Coastal highway: Tinubu’s son on Chagoury’s board is a conflict of interest, says Atiku

Coastal highway: Tinubu’s son on Chagoury’s board is a conflict of interest, says Atiku

 Atiku Abubakar, presidential candidate of the Peoples
Democratic Party (PDP) in the 2023 elections, says there is a conflict of
interest in the federal government awarding the construction of the
Lagos-Calabar Coastal Highway to Hitech Construction Company Ltd. Abubakar spoke in a statement issued by Paul Ibe, his media
aide, on Sunday. Recently, the federal government commenced the construction
of the 700km Lagos-Calabar coastal road, which is expected to run through the
shoreline of beach resorts in Lagos while traversing eight other states. The project has generated controversy about funding the
businesses that would be affected by the construction and the timing of its
implementation. Atiku has been one of the vocal critics of the project. In his latest criticism of the proposed infrastructure,
Atiku said Seyi, the son of President Bola Tinubu, is a director on the board
of CDK Integrated Industries, a subsidiary of the Chagoury Group, which is also
the parent company of Hitech Construction Company Ltd. The former vice-president cited a recent report by the
Paris-based Africa Intelligence News Agency that Seyi is a formalised business
partner with the owners of Hitech Construction Company Ltd. A check confirmed that Seyi is listed as a director on the
website of CDK Integrated Industries. CDK Integrated Industries manufactures ceramic tiles and
sanitary towels and is one of several subsidiary companies under the Chagoury
Group, including Hitech Construction Company Ltd. Abubakar accused Tinubu of prioritising his business
interests and those of his family above the country’s wellbeing. He claimed the coastal highway project was “rushed and
without a competitive bidding”.  “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,” the statement reads. “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. “To add insult to injury, this project that is being done in
excess of $13bn was awarded without a 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.” WHAT IS CHAGOURY
GROUP?The company was founded by Gilbert and Ronald Chagoury
brothers born in Nigeria by Lebanese immigrants, in 1971. The conglomerate owns construction, real estate, hospitality,
glass and flour milling businesses. Gilbert is also a major funder of the Eko Atlantic project
through South Energyx Nigeria Limited, a subsidiary of the Chagoury Group. 













































































In 2023, he was listed among Nigeria’s delegation to COP28
in Dubai, United Arab Emirates, as a “confidante” of  Tinubu.

Source: Coastal highway: Tinubu’s son on Chagoury’s board is a conflict of interest, says Atiku

 - NigerianEye

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