Victor EzejaFormer Vice-President Atiku Abubakar has again spoken against the quest by the President Bola Ahmed Tinubu administration to construct a 700-kilometre Lagos-Calabar coastal highway, alleging that due diligence was not done in awarding the contract.
According to Atiku, Tinubu’s government did not follow due process in awarding the contract, failed to conduct an Environmental Impact Assessment (EIA), and did not secure the right of way for the 700 km stretch of the highway project among other irregularities he observed.
Prime Business Africa reports that Atiku had earlier criticised the Tinubu government for hurriedly awarding the contract without adhering to the provisions of the procurement laws which among others, stipulate that there should be a competitive bidding process.
The coastal road construction project was awarded to Hitech, owned by Gilbert Chagoury, who is alleged to be Tinubu’s business associate.
In a statement by his media adviser, Paul Ibe, Atiku accused President Tinubu of a conflict of interest in the coastal road project because his son, Seyi, was on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, owned by Gilbert Chagoury.
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Atiku, who cited a report by a Paris-based Africa Intelligence News Agency that quoted the Corporate Affairs Commission revealing that Seyi was officially a business associate of Chagoury, claimed it was not surprising that the Chagoury Group had emerged as the main recipient of the Tinubu largesse.
He warned that the Tinubu government’s action is capable of scaring away investors and could ruined people’s investments already in existence.
“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,” he stated.
Insisting that Tinubu’s government did not follow due process in awarding the contract, Atiku said: “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 when 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 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.”
“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.
“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.”
The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 elections claimed that the demolitions done so far including parts of Landmark Resort and Hotels, on the Project’s right of way, were done without adequate notice to the owners of the properties, adding that such action has implication on discouraging foreign direct investments in the country.
He accused the Tinubu administration of prioritising family and personal business over national interest and promoting ease of doing business in the country.
According to him, while the president and his economic team are traversing the globe in search of foreign direct investments, there is no evidence that the efforts have yielded results. He added that the Tinubu government’s economic reforms have created a harsh climate for businesses that have declared losses.
“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. 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.”
Atiku urged Tinubu and his economic team to concentrate on enhancing the ease of doing business rather than spreading misinformation.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
