Presidency Defends Seyi Tinubu’s Business Interests, Says He Joined CDK Board in 2018


May 6, 2024

The presidency has responded to allegations of conflict of interest leveled against President Bola Tinubu’s son, Seyi Tinubu, regarding his membership on the Board of Directors of CDK, a tiles manufacturing company based in Sagamu, Ogun State.

According to Special Adviser to the President, Bayo Onanuga, Seyi joined the board in 2018, representing an investor company in which he has interests.

Onanuga emphasized that Seyi’s position on the board does not conflict with Hitech Construction Company’s work on the Lagos-Calabar Coastal superhighway, as alleged by former Vice President Atiku Abubakar. He stressed that Seyi, as a 38-year-old adult, has the right to pursue legitimate business interests within the law, just like any other Nigerian.

The presidency also clarified that CDK’s ownership and shareholder information is publicly available, and that General TY Danjuma (rtd) is the chairman and highest shareholder, with a 70% stake in the company. The Chagourys, who own Hitech Construction Company, are minority shareholders with only one representative on the five-man board, holding a mere 10% stake.

Onanuga wondered how Seyi’s membership on the CDK board could possibly influence the award of the Lagos-Calabar Coastal Highway contract to Hitech Construction Company, given the clear distinction between the two companies and their respective interests.

The response aims to set the record straight and dispel allegations of wrongdoing, emphasizing that Seyi’s business interests are legitimate, transparent, and do not compromise his father’s position as President.

By providing more context and details, the presidency seeks to demonstrate that the allegations are baseless and driven by political motives, rather than any genuine concern for conflict of interest or ethical governance.”

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