The Presidential media team has responded to Former Vice President Atiku Abubakar’s comments on the Lagos-Calabar coastal road project.

Replying the Vice President, Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga said, “Alhaji Atiku has been waging an unrelenting war against this all-important and transformative project for no justifiable reasons other than bad politics. Atiku knows that its grand success and other projects to be unfurled, such as the Badagry-Sokoto superhighway, will be a major boost for President Tinubu and finally upend his perennial presidential ambition.”

The Presidential aide also accused the former Vice President of breaching Public service regulations when he was in power.

Describing the allegations levelled against the President of favouritism in contract allocations, Onanuga noted that Seyi Tinubu has nothing to do with HiTech.

He explained that, “Seyi Tinubu is a 38-year-old adult who has a right to do business and pursue his business interests in Nigeria and anywhere in the world within the limits of the law. The fact that his father is now the President of Nigeria does not disqualify Seyi from pursuing legitimate business interests.”

The full statement by Onanuga reads thus: “Former Vice President and Peoples Democratic Party Presidential Candidate in the 2023 election, Alhaji Atiku Abubakar, is fast developing a reputation for distorting and manipulating facts for his self-serving objective of discrediting the current administration.

“In his latest press statement, the defeated PDP presidential candidate made wild claims on a number of issues that need to be corrected so that the public will not be misled into accepting fallacies as the truth.

“The President Bola Tinubu-led administration believes that every true and patriotic Nigerian, regardless of political differences, should work to promote the unity and economic well-being of the country and not delegitimise genuine efforts of the Federal Government to encourage local and foreign investments into the economy.

“Contrary to Atiku’s claim, the Tinubu administration, within its first year, has attracted over $20 billion into the economy. While President Tinubu was in New Delhi, India for G20 Summit last year August, Indian business leaders committed over $14 billion in new investments.  A substantial part of this sum is already in the country.

“In an unmistakable vote of confidence in the economic reforms being executed by the Tinubu administration, foreign investment in Nigeria’s stock market has  ballooned, from N18.12 billion in Q1 2023  to N93.37 billion in Q1 2024, an increase of 415%. The last time Nigeria saw such level of investment was in the first quarter of 2019, when N97.6 billion was invested. The market, since Tinubu came to power, has broken records and created more wealth for the investors.

“During President Tinubu’s  recent trip to The Netherlands, the Prime Minister, Mark Rutte, announced a fresh $ 250 million investment by Dutch businesses in Nigeria.

“Different sectors of the economy, especially telecoms, manufacturing, solid minerals, oil and gas, e-commerce, and fintech, are attracting new Foreign Direct Investments from discerning investors who know Nigeria is a good market for bountiful returns.

“We found it strange that Alhaji Atiku could accuse President Tinubu of conflict of interest in the award of Lagos-Calabar Coastal highway to Hitech Construction Company which he claimed is owned by Chagoury family because the President’s son, Seyi Tinubu, sits on the board of CDK, a tiles manufacturing company, based in Sagamu, Ogun State.

“Nigerians should, by now, be well accustomed to Atiku’s hypocrisy on many national issues. Is it not amusing that the former Vice President, a man who openly said he formed Intels Nigeria with an Italian businessman when he was serving in the Nigeria Customs Service, a clear breach of extant public service regulations, is now the one accusing someone else of conflict of interest?

“When he was Vice President of Nigeria between 1999-2007, he maintained his business links with Intels that won major port concession deals.

“Was this not an abuse of office, a flagrant violation of his oath, that a company where he was a co-owner won major government contracts and concessions when he was vice president?

“As Chairman of the National Council on Privatisation, he approved sales of over 145 State-owned enterprises to his known friends and associates and openly said during his failed campaign for the presidency last year that he would do the same, if elected.

“It is important to state clearly that Seyi Tinubu is a 38 year-old adult who has a right to do business and pursue his business interests in Nigeria and anywhere in the world within the limits of the law. The fact that his father is now the President of Nigeria does not disqualify Seyi from pursuing legitimate business interests.

“For the record, Seyi joined the Board of Directors of CDK in 2018, more than six years ago. He is representing the interest of an investor company, in which he has interest. He is not a board member because his father is a friend of the Chagourys.  Information about owners and shareholders of CDK is a matter of public record that can be openly accessed from the website of the Corporate Affairs Commission and CDK’s.

“Atiku and his proxy did not need a little-known journal to recycle open-source information to make a fallacious argument. The Chairman of CDK and the highest shareholder of the company is respected General TY Danjuma (rtd). The Chagourys are minority shareholders in the company, and only one member of the clan is on its five-man board.

“We wonder how Seyi’s membership of the board of  CDK conflicts with Hitech Construction Company’s work on Lagos-Calabar Coastal superhighway.

“If not blinded by political ill-will, Alhaji Atiku knows that the right thing for him to do is to applaud President Tinubu for the ambitious and audacious Lagos-Calabar Highway, which was authorised by the Federal Executive Council.

