It has been recently reported that a $700 million contract to rehabilitate Nigeria’s major maritime centers, Tin Can and Apapa ports in Lagos, was awarded to ITB Nigeria, a subsidiary of the Chagoury Group owned by Lebanese-Nigerian businessman Gilbert Chagoury. Africa Intelligence notes that the decision was reached in early February, just before the closing of the last FEC meeting, making Mr. Chagoury another close associate of President Bola Tinubu to land a major infrastructure deal following the Lagos-Calabar Coastal Highway, which has led to a lot of controversies. Notably, ITB Nigeria lacks experience in port management, but Tinubu personally pushed for the acceptance of the Chagoury Group led by Ramzi Chidiac, according to the report.
In a similar manner, Africa Intelligence stated that the contract is structured the same way as that for the Lagos-Calabar Coastal Highway, which is also being handled by Hitech Construction Company Ltd. of Chagoury. The highway traverses 700 kilometers through a number of Southern states and has been in the spotlight for the way it was procured. Notwithstanding, the government insists on the choice due to Hitech’s competency in paving with concrete and the example they set with that on the Oworonshoki-Apapa Road reconstruction, Mills David Umahi of Works said.
Nigerian Ports Authority is to begin the modernization of the Lagos ports, funded by a Citibank loan guaranteeing UK Export Finance, in the second quarter of 2025. The report also states that delays in port modernization were based on their high operational costs and competition among international firms APM Terminals, DP World, and the latter being considered by Chagoury as a potential operator.
