Nigerian President Awards Lagos Ports Renovation Project To Billionaire Linked To Sani Abacha
- Nigeria awards the long-awaited Lagos ports renovation to ITB Nigeria, a subsidiary of the Chagoury Group, expanding Gilbert Chagourys infrastructure footprint.
- Chagourys firms are behind major projects, including the Lagos-Calabar Highway and Eko Atlantic City, solidifying his power in Nigerias economy.
- Despite past ties to Sani Abacha and legal settlements, Chagoury continues to dominate Nigerias business landscape with high-profile contracts and philanthropy.
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 Groupowned by Nigerian-Lebanese billionaire Gilbert Chagoury.
Chagoury has been a major force in Nigerias business world for decades. His deep connections with the countrys 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 Chagourys growing role in Nigerias 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 Tinubus administration has only heightened scrutiny of his longstanding relationship with the presidency.
Major overhaul for Nigerias portsNigerias 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 seaportsincluding Lagos, Tin-Can Island, Calabar, Delta, and Onnethat needed urgent repairs.
By 2024, the Nigerian Ports Authority NPA secured a 700 million facility to fund the Lagos ports renovation. NPAs 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.