On Tuesday, the 2027 presidential contest took a new turn as attacks over economic management gave way to demands for scrutiny of candidates’ records. The All Progressives Congress (APC) has asked anti-corruption agencies to examine allegations concerning ADC candidate Atiku Abubakar.
This development came after Atiku criticised President Bola Tinubu over foreign investment outflows, government borrowing and private-sector credit, creating a political contest in which both sides are now pressing claims about accountability.
Atiku said data from the Nigerian Exchange showed foreign investors brought N513.36 billion into Nigerian equities between January and July 2026 but withdrew N779.43 billion. He put the resulting net outflow at N266.07 billion.
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The figures were cited by Atiku as evidence of declining investor confidence in the Tinubu administration. He also pointed to government borrowing of N24.7 trillion within eight months and said credit to government had expanded more than four times faster than credit to private businesses.
His criticism came through his Senior Special Assistant on Public Communication, Phrank Shaibu.
“Capital votes with its feet. Between January and July 2026 alone, foreign investors brought N513.36 billion into the Nigerian equities market but pulled out N779.43 billion, leaving a staggering net outflow of N266.07 billion,” Atiku said.
He also compared the figure with the N22.68 billion net outflow recorded during the same period in 2023.
APC turns scrutiny towards Atiku
The APC response came from its former National Vice Chairman (South-South), Ntufam Hilliard Eta, who asked the Economic and Financial Crimes Commission and other relevant authorities to examine allegations and records associated with Atiku.
Eta made the demand on Tuesday at Muhammadu Buhari House, the APC national secretariat in Abuja. He said the issue should be handled through lawful investigation and not a media trial.
“I am not asking anybody to convict Atiku Abubakar in the court of public opinion. I am asking that the evidence be subjected to the court of law,” Eta said.
His presentation referred to a 2010 US Senate report that examined more than $40 million in transfers involving offshore entities and US accounts associated with Jennifer Douglas, Atiku’s former wife. Contemporary reporting on the Senate inquiry said about $25 million was transferred into accounts opened by Douglas.
Eta also referred to payments examined in connection with Siemens AG. The German company had pleaded guilty in the United States to criminal charges and settled related civil allegations.
Another issue raised by Eta concerned about $14 million transferred to American University in connection with consulting arrangements for establishing the university in Nigeria.
He also revived allegations involving companies and accounts allegedly used as Special Purpose Vehicles during Atiku’s tenure as vice-president between 1999 and 2007.
Eta said he supports Tinubu but maintained that his demand was based on equal treatment under the law. “No sacred cows. No political immunity. No selective justice. No trial by media, just evidence, due process and the law.”
Makinde, Obi drawn into political accusations
The exchange has extended beyond Atiku and Tinubu, with Oyo State Governor Seyi Makinde also facing an investigation request from the APC state chairman, Kayode Babayomi.
Babayomi asked the EFCC and Independent Corrupt Practices and Other Related Offences Commission to examine alleged spending of state funds on political activities. He cited the PDP convention in Ibadan, the APM convention, Makinde’s presidential declaration activities and a new campaign headquarters in Abuja.
He alleged that Makinde had put political interests ahead of Oyo residents.
“As states earn more billions of naira from the Federal Government coffers, governors like Makinde have chosen to increase their extravagant lifestyles and illegal diversion of government funds directly to their own political ambitions,” Babayomi said.
President Tinubu’s Special Adviser on Policy Communication, Daniel Bwala, also criticised Peter Obi after Obi attended the launch of Makinde’s APM campaign office in Abuja on Monday.
Obi had used the event to ask Nigerians to unite and reject politics of bitterness. Bwala questioned why a presidential candidate would attend another candidate’s campaign office launch.
For Atiku’s ADC, political pressure is being felt inside its proposed campaign structure. Discussions over accommodating the Taminu Turaki-led PDP faction have delayed the planned composition of the presidential campaign council.
The faction is seeking the deputy Director General position and other directorate positions already allocated to loyalists of late President Muhammadu Buhari, represented by Abubakar Malami.
Sources maintain that some ADC National Working Committee members oppose the arrangement, citing the ongoing court dispute involving the Turaki faction and the possibility of internal conflict.
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