A dispute has erupted between Professor Pat Utomi, a well-known political economist, and former Ogun State Governor Ibikunle Amosun over a failed investment in Ogun State. Utomi claims he lost N200 million when a land lease agreement he had with the state was revoked by Amosun after he took office.

Utomi shared his frustrations on social media, saying that despite efforts to resolve the issue through meetings with Amosun and appeals to prominent figures like President Bola Tinubu, nothing has changed. He stated that his investment, which included a partnership with South African investors, was derailed when Amosun canceled the project, leading to significant financial loss.

According to Utomi, Amosun initially suggested a refund of N100 million but later backtracked, leaving Utomi and his partners with heavy debts. Utomi further claimed that the Chinese company, Zhongshan Fucheng Industrial Investment, faced similar issues with Amosun, which eventually led to a Paris court ruling in their favor, allowing them to seize Nigerian government assets as compensation.

In response, Amosun dismissed Utomi’s allegations, accusing him of having an “entitlement mentality.” He explained that Utomi’s project was found to be inappropriate and poorly executed, leading to its cancellation. Amosun asserted that he was only willing to offer a partial refund of N100 million, which Utomi refused. The former governor maintained that he acted in the best interests of Ogun State and challenged Utomi to prove his claims of a N200 million investment.

Amosun also revealed that the Ogun State House of Assembly had previously blacklisted Utomi due to concerns over his business practices, further complicating the situation.