By Kingston Magare 10.8.2026
President Bola Tinubu has been called upon to throw more light on how Gilbert Chagoury a Nigerian-Lebanese businessman secured government contracts worth $20 billion without due process.
Former Vice President and African Democratic Congress presidential candidate for the 2027 election Atiku Abubakar, made the charge while reacting to reports by influential publication The ECONOMIST.
Atiku argued the revelation raises questions about the credibility of Tinubu’s administration.
“At prevailing exchange rates, $20 billion is approximately ₦27 trillion. Nigerians deserve to know how projects of such staggering value became concentrated around businesses linked to one man who happens to be a close associate of President Tinubu,” Atiku said in a statement signed by his Media aide Phrank Shaibu.
“This is not a pocket change. This is an amount approaching the scale of entire national budgets. Nigerians cannot be asked to tighten their belts while those around the President appear to be tightening their grip on some of the biggest contracts in the country.
“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?
“President Tinubu cannot answer every allegation of corruption and cronyism by deploying presidential spokesmen to abuse critics. The Economist is not an opposition party. It is not on the ballot in 2027. The President should answer the questions it has raised.
“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.”
Atiku urged the President to speak according to him: “Nigeria is a republic, not a friends-and-family investment portfolio. ₦27 trillion demands answers. President Tinubu must provide them.”