BREAKING; President Bola Ahmed Tinubu has awarded a 45-year concession to Gilbert Chagoury’s ITB Construction Nigeria Limited for the construction of the Snake Island Port container terminal in Lagos.
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,...