Atiku Abubakar, the 2023 Presidential candidate for the Peoples Democratic Party, has stated that the lack of proper notice about the demolition of tourist and recreational facilities, as well as other properties within the Oniru corridor, including parts of Landmark in Lagos State, for the construction of the Coastal Highway, is a major reason for Nigeria's struggle to attract foreign investments.
The ongoing development of the Lagos-Calabar Coastal Highway continues to receive both praise and criticism.
The demolition of numerous recreational centers in Lagos has recently been carried out to speed up the construction of the Lagos-Calabar Coastal Highway.
Minister of Works, Dave Umahi, has consistently defended the demolitions, emphasizing the need to clear the landmark center and other properties within the Federal Government’s Right-of-Way.
The Federal Government initiated compensation payments to affected property owners, starting on Wednesday.
In a statement released by his media adviser, Paul Ibe, on Sunday, Atiku claimed that the Coastal Highway project is being expedited solely because of the business relationship between President Bola Tinubu and Gilbert Chagoury, the owner of Hitech, the contractor responsible for the highway project.
The former Vice President asserted that the contract was granted in violation of procurement regulations and highlighted the involvement of President Bola Tinubu’s son and his associates on the boards of companies owned by Gilbert Chagoury, which he sees as 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.
The former Vice President pointed out 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.
Atiku, describing it as unsurprising that the Chagoury Group had emerged as the primary recipient of Tinubu’s generosity, stated, “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 argued that rather than improving the ease of doing business, the Tinubu government had allegedly shown the global community that his business ventures and those of his family would consistently take priority over national interests.
He stated, “The fact that it is happening at a time when Nigeria is facing its worst economic crisis ever is a red flag.
The project worth over $13bn was given without competitive bidding, insultingly. It looks like the Badagry-Sokoto highway will also be awarded at a huge cost just because of Tinubu's personal interest.
Atiku mentioned that the lack of proper notice for demolishing tourist and recreational facilities and properties in the Oniru area, including parts of Landmark, is one reason why foreign investments aren't coming to the country.
He argued that instead of making it easier to do business, the Tinubu government always puts his and his family's business interests above national interest.
Atiku stated that investors notice how local businesses are treated and will avoid investing in places where their investments aren't protected.
He also said that in more organized places, businesses like Landmark would have been given at least two years' notice for better planning.
Atiku mentioned that despite Tinubu claiming to have secured over $30 billion in foreign investments, no money has come in, and manufacturing firms are suffering losses and some are leaving due to poorly implemented policies.
The IMF reported that Nigeria will soon become the 4th largest economy in Africa by the end of the year, which is embarrassing considering Nigeria was the largest in Africa by far in 2015 when the PDP left power.
Investors are observing how local businesses are treated and won't come to a place where their investments won't be protected. In more reasonable places, establishments like Landmark would have been given at least two years' notice for proper planning. But Tinubu's eagerness to please his business partners affected his ability to manage the project well.
The awarding of the Lagos-Calabar coastal highway was rushed; the environmental impact assessment report was not even finished; the right of way for the 700 km stretch of the highway project was not secured; it was changed from a PPP to a government-funded project very quickly. The N500m 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.
