Indications have emerged that ITB Nigeria, a construction firm owned by Gilbert Chagoury, a Lebanese-Nigerian businessman and longtime associate of President Bola Ahmed Tinubu, will execute the renovation contract of Lagos Tin Can and Apapa Ports. The renovation project is valued at N1.4 trillion, with the UK Export Finance (UKEF) guaranteeing loans for the upgrade of the Apapa and Tin Can Island port complexes. A £746 million export finance deal was sealed between Nigeria and the United Kingdom during a meeting between Prime Minister Keir Starmer and President Tinubu at Downing Street in London.
The deal is part of the federal government's plan to modernise the Apapa and TinCan Island seaports in Lagos. The Minister of Marine and Blue Economy, Gboyega Oyetola, had confirmed in October that the federal government approved a sum of $1 billion for the project. Chagoury's ITB Nigeria was selected for the contract after a report by Africa Intelligence in March 2025 revealed that the Federal Executive Council had selected the company for the job.
Gilbert Chagoury has built a business empire in Nigeria through his conglomerate, the Chagoury Group. The company has interests in construction, manufacturing, real estate, and energy. Chagoury's influence in Nigeria was recognised by President Tinubu, who conferred on him the Grand Commander of the Order of the Niger (GCON) in January.
President Tinubu's decision to award the Lagos ports renovation contract to a company owned by his associate, Gilbert Chagoury, raises questions about the transparency and accountability of the process. The N1.4 trillion project is a significant investment in Nigeria's infrastructure, and it is crucial that it is executed efficiently and effectively. The involvement of the UK Export Finance (UKEF) in the project is a welcome development, but it is essential that the project is not used as a means to enrich a few individuals or companies. The Nigerian government must ensure that the project is executed in the best interest of the country and its people.
