Seyi Tinubu has right to pursue legitimate business interest – Presidency replies Atiku

THE Presidency has stated that Seyi Tinubu has the right to engage in his business activities in Nigeria and globally as long as he operates within the boundaries of the law.

This response comes after former Vice President Atiku Abubakar criticized the awarding of the Lagos-Calabar coastal road contract to Hitech Construction Company Ltd, citing a conflict of interest due to Seyi Tinubu’s position on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group which owns Hitech.

The Presidency, through Special Adviser Bayo Onanuga, accused Atiku of hypocrisy on various national matters.

Onanuga emphasized that Seyi Tinubu’s relationship with President Bola Tinubu does not disqualify him from pursuing lawful business ventures.

He highlighted that Seyi Tinubu has been a director at CDK since 2018, representing an investor company’s interests.

The statement pointed out Atiku’s own business dealings during his time as Vice President, including maintaining ties with Intels Nigeria and approving sales of state-owned enterprises to associates.

It clarified that CDK is primarily owned by General TY Danjuma, with the Chagourys as minority shareholders, and only one member of the family sits on the board.

The Presidency defended Seyi Tinubu’s board membership at CDK, asserting that his involvement does not conflict with Hitech Construction Company’s work on the Lagos-Calabar Coastal highway project.

The statement emphasized that Seyi Tinubu’s position is based on his business interests and not his father’s connections.

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.