Tinubu's Trusted Ally, Gilbert Chagoury, Secures $700M Deal to Revamp Lagos Ports

President Bola Tinubu has awarded the $700 million contract for the renovation of Lagos’ two major ports, Apapa and Tin Can, to ITB Nigeria, a subsidiary of Gilbert Chagoury’s conglomerate. Chagoury, a close ally of the president, is set to lead the extensive upgrade despite his limited experience in port operations. The contract was officially approved during a Federal Executive Council (FEC) meeting in February 2025.

Chagoury’s ITB Nigeria, headed by Ramzi Chidiac, is poised to tackle the major infrastructure challenge in Africa's commercial capital. While some critics have questioned the choice of Chagoury’s group due to its lack of experience in port management, the decision aligns with Tinubu’s continued support for his long-time confidant, reflecting a broader pattern of Chagoury-led ventures across Nigeria's infrastructure landscape.

This major project follows the Chagoury group’s involvement in the controversial Lagos-Calabar coastal highway, another high-profile project led by Gilbert Chagoury’s construction company, Hitech Construction. The highway, estimated at over N15 trillion, spans 700 kilometers and connects multiple states in southern Nigeria. Despite criticism, including concerns over transparency and environmental impact, the federal government has defended the procurement process.

For the Lagos ports renovation, work is set to begin in Q2 2025, with financing backed by a loan from Citibank Nigeria and UK Export Finance. Additionally, Afreximbank and APM Terminals have shown interest in contributing to the project, with the latter offering a $500 million investment in early 2024. 

Notably, Chagoury is also working to introduce Dubai-based DP World as a new port operator in Lagos. This potential shift could alter the dynamics of port operations in Lagos, which accounts for a significant portion of Nigeria’s port activities. With major players such as APM Terminals already operating in the city, the competition for dominance in Lagos' bustling maritime sector is intensifying.

Gilbert Chagoury’s influence in Lagos extends beyond ports; his companies are involved in key developments, including major infrastructure projects like the Eko Atlantic district. This growing influence of the Chagoury family, coupled with their close ties to President Tinubu, continues to fuel speculation about the political and economic impact of these high-profile contracts.

As the Nigerian economy grapples with challenges, Chagoury’s businesses remain central to large-scale developments, which are crucial to the nation’s infrastructure modernization, despite concerns about the transparency and long-term implications of such deals.