Chagoury, the 81-year-old Lebanese-Nigerian businessman and owner of the Eko Hotel, was previously convicted by a U.S. court in 2000 for money laundering. Despite his controversial past, his company has again been handed a major infrastructure contract of national significance.
The terminal is part of a $1 billion concession agreement awarded by the Nigerian maritime company Nigerdock to Swiss shipping giant MSC Group, which will operate the port once construction is completed. ITB Construction and DEME Group have been contracted for the Engineering, Procurement, and Construction (EPC) work, with the project expected to be finished by 2028.
CHAGOURY Wins Multi billion Contract for Snake Island Port. his is not the first time Chagoury’s companies have secured major contracts. In 2025, ITB Construction Nigeria Limited was selected to refurbish Tin Can and Apapa ports in a contract worth N1.1 trillion, despite lacking extensive seaport construction experience. In 2024, his Hi-Tech company was awarded the $11 billion Lagos-Calabar Coastal Highway project, sparking public criticism.
Chagoury has been a long-time ally of President Tinubu, facilitating meetings between the Nigerian government and foreign investors, including DP World’s former CEO Bin Sulayem. In January 2026, Tinubu conferred on him the Grand Commander of the Order of the Niger (GCON), one of Nigeria’s highest honours.
The Snake Island Port terminal is expected to ease congestion at Lagos’ existing terminals and further cement Chagoury’s influence in Nigeria’s maritime and infrastructure sector.
Source: People Gazette