“It is important to remind Alhaji Atiku that infrastructural projects such as the Lagos-Calabar Coastal Highway are used to galvanise the economy. In the US, President Joe Biden has used his $2 trillion bi-partisan infrastructure deal to revamp decaying American infrastructure and inject life into the US economy.

“How can an elder-statesman be waging a campaign of calumny against the economic fortunes and prosperity of a country he wishes to govern or trying to scuttle a project that will bring prosperity to nine coastal states and the nation in general?

“That Nigeria’s economy is being reclassified by the IMF as the fourth largest in Africa is stale news. This happened because of the devaluation of the Naira and President Tinubu’s determined effort to set the economy on the path of sustainable growth. Under  the progressive, bold, inventive, and innovative leadership of President Tinubu, Nigeria will bounce back to where it rightfully belongs as Africa’s largest market and biggest economy.

“The Tinubu administration targets a $1 trillion economy in the next few years, with audacious economic programmes and critical infrastructure projects in key sectors. With revenue rising in trillions and the creation of the Renewed Hope Infrastructure Fund, which is poised to raise over N20 trillion this year alone, we have no doubt that the $ 1 trillion economy is realisable.”

Recall that the Former VP strongly condemned the demolition of properties in the Oniru corridor, including parts of Lagos State’s landmark, tourist, and recreational attractions, to make way for the Coastal Highway project.

Atiku criticised the lack of proper notification and the Tinubu-led government’s handling of the project, which he believes is a major hindrance to Nigeria’s ability to attract foreign direct investment.

In a statement issued on Sunday by his media adviser, Paul Ibe, Atiku alleged that President Bola Tinubu and Gilbert Chagoury, the owner of Hitech, the contractor handling the highway project, are the sole driving forces behind the rapid progress of the Coastal Highway project.

He claimed that the contract was awarded in violation of procurement regulations, raising concerns about transparency and accountability.

Furthermore, Atiku highlighted a clear conflict of interest, pointing out that President Tinubu’s son and associates hold positions on the boards of companies owned by Gilbert Chagoury.

The former Vice President noted 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.”

The Lagos State Chapter of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has elected a new chairman and executive members.

Efosa Ewere emerged as the 12th chairman of the institute, and was inducted alongside other executives in a ceremony held in Lagos.

The event, chaired by Olatunde Busari, was attended by seasoned governance professionals, including members of the Governing Council of ICSAN. Busari praised Ewere’s attributes of discipline, hard work, and commitment to excellence, which he said had remained consistent throughout her professional career.

Tolu Odukale, a partner and Head of Governance, Risk, and Compliance at KPMG Advisory Services, delivered the keynote address, titled “The Triad of Effective Governance: Engage, Empower, and Excel.”

Odukale emphasised the crucial role of effective governance in business growth and sustainability, and urged members of corporate boards to adopt the tripartite structures of engagement, empowerment, and excellence in the strategic governance of their organizations.

The new executive council is expected to lead the Lagos chapter of ICSAN in promoting good governance and best practices in corporate administration and secretarial duties.

In her address, President Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and Chairman of the Governing Council,  Funmi Ekundayo, urged members to continue to promote the professionalism and ethical standards ICSAN represents.

Ekundayo expressed unwavering confidence in Ewere’s leadership capabilities, congratulating her and the newly appointed executive committee members. He firmly believed that under Ewere’s guidance, the Lagos Chapter would reach new heights as the flagship chapter.

In her acceptance speech as the 12th Chairman of ICSAN Lagos Chapter, Ewere recognized the solid groundwork laid by previous chapter leaders.

She committed to enhancing the chapter’s growth by empowering members at all levels and advocating for corporate governance awareness from the grassroots up.

By Sodiq Adelakun

A devastating flood caused by Monday morning’s heavy downpour has severely damaged the Amje Estaport community bridge on Olakunle Ojo Street, Agbado/Oke-Odo LCDA, Lagos, effectively cutting off the area into two parts.

According to Pastor Samson Akinde, Chairman of the Amje Estaport CDA, the floodwaters overflowed from various streets in Mosholasi and Abucon drainages, converging and emptying into Awotula Close, before channeling into the bridge with significant force, causing extensive damage.

In his words, “The flood damaged the bridge’s pillars, weakening its foundation, and washed away the sand supporting adjacent drainages.

“The collapsed bridge served approximately 20 communities, acting as the sole link road from the Lagos-Abeokuta express road into Old Otta.”

He said that the collapse of the Amje Estaport community bridge has not only left residents stranded but also damaged a portion of the newly tarred road facilitated by Senator Ayo Akinyelure.

However, the CDA chairman urged the governor to take swift action to mitigate the effects of the torrential flood that caused the damage.

Efforts to reach Engr. Famuyiwa for comments were unsuccessful, as he was unavailable to explain why the LCDA failed to act on the community’s appeals and utilize ecological funds for the project.