ADC Slams Tinubu’s £746m Port Deal, Demands Full Disclosure

The African Democratic Congress (ADC) has criticised the £746 million port rehabilitation agreement signed by President Bola Ahmed Tinubu during his recent state visit to the United Kingdom, describing it as a deal that disproportionately favours the UK while placing a heavy financial burden on Nigeria.

In a statement issued by its national publicity secretary, Bolaji Abdullahi, the opposition party alleged that the deal benefits the UK economy more than Nigeria’s, despite being presented by the ruling All Progressives Congress (APC) as a diplomatic achievement.

The ADC argued that the agreement, aimed at rehabilitating the Tin Can and Apapa ports in Lagos, is essentially a commercial loan arrangement with conditions that ensure a significant portion of the funds is retained within or repatriated to the UK.

According to the statement, the deal is structured through the UK government’s export credit agency, UK Export Finance (UKEF), under its Buyer Credit Facility, and arranged by Citibank, London Branch.

The party explained that UKEF guarantees loans obtained by foreign buyers from commercial banks to procure UK goods and services, with payments made directly to UK exporters.

The statement reads, “The African Democratic Congress (ADC) views the £746 million agreement between the Government of the United Kingdom and the Federal Government of Nigeria, concluded during President Bola Tinubu’s state visit to London, as disproportionately skewed in favour of the UK, which already enjoys a significant balance of trade advantage over Nigeria.

“Although the APC Government has tried to hoodwink Nigerians by portraying the agreement to rehabilitate the Tin Can and Apapa Ports in Lagos as a diplomatic success, it is, in reality, a commercial loan arrangement with conditionalities that ensure that a substantial portion of the funds either remains within the United Kingdom or is repatriated back to it.”

The ADC further disclosed that £236 million of the total contract value will go to British companies, while British Steel is expected to supply 120,000 tonnes of steel billets under a £70 million contract, described as its largest UKEF-backed export order for port rehabilitation projects.

The party expressed concern that Nigeria may be at a disadvantage in the agreement, questioning the long-term benefits for the country amid prevailing economic challenges.

“There are still several unanswered questions regarding this agreement. These include: what are the repayment terms of the commercial loan, including its duration and applicable interest rate? What percentage of local goods, services, and subcontracting is involved in the port rehabilitation project? How many direct and indirect jobs will be created for Nigerians? What is the project timeline, and when will the ports become fully operational? What provisions exist for training, apprenticeships, and skills transfer? Finally, what are the limits on expatriate staff, and are there defined quotas for SMEs and community benefit obligations?” the statement added.

The ADC called on the federal government to provide full transparency by disclosing comprehensive details of the agreement, including interest rates, repayment terms, local content provisions and expected economic benefits to Nigerians.

“If the APC government has answers to these questions, it should make them available to Nigerians. Otherwise, Nigerians are justified in concluding that, 66 years after independence, President Bola Tinubu has travelled to London to sign an agreement that resembles a colonial-era treaty, one that risks mortgaging the country’s future for limited value and symbolism.”