The federal government has awarded a contract for the renovation of two major Lagos ports — Tin Can and Apapa — to Chagoury Group, TheCable understands.
Chagoury Group is a multinational conglomerate led by Gilbert Chagoury, a Lebanese-Nigerian billionaire.
Sources close to the conversation said the federal executive council (FEC) approved the contract in February.
“Yes, the award was given to Chagoury Group after it followed due process,” a source said, responding to TheCable’s enquiry.
“FEC gave the approval sometime in February and the agency in charge, that is the Nigerian Ports Authority (NPA), will make the announcement soon.”
The NPA, in November 2023, announced plans to commence the rehabilitation of ports across the country, valuing the project at $1.1 billion.
On April 18, 2024, the Nigerian Ports Authority (NPA) said it secured a $700 million facility agreement for the rehabilitation of the Apapa and Tin-Can Island ports in Lagos.
Mohammed Bello-Koko, the ex-managing director of the NPA, had said the loan, negotiated with Citi Bank Nigeria, would be funded by the UK Export Finance (UKEF), an export credit agency, for the project.
Although no official announcement has been made yet, Ikechukwu Onyemekara, spokesperson of the NPA, confirmed that the project was awarded to Hitech Construction and ITB Nigeria, stressing that “Chagoury was not stated in the contract”.
TheCable’s checks found that Chagoury Group operates several subsidiaries — including two construction firms, Hitech and ITB Nigeria.
The conglomerate is reportedly responsible for the construction of major projects across Lagos state.
In September 2023, David Umahi, the minister of works, disclosed that Hitech would handle the Lagos-Calabar coastal highway project under a public-private partnership (PPP) model.
Hitech is also said to be the firm that oversaw the construction of the Lekki-Epe expressway and the Ajah flyover in Lagos.
Former Vice-President Atiku Abubakar, in May 2024, criticised the federal government for awarding the construction of the coastal highway to Hitech, saying there was a conflict of interest.
Abubakar had said Seyi, President Bola Tinubu’s son, is a director on the board of CDK Integrated Industries, another subsidiary of the Group.
In response to Atiku, the presidency said Tinubu’s son is entitled to pursuehis business interests in Nigeria and around the world within the bounds of the law.
On March 16, Umahi said Tinubu did not recommend any company for the Lagos-Calabar road project.
The Cable
