By Mandy Park
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has challenged President Bola Ahmed Tinubu to provide detailed explanations on about $20 billion worth of government projects reportedly linked to Lebanese-Nigerian businessman and longtime presidential associate, Gilbert Chagoury.
Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, said the issues reportedly raised by The Economist had heightened concerns over procurement practices under the Tinubu administration and raised questions about transparency, accountability and possible conflicts of interest.
According to him, the reported value of the projects, estimated at about $20 billion, translates to roughly ₦27 trillion at prevailing exchange rates, making the matter too significant to be dismissed as ordinary political criticism.
“This is not pocket change. This is an amount approaching the scale of entire national budgets,” Atiku said.
He called on the Presidency to address specific questions surrounding the procurement of the projects, including the companies awarded the contracts, the processes through which the contracts were obtained, and whether the projects were subjected to competitive tendering.
Atiku also demanded clarification on any tax concessions, waivers or other privileges that may have been granted to companies associated with Chagoury, as well as disclosure of the ultimate beneficial owners of the businesses involved.
“The questions are simple: Who awarded these contracts? Were they competitively tendered? What tax concessions, waivers or privileges were granted? Who are the ultimate beneficial owners? And why does the same presidential associate keep appearing around projects worth billions of dollars?” he asked.
The former vice president further criticised what he described as the administration’s tendency to respond to allegations of corruption and alleged cronyism through attacks on its critics rather than directly addressing the substance of the allegations.
He argued that the questions reportedly raised by The Economist should be answered by the President because of the enormous financial implications and the need to protect public confidence in government institutions.
“The Economist is not an opposition party. It is not on the ballot in 2027. The President should answer the questions it has raised,” Atiku said.
He said the controversy was particularly troubling against the backdrop of economic difficulties facing Nigerians, including rising living costs and increased financial pressure on households and businesses.
According to him, Nigerians who are being asked to endure economic hardship and make sacrifices in support of the government’s reform programme have a right to demand greater transparency in the management of public resources.
“You cannot preach sacrifice to hungry Nigerians while questions hang over ₦27 trillion worth of projects linked to your friend. That is not reform. It is an assault on public trust,” he stated.
Atiku consequently called on the Presidency to make public comprehensive information on the projects reportedly linked to Chagoury, including procurement records, ownership structures, contract awards, tax concessions and other relevant government approvals.
“Nigeria is a republic, not a friends-and-family investment portfolio. ₦27 trillion demands answers. President Tinubu must provide them,” he said.
The allegations come amid broader public debate over transparency in public procurement and the need to strengthen mechanisms for preventing conflicts of interest in the award and execution of major government projects.
The Presidency has yet to provide a detailed response to the specific questions raised by Atiku in the statement.
