ADC Criticises Tinubu’s £746m Port Rehabilitation Deal

The African Democratic Congress (ADC) has faulted the £746 million port rehabilitation agreement signed by President Bola Tinubu during his recent state visit to the United Kingdom, describing it as heavily skewed in favour of the UK.

In a statement issued by its National Publicity Secretary, Bolaji Abdullahi, the party argued that the deal benefits the British economy more than Nigeria, contrary to the Federal Government’s portrayal of it as a major diplomatic achievement. According to the ADC, the arrangement primarily supports UK industries, preserves jobs abroad, and leaves Nigeria with a significant financial burden.

The party called on the Federal Government to disclose full details of the agreement, including interest rates, repayment terms, and provisions for local participation.

ADC maintained that the deal, which focuses on the rehabilitation of Tin Can and Apapa ports in Lagos, is essentially a commercial loan structured in a way that ensures much of the funds remain within or return to the UK. Citing information from the UK Government, the party noted that the financing will be provided through the UK Export Finance (UKEF) Buyer Credit Facility and arranged by Citibank’s London branch.

It explained that UKEF, the UK’s export credit agency, enables foreign buyers to access loans used to procure British goods and services, with payments made directly to UK exporters.

Under the agreement, ADC said £236 million in supplier contracts will go to British firms, while British Steel is set to supply 120,000 tonnes of steel billets under a £70 million contract—its largest export order backed by UKEF.

The party expressed concern that Nigeria may have committed to terms that offer limited domestic benefits, raising questions about job creation, local content, project timelines, and opportunities for skills transfer. It also queried the extent of participation for Nigerian businesses and the provisions governing foreign workers.

ADC urged the government to provide clarity on these issues, warning that failure to do so could reinforce perceptions that the agreement offers minimal value to the country.

Meanwhile, the Lagos and Zamfara chapters of the party have distanced themselves from a legal action challenging the leadership of Senator David Mark. Both chapters reaffirmed their support for the current leadership, expressing confidence in its ability to steer the party toward success in the 2027 elections.