Atiku says Tinubu driving away investors with poor implementation of road project
By Jeph Ajobaju, Chief Copy Editor
Atiku Abubakar of the Peoples Democratic Party (PDP) has reiterated that Bola Tinubu is driving away investment in the economy with his hasty and poor implementation of the Lagos-Calabar Coastal Highway project, saying the demolition of tourist facilities on the route discourages foreign direct investment (FDI).
Atiku alleged the project is being rushed to satisfy the personal business interest of Tinubu, in violation of the presidential oath of office he took.
He cited the lack of proper notification regarding the demolition of tourist and recreational amenities, as well as other properties in the Oniru corridor, including sections of Landmark Beach Resort.
Works Minister Dave Umahi has, however, defended the demolitions to clear the way for the road.
The government has also begun payment of compensation to owners of properties on the route affected by the demolition.
Atiku’s latest criticism came in a statement issued on Sunday, which built on his earlier objection to the rationale for the project, the cost, and the secrecy in the selection of the contractor, Hitech, which he alleged got the contract based on the business relationship between Tinubu and Gilbert Chagoury, the owner of the company.
Touted foreign investment not forthcoming
“Rather than improving the ease of doing business, the Tinubu administration has shown to the world that his personal business interest and that of his family would always be prioritised over and above national interest,” Atiku said in the latest statement issued through his Media Adviser Paul Ibe.
He argued that in a more orderly environment, establishments like Landmark would have been provided with a minimum of two years’ notice to facilitate proper planning.
“Tinubu has been globetrotting in search of foreign direct investments. He claims to have secured over $30bn 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 fourth 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 for effective planning. But Tinubu’s eagerness to satisfy his business partners impaired his ability to coordinate the project properly.”
Project being rushed to satisfy Tinubu’s personal business interest
Atiku insisted the award of the Lagos-Calabar Highway contract was rushed, with the environmental impact assessment (EIA) report not even completed and the right of way for the 700km stretch of the highway project not secured.
He also questioned why the government converted the project from a public-private partnership (PPP) to a government-funded project.
“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,” Atiku added.
He also alleged
- The project is being expedited solely due to the business ties between Tinubu and Chagoury.
- The contract was granted in violation of procurement regulations.
“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.”
“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.
“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 described the project as “the most expensive single project ever embarked upon by the Nigerian government” and “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 $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.”
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