- Former Vice President Atiku Abubakar has urged President Bola Ahmed Tinubu to publicly address questions raised by international publication “The Economist” regarding approximately $20 billion worth of major government projects linked to his long-time business associate, Gilbert Chagoury.
- Atiku noted that at prevailing exchange rates, $20 billion translates to roughly ₦27 trillion, an amount approaching the scale of entire national budgets, demanding complete transparency over public procurement processes and competitive tendering.
- The African Democratic Congress (ADC) chieftain challenged the Federal Government to publish all procurement records, ultimate beneficial ownership structures, and tax concession details surrounding contracts awarded to Chagoury-affiliated enterprises.
Former Vice President and 2027 presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has challenged President Bola Ahmed Tinubu to provide a clear, transparent public account regarding questions reportedly raised by The Economist over approximately $20 billion (₦27 trillion) worth of government projects allegedly tied to his long-time associate, Gilbert Chagoury.
Eko Hot Blog reports that in a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku stated that the reported investigative findings by the British international publication have elevated concerns surrounding procurement practices, federal contract awards, and political patronage under the current administration beyond domestic political friction into the international spotlight.
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He emphasized that the presidency cannot dismiss these serious inquiries as mere partisan attacks, noting that international economic journals are not electoral opponents or political parties participating in Nigerian elections.
Atiku highlighted the unprecedented magnitude of the financial figures involved, stressing that a sum of ₦27 trillion represents a massive portion of the nation’s wealth that cannot be managed without open accountability.
He questioned the rationale behind concentrating major state infrastructure and development projects around corporate entities associated with a single close ally of the president, particularly at a time when ordinary citizens are being called upon to make deep personal sacrifices under severe economic hardship, rising living costs, and increased tax burdens.
According to the ADC leader, the Federal Government must directly address specific governance questions regarding whether these massive infrastructure contracts were subjected to open, competitive tendering processes in full accordance with public procurement laws.
He further demanded full disclosure regarding any special tax concessions, customs waivers, or financial privileges granted to the companies involved, as well as the complete verification of the ultimate beneficial owners behind contractor firms handling major federal projects.
Atiku criticized the administration’s routine reliance on presidential spokespersons to launch verbal attacks against critics rather than providing factual responses to allegations of cronyism and procurement opaqueness.
He maintained that true fiscal reform and economic restructuring cannot co-exist with secretive contracting practices that undermine public trust.
Gilbert Chagoury, a Lebanese-Nigerian billionaire businessman and founder of the Chagoury Group, has maintained a multi-decade friendship and commercial relationship with President Tinubu.
His business conglomerate possesses extensive operations spanning civil engineering, real estate development, hospitality, industrial manufacturing, and maritime infrastructure across Nigeria.
The emerging debate underscores growing public interest in how major capital projects are evaluated and assigned as the administration executes sweeping economic reforms across key sectors.
As opposition movements and civil society groups intensify political scrutiny ahead of the 2027 general election cycle, Atiku reiterated that public resources and federal contracts must be administered in full compliance with international standards of transparency, open competition, and democratic accountability.
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