The Presidency says Seyi Tinubu has a right to pursue his business interests in Nigeria and anywhere in the world within the limits of the law.
This is in response to former Vice President Atiku Abubakar, who in a statement, faulted the award of the contract for the Lagos-Calabar coastal road to Hitech Construction Company Ltd.
According to Atiku, the award of the contract to Hitech Construction Company Ltd constitutes a conflict of interest because Seyi Tinubu, the son of President Bola Tinubu, is a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which is also the parent company of Hitech.
However, in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency accused Atiku of being hypocritical on many national issues.
Onanuga said that the fact that Seyi Tinubu’s father is now the President of Nigeria does not disqualify him from pursuing legitimate business interests.
The presidential aide noted that the Seyi Tinubu joined the Board of Directors of CDK in 2018, more than six years ago, adding that he is representing the interest of an investor company.
Onanuga said he found it strange that Atiku could accuse Tinubu of conflict of interest in the award of Lagos-Calabar Coastal highway to Hitech Construction Company. “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.
“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.”
He said that contrary to Atiku’s claim that the Chagourys own the CDK, the Chairman of the company and its highest shareholder is respected General TY Danjuma (rtd). He added that the Chagourys are minority shareholders in the company, and only one member of the clan is on its five-man board.
“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.
