Lagos-Calabar coastal toll road:Presidency tackles Atiku over‘battle of hobby’ claim

The Presidency Monday fired reduction at the presidential candidate of the Peoples Democratic Celebration (PDP) in the 2023 elections, Atiku Abubakar, accusing him of hypocrisy and depraved politics over his claims of battle of hobby in opposition to President Bola Tinubu.

In his most up-to-date verbal assault Tinubu’s administration and the Lagos-Calabar Coastal Freeway, the used nation’s quantity two man in an announcement by his media aide, Paul Ibe, accused President Tinubu of being confronted with the battle of interests in the execution of the mega project.

…What Atiku acknowledged

In the assertion issued Sunday, Ibe had acknowledged: “Citing a report by Paris-essentially based Africa Intelligence Information Company the build it became revealed by the Company Affairs Commission that Seyi is formally a commercial affiliate of Chagoury, the used Vice President acknowledged it became now now not dazzling that the Chagoury Community had change into the ultimate beneficiary of the Tinubu largesse.”

He acknowledged: “Thanks to quality reporting by Africa Intelligence, our suspicions were confirmed that Chagoury and Tinubu are certainly commercial partners and it has been formalised with Seyi on the board of one among Chagoury’s firms.

“The used Vice President restated that it has change into obtrusive even to the undiscerning that the Lagos-Calabar Coastal Freeway is being done in a inch purely due to the the commercial relationship between Tinubu and Gilbert Chagoury, the proprietor of Hitech, the contractor that became awarded the contract for the toll road project in contravention of the procurement guidelines. It is miles on file that this project is basically the most costly single project ever embarked upon by the Nigerian authorities. The fact that it’s a ways going down at a time Nigeria is facing its worst financial crisis ever is a pink flag.”

He added: “To add insult to hurt, this project that’s being done in great more than $13bn became awarded with out a competitive bidding. From all indications, the so-called Badagry-Sokoto toll road would possibly per chance be awarded in a identical style at a giant designate to taxpayers purely due to the Tinubu has set up his private hobby earlier than the Nigerian participants.”

…Presidency clarifies

However in a clarification issued Monday in an announcement in Abuja, Particular Adviser to the President on Information and Technique, Bayo Onanuga, described Atiku’s accusation as “humorous” and “routine,” given his history of breaching public carrier guidelines and abusing his office for non-public rep.

The assertion illustrious that Atiku had fashioned Intels Nigeria with an Italian businessman while serving in the Nigeria Customs Carrier and maintained his commercial links with the firm even as the Vice President, profitable main port concession deals.

The Presidency acknowledged Seyi Tinubu, a 38-year-used adult, has the upright to pursue decent commercial interests within the bounds of the guidelines, regardless of his father’s location as president.

He acknowledged Seyi joined the CDK board in 2018, representing the hobby of an investor firm, and is now now not a board member due to the his father’s friendship with the Chagourys.

The assertion acknowledged: “We stumbled on it routine that Alhaji Atiku would possibly per chance accuse President Tinubu of battle of hobby in the award of Lagos-Calabar Coastal toll road to Hitech Constructing Company which he claimed is owned by Chagoury family for the explanation that President’s son, Seyi Tinubu, sits on the board of CDK, a tiles manufacturing firm, essentially based in Sagamu, Ogun Assert.

“Nigerians must silent, by now, be smartly accustomed to Atiku’s hypocrisy on many national concerns. Is it now now not humorous that the used Vice President, a man who overtly acknowledged he fashioned Intels Nigeria with an Italian businessman when he became serving in the Nigeria Customs Carrier, a clear breach of extant public carrier guidelines, is now the one accusing every other person of battle of hobby?

“When he became Vice President of Nigeria between 1999 and 2007, he maintained his commercial links with Intels that won main port concession deals.

“Used to be this now now not an abuse of office, a flagrant violation of his oath, that a firm the build he became a co-proprietor won main authorities contracts and concessions when he became vp?

“As chairman of the national council on privatisation, he current gross sales of over 145 Assert-owned enterprises to his identified friends and co-workers and overtly acknowledged throughout his failed marketing campaign for the presidency final year that he would attain the same if elected.

“It is miles considerable to say clearly that Seyi Tinubu is a 38-year-used adult who has a upright to achieve commercial and pursue his commercial interests in Nigeria and anyplace in the field, within the bounds of the guidelines. The fact that his father is now the President of Nigeria does now now not disqualify Seyi from pursuing decent commercial interests.

