Atiku Abubakar, the Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, has criticized President Bola Tinubu’s approach to attracting foreign direct investments (FDI). The statement was released on Sunday by his Media Adviser, Paul Ibe.
Atiku highlighted that the fact that Tinubu’s son, Seyi, and his surrogates are on the board of companies owned by Gilbert Chagoury clearly constitutes a conflict of interest. Seyi is a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which manufactures ceramic tiles and sanitary towels.
Atiku stated, “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.”
He further criticized the hurried execution of the Lagos-Calabar Coastal Highway project, which he believes is due to the business relationship between Tinubu and Gilbert Chagoury, the owner of Hitech, the contractor that was awarded the contract for the highway project. He added, “To add insult to injury, this project that is being done in excess of $13bn was awarded without a competitive bidding.”
Atiku also expressed concern over the demolition of tourist and recreational facilities and other properties within the Oniru corridor, including parts of Landmark, without ample notice. He argued that such actions are one of the reasons foreign direct investments continue to elude the country.
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.”
Atiku concluded by saying that investors are seeing how local businesses are being treated and will not come to a place where their investments will not be protected. He urged the administration to prioritize national interest over personal business interests.
