The Nigerian government, under President Bola Ahmed Tinubu, has awarded the long-awaited Lagos ports renovation project to ITB Nigeria, a subsidiary of the Chagoury Group—owned by Nigerian-Lebanese billionaire Gilbert Chagoury.
Chagoury has been a major force in Nigeria’s business world for decades. His deep connections with the country’s political elite, including the late military ruler Sani Abacha, have kept him close to the corridors of power. His ties to Tinubu are well known, and his influence remains as strong as ever.
This latest contract is just one piece of Chagoury’s growing role in Nigeria’s infrastructure projects. His company is also behind the controversial 700-kilometer Lagos-Calabar Coastal Highway, awarded to Hitech Construction Company, another subsidiary under his control. His increasing involvement in key projects under Tinubu’s administration has only heightened scrutiny of his longstanding relationship with the presidency.
Nigeria’s ports have been overdue for an upgrade. In December 2023, the Minister of Marine and Blue Economy, Adegboyega Oyetola, listed 15 critical roads leading to major seaports—including Lagos, Tin-Can Island, Calabar, Delta, and Onne—that needed urgent repairs.
By 2024, the Nigerian Ports Authority (NPA) secured a $700 million facility to fund the Lagos ports renovation. NPA’s managing director at the time, Mohammed Bello-Koko, confirmed that the funds were available and that work would begin as soon as final agreements for the eastern ports’ upgrade were in place.
The Chagoury brothers have built one of Nigeria’s most powerful business empires. Since founding the Chagoury Group in 1971, they have expanded into construction, real estate, flour milling, water purification, glass manufacturing, insurance, hospitality, telecommunications, IT, and international financing.
One of Gilbert Chagoury’s most ambitious projects is Eko Atlantic City, a massive real estate development built on reclaimed land from the Atlantic Ocean. Designed to withstand extreme ocean conditions, it is expected to house 250,000 residents and accommodate 150,000 daily commuters. The city is already positioning itself as Lagos’s future commercial hub, drawing major corporations into its orbit.
FirstBank, led by billionaire businessman Femi Otedola, the group chairman of its parent company, FirstHoldCo, is constructing a 44-story, eco-friendly headquarters in Eko Atlantic. At 252 meters, it will be the tallest skyscraper in West Africa, further cementing the city’s status as Nigeria’s emerging financial center.
Chagoury’s business success has come with its share of controversy. His close ties to Sani Abacha helped his companies flourish, but after Abacha’s death in 1998, he returned an estimated $300 million to the Nigerian government to avoid legal troubles. That deal allowed him to protect his business interests and later launch Eko Atlantic City in 2008, further securing his foothold in Nigeria’s economy.
Beyond business, Chagoury has also made significant philanthropic contributions. In 2020, he and his brother donated N1 billion ($2.62 million) to Lagos State for COVID-19 relief efforts, reinforcing their role not just as major business players but also as key contributors to humanitarian causes.
Discussion about this post