Chagoury’s ITB Nigeria Secures Lagos Ports Renovation Contract Backed by £746m UK Deal

Gilbert Chagoury’s ITB Nigeria will execute the renovation of Tin Can Island and Apapa ports in Lagos.

NaijaChoice News has confirmed the contract award follows the Federal Executive Council decision in February 2025, with financing now locked through the £746 million export credit agreement signed with the United Kingdom earlier this month.

President Bola Ahmed Tinubu witnessed the sealing of the deal during his state visit to London, where Prime Minister Keir Starmer hosted talks at Downing Street. Chagoury, a longtime associate of the president, was part of the Nigerian delegation.

The federal government had earlier approved $1 billion for the modernisation project. Minister of Marine and Blue Economy, Gboyega Oyetola, disclosed this at the 2025 Chartered Institute of Logistics and Transport conference in Lagos, describing it as essential to ease congestion at the nation’s busiest ports.

Tinubu conferred Nigeria’s second-highest honour, the Grand Commander of the Order of the Niger (GCON), on Chagoury in January 2026 for his contributions to national development.

Chagoury co-founded the Chagoury Group in Lagos in 1971. The conglomerate has since grown into a major player in construction, real estate, infrastructure and hospitality.

Its flagship projects include the massive Lagos-Calabar Coastal Road, where Hitech Construction — another Chagoury outfit — handled the first phase. The group is also behind Eko Atlantic City, the ambitious reclaimed-land development along the Lagos coastline.

Critics, however, warn that pumping fresh funds into already dominant Lagos ports will widen regional gaps. Maritime stakeholders argue that facilities in the Niger Delta and eastern corridors remain neglected despite repeated calls for balanced investment.

The Sea Empowerment and Research Centre (SEREC) issued a strong statement cautioning that over-reliance on Lagos creates congestion, drives up costs and hurts the naira. Head of Research Dr Eugene Nweke said the approach ignores ports like Warri, Calabar, Onne and Port Harcourt, which suffer from poor infrastructure and low utilisation.

Former NIMASA Director of Operations Captain Warredi Enisuoh urged the government to focus on automation and decentralisation instead. He said the UK-backed funds should target nationwide efficiency rather than Lagos alone.

Shipping expert Lucky Amiwero questioned the need for foreign loans when port revenues from the 2006 concession could fund upgrades. He asked why other regions continue to lag while Lagos thrives.

The Ohanaeze Youth Council described the deal as fresh evidence of South-East marginalisation. President Igboayaka Igboayaka demanded immediate dredging of proposed seaports at Ose-Akwa/Ose-Moto in Ihiala and Oguta, Azumini Blue Sea in Abia and Ozziza Beach in Ebonyi.

The African Democratic Congress (ADC) labelled the arrangement a “mugu” deal that mainly benefits British steel and jobs. National Publicity Secretary Bolaji Abdullahi called for full disclosure of interest rates, repayment terms and local content provisions.

Special Adviser to the Minister of Marine and Blue Economy, Dr Bolaji Akinola, defended the financing. He explained that the loan targets common-user facilities like channel dredging and quay walls, which fall under government responsibility rather than terminal operators.

Akinola stressed that the upgrade will accommodate larger vessels, cut turnaround times and boost trade efficiency across the entire port ecosystem. He added that discussions began years ago but the final agreement was only concluded recently.

Industry watchers say the project timeline and actual start date remain unclear, though sources close to the deal expect work to ramp up in the coming months.