Tinubu’s Ally, Chagoury To Handle N1.4trn Lagos Ports Project
There are indications that ITB Nigeria, a construction firm owned by a Lebanese-Nigerian businessman and President Bola Tinubu’s longtime associate, Gilbert Chagoury, will execute the renovation contract of Lagos Tin Can and Apapa Ports.
Tinubu had, in January, conferred the Grand Commander of the Order of the Niger (GCON), Nigeria’s second-highest honour, on Chagoury “because of his contributions to the country.”
It would be recalled that last week, Nigeria and the United Kingdom, during a meeting between Prime Minister Keir Starmer and President Tinubu at Downing Street in London, sealed a £746 million export finance deal to support the refurbishment of the two major ports in Lagos.
Checks by Daily Trust showed that Chagoury, whose conglomerate operates through the Chagoury Group, was part of the delegation to London where the financing agreement for the Lagos ports refurbishment project was sealed during President Tinubu’s two-day state visit to the UK.
Under the agreement, the UK Export Finance (UKEF) will guarantee loans for the upgrade of the Apapa and Tin Can Island port complexes.
A report by Africa Intelligence in March 2025 had revealed that the Federal Executive Council’s meeting in February 2025 selected Chagoury Group and its subsidiary, ITB Nigeria, for the contract.
The Minister of Marine and Blue Economy, Gboyega Oyetola, had also confirmed on October 22, 2025 that the federal government approved a sum of $1 billion (N1.4 trillion) for the modernisation of the Apapa and TinCan Island seaports in Lagos.
The minister spoke in Lagos at the 2025 Chartered Institute of Logistics and Transport (CILT) Nigeria Conference, with the theme ‘Enhancing Logistics and Transport for a Sustainable Blue Economy in Nigeria.’
Chagoury co‑founded the Chagoury Group in Lagos in 1971, building it into a sprawling conglomerate with interests in construction, real estate, hospitality, manufacturing, infrastructure, among others.
Through the Chagoury Group, Gilbert Chagoury has built one of the most influential business empires in Nigeria, with interests spanning construction, manufacturing, real estate, and energy.
The Chagoury Group is handling the N15 trillion 700-kilometre 10-lane Lagos-Calabar Coastal Road project designed to connect Lagos to Cross River State, passing through Ogun, Ondo, Delta, Bayelsa, Rivers and Akwa-Ibom states.
Section one, phase one of the project, handled by Chagoury’s Hitech, has been concluded.
Among its most prominent undertakings is the Eko Atlantic City project, a sprawling urban development built on reclaimed land along the Atlantic coastline.
The initiative has been widely described as a response to coastal erosion and urban expansion pressures in Lagos.
Chagoury Group’s role in delivering Eko Atlantic has earned it recognition as a key player in Nigeria’s infrastructure transformation, though the project has also attracted criticism over environmental and socio-economic concerns.
Key assets constructed by Chagoury included major property developments like Banana Island and ongoing large‑scale projects such as the Eko Atlantic City urban development through South Energyx Nigeria Limited, among others.
Olamilekan Adigun is a graduate of Mass Communication with years of experience in journalism embedded in uncovering human interest stories. He also prioritises accuracy and factual reportage of issues.
