Tinubu Awards Lagos Port Project to Chagoury
By Kasim Isa Muhammad
Kanempress News
18th March 2025
President Bola Tinubu has awarded yet another significant contract to his longtime associate, Gilbert Chagoury, for the reconstruction of two major Lagos ports.
This project, valued at N1.1 trillion, has raised eyebrows due to Chagoury’s controversial background, which includes a conviction for money laundering and a ban from the United States over his alleged ties to criminal activities.
Chagoury, a Nigerian-Lebanese billionaire businessman, through his company ITB Construction Nigeria Limited, has been tasked with refurbishing the ports of Tin Can and Apapa. Despite lacking substantial experience in port construction, Chagoury’s company was selected for the project by Nigeria’s Federal Executive Committee earlier this year. The $700 million project will be funded through loans from Citi Bank and UK’s Export Finance, with significant investment already lined up from APM Terminals and Afreximbank.
This move is the latest in a string of lucrative contracts for Chagoury, who has long been a close ally of President Tinubu. Critics argue that the awarding of such projects to a businessman with a controversial past reflects the growing influence of Chagoury in Nigeria’s economic landscape. His ties to the president have allowed him to secure high-value deals without the typical competitive bidding process.
Chagoury’s previous projects have included the $11 billion Lagos-Calabar Coastal Highway, awarded to his company in 2024, which also sparked public outrage. Furthermore, he has been involved in significant real estate ventures, including the Eko Hotel and the Eko Atlantic project, cementing his status as a key player in Nigeria’s business sector.
Despite his history, including a conviction in the U.S. for laundering money and fines for illegal campaign donations, Chagoury remains an influential figure in Nigeria. The Nigerian government’s ongoing partnership with him, despite past controversies, has led to questions about accountability and transparency in the country’s award of large-scale projects.
