Former Vice President Atiku Abubakar has called on President Bola Tinubu to focus on attracting genuine investors to Nigeria, stating that propaganda alone cannot attract Foreign Direct Investment (FDI).
Atiku’s statement, made through his media aide Paul Ibe, alleges that President Tinubu’s son, Seyi, serves on the board of companies owned by Gilbert Chagoury, constituting a conflict of interest.
Atiku cites a report by the Paris-based Africa Intelligence News Agency, which claims that Seyi Tinubu is a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group that manufactures ceramic tiles and sanitary towels. The former vice president suggests that the Lagos-Calabar Coastal Highway project is being rushed due to the business relationship between Tinubu and Chagoury, the owner of Hitech, the contractor awarded the project without competitive bidding.
Atiku also criticizes the demolition of tourist and recreational facilities and other properties within the Oniru corridor, including parts of Landmark, without ample notice, as one of the reasons foreign direct investments continue to elude the country. He claims that President Tinubu has been traveling abroad in search of foreign direct investments, claiming to have secured over $30 billion from various companies, but none of these investments have materialized.
The former vice president also points out that manufacturing firms have been posting heavy losses, and some are exiting due to the 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. Atiku cites the IMF’s latest report, stating that Nigeria will become the 4th largest economy in Africa by the end of the year, behind South Africa, Egypt, and Algeria, a development he considers disgraceful.
Atiku argues that investors are wary of how local businesses are being treated and will not invest in a place where their investments are not protected. He suggests that businesses such as Landmark should have been given at least two years’ notice for effective planning, but the Tinubu administration’s eagerness to satisfy its business partners impaired its ability to coordinate the project properly.
The former vice president also criticizes the awarding of the Lagos-Calabar coastal highway, stating that the environmental impact assessment report was not completed, the right of way for the 700 km stretch of the highway project was not secured, and the project was converted from a PPP to a government-funded project without proper approval from the National Assembly.
Atiku concludes by highlighting the lack of coordination and transparency in the Tinubu administration, citing the false claim of removing subsidies and the revelation by Nasir el-Rufai of secretly paying billions monthly, as well as the ongoing petrol scarcity across the country.
