Former vice president Atiku Abubakar has said that Seyi Tinubu, President Bola Tinubu’s son, is a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, and therefore faulted the award of contract for the Lagos-Calabar coastal road.
The Federal Government recently started the construction of the 700km Lagos-Calabar coastal road which is being done by Hitech Construction Company Ltd. The Chagoury Group is the firm’s parent company.
Atiku claimed that since Seyi Tinubu is on the board of CDK, the award of the contract to Hitech Construction Company Ltd constitutes a conflict of interest.
“The former Vice President noted that 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,” a Sunday statement by Atiku’s media aide Paul Ibe read.
“Citing a report by Paris-based Africa Intelligence News Agency where it was revealed by the Corporate Affairs Commission that Seyi is officially a business associate of Chagoury, the former Vice President said it was not surprising that the Chagoury Group had become the biggest beneficiary of the Tinubu largesse.”
“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 was quoted as saying in the statement.
He also accused President Tinubu of rushing to award the contract for the road, saying the country has other pressing needs to address.
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“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,” he said.
“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.”
“To add insult to injury, this project that is being done in excess of $13bn was awarded without a competitive bidding,” Atiku said.
The Federal Government recently began the demolition of structures for the project. But Atiku has faulted the move, saying it sends a bad signal to investors.
“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.
“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.”
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