“For the records, Seyi joined the Board of Directors of CDK in 2018, bigger than six years previously. He is representing the hobby of an investor firm, wherein he has hobby. He is now now not a board member due to the his father is a buddy of the Chagourys.  Information about the homeowners and shareholders of CDK is a matter of public file that would possibly per chance furthermore be overtly accessed from the online web page of the Company Affairs Commission and CDK.”

Making extra clarification, he acknowledged:  “Atiku and his proxy did now now not desire a runt-identified journal to recycle birth-source knowledge to invent a wrong argument. The Chairman of CDK and the ultimate shareholder of the firm is respected Overall TY Danjuma (rtd). The Chagourys are minority shareholders in the firm, and simplest one member of the clan is on its five-man board.

“We shock how Seyi’s membership of the board of CDK conflicts with Hitech Constructing Company’s work on the Lagos-Calabar Coastal superhighway.

“Alhaji Atiku has been waging an unrelenting war by distinction all-significant and transformative project for no justifiable reasons rather then depraved politics. Atiku is conscious of that it’s gigantic success and other tasks to be unfurled, akin to the Badagry-Sokoto superhighway, will doubtless be a significant boost for President Tinubu and at final upend his perennial presidential ambition.

“If now now not blinded by political sick-will, Alhaji Atiku is conscious of that the upright element for him to achieve is to applaud President Tinubu for the courageous and plucky Lagos-Calabar Freeway, which became popular by the Federal Executive Council.

“It is miles considerable to remind Alhaji Atiku that infrastructural tasks akin to the Lagos-Calabar Coastal Freeway are old to galvanise the financial system. In the US, President Joe Biden has old his $2 trillion bi-partisan infrastructure deal to revamp decaying American infrastructure and inject lifestyles into the US financial system.

“How can an elder statesman be waging a marketing campaign of calumny in opposition to the industrial fortunes and prosperity of a rustic he wishes to governor attempting to dart a project that will bring prosperity to nine coastal states and the nation in frequent?” Onanuga extra added.

…$20bn investment in the kitty

On every other leg of the ex-VP’s claims, the Presidency acknowledged the Tinubu administration had attracted over $20 billion in investments within its first year, opposite to claims made by him.

The assertion furthermore recalled that throughout Tinubu’s day out to India for the G20 Summit final September; Indian commercial leaders committed over $14 billion in fresh investments, with a gigantic fragment already in the country.

It extra pointed out that foreign investment in Nigeria’s stock market had furthermore elevated  by 415% from N18.12 billion in Q1 2023 to N93.37 billion in Q1 2024, marking a significant vote of self belief in the industrial reforms carried out by the Tinubu administration.

Onanuga acknowledged: “Opposite to Atiku’s claim, the Tinubu administration, within its first year, has attracted over $20 billion into the financial system. Whereas President Tinubu became in Unique Delhi, India for the G20 Summit final year in August, Indian commercial leaders committed over $14 billion in fresh investments. A appreciable fragment of this sum is already in the country.

“In an unmistakable vote of self belief in the industrial reforms being carried out by the Tinubu administration, foreign investment in Nigeria’s stock market has ballooned, from N18.12 billion in Q1 2023 to N93.37 billion in Q1 2024, an magnify of 415%. The final time Nigeria saw such level of investment became in the main quarter of 2019, when N97.6 billion became invested. The market, since Tinubu came to energy, has broken records and created more wealth for the traders.

“During President Tinubu’s fresh day out to The Netherlands, the High Minister, Mark Rutte, announced a original $ 250 million investment by Dutch businesses in Nigeria.

“Diversified sectors of the financial system, especially telecoms, manufacturing, solid minerals, oil and gasoline, e-commerce, and fintech, are attracting fresh Faraway places Mumble Investments from discerning traders who know Nigeria is a staunch market for bountiful returns.”

Also on the reclassification of Nigeria’s financial system to fourth greatest in Africa, the assertion acknowledged that “Nigeria’s financial system is being reclassified by the IMF as the fourth greatest in Africa is old news. This took location due to the the devaluation of the Naira and President Tinubu’s obvious effort to home the financial system on the route of sustainable yelp.

“Below the modern, courageous, artistic, and innovative leadership of President Tinubu, Nigeria will bounce reduction to the build it rightfully belongs as Africa’s greatest market and greatest financial system.

“The Tinubu administration targets a $1 trillion financial system in the following few years, with plucky financial programmes and significant infrastructure tasks in key sectors. With income rising in trillions and the introduction of the Renewed Hope Infrastructure Fund, which is poised to steal over N20 trillion this year alone, now we private no doubt that the $1 trillion financial system is realizable.”