Former Nigerian Vice President, Atiku Abubakar, has alleged that President Bola Tinubu’s son, Seyi, and his surrogates are on the board of Hitech Construction Ltd owned by Gilbert Chagoury, which was recently awarded the controversial multibillion dollar Lagos-Calabar coastal highway which he says constitutes a conflict of interest.

Atiku, who was presidential candidate of the Peoples Democratic Party (PDP) in the country’s 2023 election, in a statement on Sunday, said awarding the contract to the company meant that Tinubu had placed his personal interest above the interest of the country.

In the statement issued by his media adviser, Paul Ibe,
Atiku cited a report by the Paris-based Africa Intelligence News Agency which revealed by the Corporate Affairs Commission
that Tinubu’s son is a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which manufactures ceramic tiles and sanitary towels.

He noted that such a situation will make it difficult for Nigeria to attract foreign investors if the government fails to make the process of awarding contracts transparent and open, adding that it was not surprising that the Chagoury Group had become the biggest beneficiary of the Tinubu largesse.

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,” Atiku 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.

“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.

“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.

“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.

“Under a normal circumstance, the project ought to have gone through a proper bid process and after a certificate of no objection by the BPP, the evaluation report should have been sent to the federal Executive Council FEC, for approval before the award.

“But what we saw was a letter from the Presidency informing the BPP that the contract was awarded to the company, which the BPP DG simply approved,” he stated.