Advocate.ng Latest news update on politics, entertainment, sport and more
The presidency has responded to former Vice President Alhaji Atiku Abubakar’s criticism of President Bola Tinubu and his son, Seyi, over their business affiliations with the Chagoury Group, calling the claims baseless.
Special Adviser to the president on Information and Strategy, Mr Bayo Onanuga, addressed the allegations in a statement, highlighting the administration’s achievements in attracting foreign investments and defending Seyi’s right to engage in legitimate business activities.
Onanuga accused Atiku of distorting facts for personal gain, noting that the current administration has attracted over $20 billion in foreign investments within its first year.
He pointed to President Tinubu’s visit to New Delhi, India, last August, where Indian business leaders committed over $14 billion in new investments, a significant portion of which is already in the country.
Furthermore, foreign investment in Nigeria’s stock market has grown from N18.12 billion in Q1 2023 to N93.37 billion in Q1 2024, an increase of 415 percent.
The presidential spokesman also addressed the issue of the Lagos-Calabar coastal highway contract, which Atiku claimed was awarded to Hitech Construction Company, owned by the Chagoury family, in which Seyi Tinubu sits on the board of a subsidiary company.
Onanuga argued that Seyi, as a 38-year-old adult, has the right to pursue legitimate business interests within the limits of the law.
He emphasized that the fact that Seyi’s father is the president of Nigeria does not disqualify him from engaging in business.
Onanuga also criticized Atiku for his hypocrisy, citing his own business dealings while serving as Vice President and his admission of forming a company with an Italian businessman while in the Nigeria Customs Service, which he deemed a clear breach of public service regulations.
The statement also highlighted the administration’s commitment to economic reforms and infrastructure projects, such as the ambitious Lagos-Calabar coastal highway, which is expected to boost the economy and galvanize growth in nine coastal states and the nation.
Onanuga stressed that under President Tinubu’s leadership, Nigeria is on the path to becoming Africa’s largest market and biggest economy, with a target of a $1 trillion economy in the next few years.
The administration remains focused on attracting foreign investments, implementing economic reforms, and executing critical infrastructure projects to foster growth and prosperity for the nation.
Subscribe to the Advocate News letter and receive news updates daily in your inbox.
