A Lebanese-Nigerian businessman and longtime associate of President Bola Ahmed Tinubu, Gilbert Chagoury, is poised to execute the multi-billion-naira refurbishment of Apapa and Tin Can Island ports in Lagos through his firm, ITB Nigeria.
The project, valued at approximately $1 billion (N1.4 trillion at current rates), received a major boost last week when Nigeria and the United Kingdom signed a £746 million export finance agreement during President Tinubu’s state visit to London.
The deal, facilitated by UK Export Finance (UKEF), guarantees loans to support the upgrade of the two key Lagos port complexes.Chagoury, founder of the Chagoury Group, was part of the Nigerian delegation that witnessed the signing at Downing Street.
In January 2026, President Tinubu conferred on him the Grand Commander of the Order of the Niger (GCON), Nigeria’s second-highest national honour, in recognition of his contributions to the country.
A March 2025 report by Africa Intelligence indicated that the Federal Executive Council had selected Chagoury Group and ITB Nigeria for the contract as far back as February 2025.
Minister of Marine and Blue Economy, Gboyega Oyetola, confirmed the $1 billion approval for the ports’ modernisation during the 2025 Chartered Institute of Logistics and Transport Nigeria Conference in Lagos.
The Chagoury Group has a long history of major infrastructure projects in Nigeria, including the ongoing N15 trillion Lagos-Calabar Coastal Road, sections of which are handled by its subsidiary Hitech, and the landmark Eko Atlantic City development on reclaimed land along Lagos’ coastline.
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