HomeNewsUtomi, Ex-Gov Amosun Clash Over N200M Lost Investment Deal

Utomi, Ex-Gov Amosun Clash Over N200M Lost Investment Deal

Published on

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 Utomi claims he lost N200 million when a land lease agreement he had with the state was revoked by Amosun after he took office.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.

SourceVanguard

Latest articles

6 Ways to Spot Propaganda During Elections

Discover key ways to spot propaganda during election campaigns and protect your vote from manipulation and misinformation

The Untold Impact of Digital Currency Adoption on Nigeria’s Informal Economy

KEY POINTS Digital currency adoption is transforming Nigeria’s informal economy, bringing both benefits such...

Hashtag to Ballot: How Nigerian Social Media Influencers Are Mobilizing Youth for Politics

KEY POINTS Nigerian social media influencers are redefining political participation, especially among youth, by...

From Stall to Screen: How E-Commerce Is Breathing New Life into Nigeria’s Traditional Markets

KEY POINTS Traditional markets across Nigeria are embracing e-commerce to expand reach and boost...

More like this

6 Ways to Spot Propaganda During Elections

Discover key ways to spot propaganda during election campaigns and protect your vote from manipulation and misinformation

The Untold Impact of Digital Currency Adoption on Nigeria’s Informal Economy

KEY POINTS Digital currency adoption is transforming Nigeria’s informal economy, bringing both benefits such...

Hashtag to Ballot: How Nigerian Social Media Influencers Are Mobilizing Youth for Politics

KEY POINTS Nigerian social media influencers are redefining political participation, especially among youth, by...