The federal government led by Bola Ahmed Tinubu has awarded the renovation contract for two major Lagos ports (Tin Can and apapa), a multinational company Chagoury Group led by Lebanon-Nigerian billionaire Gilbert Chagoury.
Sources familiar with the development said the Federal Executive Committee (FEC) approved the contract in February 2024. The Nigerian Port Authority (NPA), which is in charge of the port, will announce the ruling soon.
“Yes, the award was awarded to Chagoury Group after following due process,” the source told Thecable, confirming the contract award.
In November 2023, the NPA outlined plans to start a restoration of the port in Nigeria, with the project worth $1.1 billion. On April 18, 2024, the NPA confirmed it had received a $700 million facility agreement to fund the renovation of the Apapa and Tin Can Island ports. The loan is negotiated with Citibank, Nigeria, and is backed by the export credit agency UK Export Financing (UKEF).
Although the NPA did not immediately confirm the participation of Chagoury Group, the spokesperson Bald’s location Clarification said the project was awarded HITECH Construction and ITB Nigeria. However, Thecable’s inspection shows that Chagoury Group owns the two construction companies, thus guessing the group’s role in the project.
Chagoury Group is responsible for the major infrastructure projects in Lagos, including the construction of the Lekki-Epe Expressway and the Ajah Overpass.
In September 2023, David Umahi’s engineering minister revealed that HITECH will handle the Lagos-Calabal Coastal Expressway project based on the Public-Private Partnership (PPP) model.
Naija News The move sparked criticism from the former vice president, the report said Atiku AboubacarHe expressed concerns about the conflict of interest, noting that Seyi, the son of President Bola Tinubu, is a director of CDK Integrated Industries, another subsidiary of Chagoury Group. In response, the president defended Tinob’s son and pointed out that he has the right to pursue commercial interests in the law. Umahi also clarified that President Tinub does not recommend any company to participate in the Lagos-Calabal Road project.
