President Bola Tinubu has awarded a ₦1.1 trillion contract for the reconstruction of Lagos’ Tin Can and Apapa ports to ITB Construction Nigeria Limited, a subsidiary of the Chagoury Group, owned by his longtime ally Gilbert Chagoury.
This comes less than a year after Chagoury’s Hi-Tech company secured the controversial $11 billion Lagos-Calabar Coastal Highway project, sparking outrage among Nigerians.
According to a report by African Intelligencer, the Federal Executive Council approved the selection of ITB Construction in February, despite the firm lacking significant experience in seaport construction. The $700 million project will be funded through loans from Nigeria’s Citi Bank and the UK’s Export Finance, with APM Terminals, a subsidiary of Maersk, already pledging $500 million in investment. Afreximbank has also expressed interest in financing the project.
Chagoury’s Controversial Past and U.S. Conviction
Chagoury, a Nigerian-Lebanese businessman, was banned from entering the United States due to suspected ties to terrorist groups. He was convicted of money laundering in 2000 and fined $1.8 million by the U.S. Department of Justice in 2021 for making illegal campaign donations between 2012 and 2016.
Despite these controversies, he remains a dominant figure in Nigeria’s economic landscape. His influence extends to brokering international investments, including arranging a meeting between representatives of Dubai-based DP World and the Nigerian government on February 26.
A Powerful Insider in Nigeria’s Business and Political Circles
Chagoury owns Eko Hotel and is a key sponsor of the Eko Atlantic project. His deep ties with Tinubu appear to shield him from scrutiny, despite past concerns raised by Nigerian authorities.
Former anti-graft chairman Nuhu Ribadu once described Chagoury as a key figure in corruption investigations, saying, “You couldn’t investigate corruption without looking at Chagoury.” Ribadu now serves as Nigeria’s National Security Adviser, but Chagoury’s privileged status under Tinubu’s administration remains unchallenged.
Concerns Over Transparency and Political Favoritism
This latest contract adds to growing concerns over the transparency of government deals and the influence of politically connected businessmen in Nigeria’s economy. Critics argue that awarding such massive projects without competitive bidding raises serious questions about accountability and governance.
As Nigeria faces economic challenges, the continued involvement of figures like Chagoury in major government contracts fuels public skepticism over whether national interests are truly being prioritized.
