The Federal Government has selected ITB Nigeria, a subsidiary of the Gilbert Chagoury-owned Chagoury Group, to execute a landmark £746 million ($1 billion) renovation of the Apapa and Tin Can Island ports, backed by UK Export Finance.
Indications have emerged that ITB Nigeria, a construction firm within the Chagoury Group conglomerate, will spearhead the multi-million pound renovation of Nigeria’s two busiest seaports: Apapa and Tin Can Island. This follows a landmark £746 million ($997 million) export finance deal sealed in London during President Bola Tinubu’s state visit to the United Kingdom in March 2026. The agreement, signed between the Nigerian Ministry of Finance and the UK government, is backed by UK Export Finance (UKEF) and coordinated by Citibank. Under the terms, a significant portion of the funding—approximately £236 million—will be directed toward British suppliers, including a record £70 million steel order from British Steel to provide 120,000 tonnes of billets for the project.
The selection of the Chagoury Group, owned by Lebanese-Nigerian billionaire Gilbert Chagoury, continues a streak of major infrastructure awards for the group under the current administration. Chagoury, a longtime associate of President Tinubu, was recently conferred with the Grand Commander of the Order of the Niger (GCON) in January 2026 for his contributions to the country. While the Federal Executive Council reportedly selected ITB Nigeria for the contract as early as February 2025, the formalization of the funding in London solidifies the firm’s role. Critics and industry observers have noted that this follows the controversial award of the ₦15 trillion Lagos-Calabar Coastal Highway project to another Chagoury subsidiary, Hitech Construction, raising ongoing questions regarding competitive bidding processes for the nation’s most significant infrastructure projects.
The modernization project is intended to be a “comprehensive transformation” of the aging ports, which currently handle over 70% of Nigeria’s maritime trade. The Minister of Marine and Blue Economy, Adegboyega Oyetola, stated that the $1 billion investment will focus on automation, digitalizing paperwork-heavy procedures, and deepening navigational channels to reduce vessel turnaround times. “Modern infrastructure supported by digitalised and automated processes will significantly enhance efficiency, transparency and operational reliability,” Oyetola noted. As the project moves into the execution phase in the second quarter of 2026, the government aims to position Lagos as a premier maritime hub for West and Central Africa, potentially saving businesses millions in demurrage and logistics costs.
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