The Chagoury brothers’ company, Hitech Construction Company Ltd., recently received a contract to build a 700-kilometer coastal highway in Nigeria without a public bidding process…..For More READ THE FULL ARTICLE HERE ▶▶
Thank you for reading this post, don't forget to subscribe!Leaked documents reveal that the son of Nigeria’s president co-owned an offshore company with the son of billionaire brothers Ronald and Gilbert Chagoury.
The Chagoury brothers’ company, Hitech Construction Company Ltd., recently received a contract to build a 700-kilometer coastal highway in Nigeria without a public bidding process
The government is now facing a legal challenge over the contract, which was announced in May as the first phase of the project, according to a report done by the Organized Crime and Corruption Reporting Project (OCCRP), a global network of investigative journalists with staff on six continents.
The Nigerian government awarded Hitech Construction a $13 billion contract for the entire coastal highway project, with funding to be secured incrementally.
However, the deal has sparked controversy, with activists and opposition politicians criticizing the lack of transparency and alleged violation of regulations due to the absence of a public tender process. Minister of Works David Umahi confirmed that the government is currently embroiled in a legal dispute related to the project…..For More READ THE FULL ARTICLE HERE ▶▶
“The entire process is before the court,” he said in a text message to OCCRP.
Critics have also pointed out the long-standing business ties and close friendship between the Chagoury brothers and President Bola Tinubu, raising concerns about potential favoritism.
However, Minister of Works David Umahi has denied that the president’s relationship with the Chagoury brothers influenced the decision to award the construction contract to their company.
“The Lagos Calabar Coastal Highway procurement followed due process and the president hasn’t any hand in the award or execution,” he said.
A previously unknown corporate connection between the younger generation of Nigeria’s President Bola Tinubu and the Chagoury family has been uncovered by OCCRP. Leaked company documents reveal that Oluwaseyi Tinubu, the president’s son, was a majority shareholder in an offshore company registered in the British Virgin Islands (BVI) eight years ago, alongside Ronald Chagoury Jr, son of billionaire Ronald Chagoury.
The BVI’s corporate secrecy laws typically shield ownership details, but the leaked documents expose the involvement of the two men.
However, the current ownership status of the firm is unclear. Neither Oluwaseyi Tinubu, Ronald Chagoury Jr, nor the Chagoury Group responded to requests for comment.
Ayotunde Abiodun, an expert at SBM Intelligence, a Nigerian risk consultancy firm, emphasized that public officials and their close family members have a responsibility to avoid conflicts of interest in order to maintain the public’s trust and uphold ethical standards.
According to Abiodun, the business and personal relationships between the Tinubu and Chagoury families fuel suspicion among Nigerians due to “systemic corruption and pervasive lack of accountability within the country’s governance.”
Nigeria ranked 145th out of 180 countries in Transparency International’s 2023 Corruption Perceptions Index, indicating a high level of perceived corruption.
The country has long struggled with graft, notably in the case of Gilbert Chagoury, who was convicted in 2000 for laundering money on behalf of former military dictator Sani Abacha…..For More READ THE FULL ARTICLE HERE ▶▶
OCCRP reports that the close relationship between President Bola Tinubu and the Chagoury brothers dates back to at least 2007, when Tinubu, then Governor of Lagos State, awarded the Chagoury Group a significant land grant of 10 million square meters on the Lagos seashore.
Hitech Construction, a subsidiary of the Chagoury Group, is currently developing Eko Atlantic City on the 10-million square meter land grant awarded by former Governor Tinubu. Ronald Chagoury Jr, son of billionaire Gilbert Chagoury, serves as vice-chairman of South Energyx, the Chagoury Group subsidiary that owns the land.
The coastal highway project, which begins at Eko Atlantic City, will span 700 kilometers to Calabar in the Niger Delta. In February, the government allocated 1 trillion Nigerian naira (approximately $670 million) for Hitech to construct the initial 47-kilometer stretch.
According to Minister of Works David Umahi, the government plans to fund up to 30% of the total project cost, with Hitech responsible for securing the remaining 70%.
President Tinubu has touted the coastal highway project as a key driver of economic growth for Nigeria, predicting it will enhance connectivity for 30 million people to vital production and marketing hubs.
In a statement released in May, President Tinubu also praised the Chagoury brothers for their investment in the project, commending them as “worthy stakeholders” who share his vision for Nigeria’s future…..For More READ THE FULL ARTICLE HERE ▶▶
