NewsOnline Nigeriareports that the Bola Ahmed Tinubu-led federal government has awarded a contract for the renovation of two major Lagos ports — Tin Can and Apapa — to Chagoury Group, a multinational conglomerate led by Lebanese-Nigerian billionaire Gilbert Chagoury.
Sources familiar with the development revealed that the Federal Executive Council (FEC) approved the contract in February 2024. The Nigerian Ports Authority (NPA), which is responsible for the ports, is expected to announce the award soon.
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“Yes, the award was given to Chagoury Group after it followed due process,” a source told TheCable, confirming the contract award.
In November 2023, the NPA had outlined plans to begin rehabilitating ports across Nigeria, with the project valued at $1.1 billion. On April 18, 2024, the NPA confirmed it had secured a $700 million facility agreement to fund the renovation of the Apapa and Tin Can Island ports. This loan was negotiated with Citi Bank Nigeria and would be backed by UK Export Finance (UKEF), an export credit agency.
Although the NPA did not immediately confirm Chagoury Group’s involvement, spokesperson Ikechukwu Onyemekara clarified that the project was awarded to Hitech Construction and ITB Nigeria. However, checks by TheCable revealed that Chagoury Group owns both of these construction firms, leading to speculation about the conglomerate’s role in the project.
Chagoury Group has been responsible for major infrastructure projects in Lagos, including the construction of the Lekki-Epe expressway and the Ajah flyover.
In September 2023, Minister of Works David Umahi revealed that Hitech would handle the Lagos-Calabar coastal highway project under a public-private partnership (PPP) model.
This move has sparked criticism from former Vice President Atiku Abubakar, who raised concerns about a conflict of interest, pointing out that Seyi, President Bola Tinubu’s son, is a director at CDK Integrated Industries, another subsidiary of Chagoury Group. In response, the presidency defended Tinubu’s son, stating that he is entitled to pursue business interests within the law. Umahi also clarified that President Tinubu did not recommend any company for the Lagos-Calabar road project.