Atiku links Lagos-Calabar Coastal Highway to Tinubu, Chagoury business relationship

A former Vice President and candidate of the Peoples Democratic Party (PDP) in the 2023 presidential election, Atiku Abubakar has linked the expedited execution of the Lagos-Calabar Coastal Highway to the business relationship between President Bola Tinubu and Gilbert Chagoury, the owner of Hitech Construction.

Atiku further stated that the lack of proper notification regarding the demolition of tourist and recreational amenities, as well as other properties within the Oniru corridor, including sections of Landmark in Lagos State, to facilitate the construction of the Coastal Highway, is a key factor contributing to Nigeria’s ongoing struggle to attract foreign direct investments.

It will be recalled that the construction of the 700 super highway has attracted both criticism and praise, especially with the the demolition of numerous recreational centers in Lagos.

Atiku, in a statement released by his media adviser, Paul Ibe, on Sunday, alleged that the Coastal Highway project is being expedited solely due to the business ties between President Bola Tinubu and Gilbert Chagoury, the owner of Hitech, the contractor responsible for the highway project.

The ex-Vice President asserted that the contract was granted in violation of procurement regulations. He further highlighted that the involvement of President Bola Tinubu’s son and his associates on the boards of companies belonging to Gilbert Chagoury presents a clear conflict of interest.

He stated: “The fact that President Bola Tinubu’s son and his surrogates are on the board of companies owned by Gilbert Chagoury 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.”

While describing it as unsurprising that the Chagoury Group had emerged as the primary recipient of Tinubu’s generosity, Atiku said: “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 contended that instead of enhancing the ease of doing business, the Tinubu government had allegedly demonstrated to the global community that his business endeavours and those of his family would consistently take precedence over national interests.

“The former Vice President restated that it has become obvious even to the undiscerning that the Lagos-Calabar Coastal Highway is being done in a hurry purely because of the business relationship between Tinubu and Gilbert Chagoury, the owner of Hitech, the contractor that was awarded the contract for the highway project in contravention of the procurement laws. 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 more than $13bn was awarded without competitive bidding. From all indications, the so-called Badagry-Sokoto highway would be awarded similarly at an enormous cost to taxpayers purely because Tinubu has put his interest ahead of the Nigerian people.

“Atiku said the demolition of tourist and recreational facilities and other properties within the Oniru corridor, including parts of Landmark, without ample notice, is one of the reasons foreign direct investments continue to elude the country.

“Rather than improving the ease of doing business, the Tinubu administration had shown to the world that his personal business interest and that of his family would always be prioritized over and above national interest”, the statement read in part.

The former Vice President further noted that investors observe the treatment of local businesses and would avoid regions where their investments lack protection.

According to him, in more orderly environments, 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 $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 for effective planning. But Tinubu’s eagerness to satisfy his business partners impaired his ability to coordinate the project properly.

“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 700km 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 PDP chieftain said.

https://www.ripplesnigeria.com/atiku-links-lagos-calabar-coastal-highway-to-tinubu-chagoury-business-relationship/

Igberara lenu Nigeria oppositions

“The former Vice President restated that it has become obvious even to the undiscerning that the Lagos-Calabar Coastal Highway is being done in a hurry purely because of the business relationship between Tinubu and Gilbert Chagoury, the owner of Hitech, the contractor that was awarded the contract for the highway project in contravention of the procurement laws. 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 more than $13bn was awarded without competitive bidding. From all indications, the so-called Badagry-Sokoto highway would be awarded similarly at an enormous cost to taxpayers purely because Tinubu has put his 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 700km 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 PDP chieftain said.

It has never been in doubt that Tinubu engages in dubious and shady deals. Even his ardent supporters know this very fact. 

Atiku rightly describes the project as a highway of fraud. A highway of fraud from Bourdillon to Lebanon

This old fool go wail tire... Nobody born of woman can stop this road

This old man is still bitter he lost the election.

Atiku u go shout tire. otilo.

Too many noises about the Lagos-Calabar coastal highway that lead to nowhere is alarming

Atiku go siddon abeg

If Umahi is not a coward, he should tell Atiku that he is inciting northerners against Tinubu.

Na so this clown go wail for 8 years. Be like say him and gbajue planned the wailing

This is terrible evil from the Tinubu APC administration.

helinues:
Igberara lenu Nigeria oppositions

It seems the intensity of the heat was increasingly becoming unbearable for Atiku and he may go bankrupt any moment from now.
Tinubu government’s policies and programs seem to be hitting his business interests hard where it hurts most and this may cripple his assets base.

Coolestguy2023:
Na so this clown go wail for 8 years. Be like say him and gbajue planned the wailing

Tinubu has lost the whole north and eastern votes. I wonder where the 8yrs will come from. Unfortunately, agbados can't think because agbado has clogged their brains

Tinubu is still better than all of you who contested presidency,so go stop selling ya sabotaging strategy for your generators that kept naija from having steady light maluu

Coolestguy2023:
Na so this clown go wail for 8 years. Be like say him and gbajue planned the wailing

the same hardship that is affecting you and your family.
You dull gan

Dave Umahi, oya tell Atiku that he is inciting northerners against Tinubu if you aren't the most foolish idiot on earth.

DrAkpamudehe:


Tinubu has lost the whole north and eastern votes. I wonder where the 8yrs will come from. Unfortunately, agbados can't think because agbado has clogged their brains

shut up You said more than these before and during last election yet Your story was hooooo God.

Atiku had told Kadaria Ahmed in the buildup to the 2019 elections that he didn't intend to enrich members of his family, but his friends because according to him: "are my friends not entitled to be rich?"

This same Atiku was a major shareholder in Intels that was involved in doing business in the ports.

Now, it is Atiku that has been accusing Tinubu of being friends with Gilbert Chagoury. So assuming, assuming oh, Tinubu enriched his friend, HOW?

Is Tinubu funding the entire project? Is it not the Chagoury himself who'd fund it with 10% counterpart funding from Nigeria, part of which has been paid?

The questions I have for Tinubu and the works minister are:

(1) Was there no other company willing to fund the project? CCECC, Dantata and Sawoe, Setraco, Julius Berger, RCC, or Arab Contractors?

(2) How does Hitech intend to secure their financing for the project? Mr Gilbert Chagoury is one of the wealthiest Nigerians. Can he get more of his friends to pool money into the project? If he can pull that off, that would be a big plus.

(3) Dangote delivered on the 43km Obajana-Kabba road and I don't know if he has completed the Apapa-Oshodi Expressway yet. BUA also got several road construction projects to be funded by them in exchange for tax credits.

From the above, this model of project financing is proving to be successful and must be pursued further.

Now, what I strongly advise Tinubu to do is this: instead of prosecuting people who stole our money, gather all of them and ask them to put these funds into financing massive infrastructural development. Convince them that they can toll the roads for 25 years and hand them over. Government can pay counterpart funding to share the future revenue from tolls before they are handed over.

Use this scheme to build more power plants and work on transmission.

What we want to see are massive infrastructural development nationwide. We want to see people working and the economy moving.

You will succeed. The courage to take the big decisions is there. Do not relent.

Coastal road to looting
Combine business

Sometimes read the message n understand..
Tinubu is doing us real shege in this hopeless renewed agenda.

Atiku said it, but somehow they’ll end up facing Obi! That project will not go beyond the door mouth of Eko Atlantic in the next eight years. Mark this comment, no be today Naija & white elephant project be 5 & 6.