Presidency defends Seyi Tinubu’s business interests, slams Atiku’s allegations

The Presidency has responded to allegations made by Atiku Abubakar regarding the award of the Lagos-Calabar coastal road contract to Hitech Construction Company Ltd, dismissing claims of favoritism and conflict of interest.

In a statement issued on Monday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Presidency defended Seyi Tinubu’s right to pursue legitimate business interests, citing his membership on the board of directors of CDK, an investor company with interests in Hitech Construction Company Ltd.

Onanuga emphasized that Seyi Tinubu joined the board in 2018, six years ago, and represents the interests of the investor company, not due to his father’s friendship with the Chagourys. He also clarified that information about CDK’s owners and shareholders is publicly accessible through the Corporate Affairs Commission and CDK’s website.

The Presidency questioned Atiku’s motives, wondering how Seyi’s membership on the board conflicts with Hitech Construction Company’s work on the Lagos-Calabar Coastal superhighway. The statement also highlighted that General TY Danjuma (rtd) is the Chairman and highest shareholder of CDK, with the Chagourys holding minority shares and only one member on the five-man board.

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“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 records, 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,” the statement read in part.

This response from the Presidency aims to set the record straight and dispel allegations of nepotism and favoritism in the awarding of the contract. The debate raises important questions about the role of family members in business and politics, and the need for transparency in such dealings.

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