LAGOS — A brewing scandal over high-level cronyism is rocking the Presidency following the award of a $700 million (₦1.1 Trillion) contract to renovate the Apapa and Tin Can Island ports to ITB Nigeria, a firm owned by the billionaire Gilbert Chagoury.
The project, which is being funded through a massive international loan coordinated by Citibank and backed by UK Export Finance, has come under intense scrutiny due to the deeply intertwined personal and business ties between the First Family and the Chagoury Group. Public records have confirmed that the President’s son, Seyi Tinubu, sits on the board of CDK Integrated Industries, a key subsidiary within the Chagoury corporate empire.
The optics of the deal have been described as “explosive” by transparency advocates, who point out a troubling cycle: the President secures a multi-billion dollar loan, the contract is handed to his long-time associate, and his son serves as a director within the beneficiary’s business network. The controversy reached a boiling point this week after Seyi Tinubu publicly defended his father’s economic policies, telling Nigerians that the President is “fixing the cracks” in the country’s foundation.
Critics argue that these “cracks” are being filled with taxpayer-backed debt that primarily enriches a narrow circle of presidential allies. This is the second massive infrastructure award handed to the Chagoury Group under the current administration, following the controversial $13 Billion Lagos-Calabar Coastal Highway project which was also awarded to the group’s Hitech Construction firm without competitive bidding.
While the Ministry of Marine and Blue Economy insists the port renovation is essential for national security and trade efficiency, the lack of an open tender process has fueled allegations of state capture. As the first tranche of the loan is drawn down this March, the administration faces a growing “national reckoning” over the transparency of its multi-trillion naira infrastructure spend.
