STOCKHOLM, SWEDEN — In a blistering critique that has sent shockwaves through Nigerian political circles today, April 9, 2026, renowned commentator Kio Amachree has characterized Nigeria not as a sovereign nation, but as the “private estate” of Lebanese-Nigerian billionaire Gilbert Chagoury.
Writing from Stockholm following a meeting with a high-level Swiss banker, Amachree detailed a web of multi-billion dollar contracts, national honours, and family business ties that he claims have turned Nigeria into a global laughingstock.
The $12.7 Billion Portfolio
The central allegation in Amachree’s report is the sheer scale of federal patronage funneled to the Chagoury Group since President Bola Tinubu took office. Amachree claims that over $12.7 billion in contracts have been awarded to Chagoury-linked firms—most notably Hitech Construction—without competitive bidding.
Key projects cited include:
- The Lagos-Calabar Coastal Highway: A massive infrastructure project valued between $11 billion and $13 billion.
- Port Renovations: The $700 million overhaul of the Tin Can and Apapa ports.
- Strategic Assets: The handover of the Snake Island port terminal.
The “Seyi Tinubu” Connection
Amachree highlighted the involvement of the President’s son, Seyi Tinubu, who sits on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group. While the Presidency has previously defended this as a long-standing professional role predating the 2023 election, Amachree argues the optics are “shameful” to international observers.
“The President’s son sits on the board… then goes on television to tell Nigerians his father is not enriching his friends,” Amachree wrote, noting that his Swiss banking contact “laughed the longest” at this particular defense.
“Decorating Corruption”
The report also touched on the controversial conferment of the Grand Commander of the Order of the Niger (GCON)—Nigeria’s second-highest national honour—on Gilbert Chagoury in January 2026.
Critics, including Amachree, point to Chagoury’s year 2000 conviction in a Swiss court for laundering funds stolen by the late dictator Sani Abacha. The Swiss banker reportedly told Amachree: “Nigeria will never be taken seriously as long as a man who helped Abacha loot the treasury can return decades later [and] collect billions in contracts.”
Silence from the Villa
The Presidency has yet to issue a direct response to Amachree’s latest piece, though it has historically dismissed such criticisms as “politically motivated attacks” by the opposition. Minister of Works David Umahi has repeatedly insisted that the Chagoury-led projects are “pioneer investments” that follow legal due process.
Amachree’s article concludes with a somber reflection on the “weight of a country that deserves so much better,” a sentiment that has resonated deeply with Nigerians on social media as the 2027 election cycle begins to heat up.
