President Bola Tinubu has conferred Nigeria’s second-highest national honour, the Grand Commander of the Order of the Niger (GCON), on Gilbert Chagoury, the controversial Lebanese-Nigerian billionaire and close ally of the Nigerian leader.
The award, given on 8 January, was not announced by the presidency or made public until Monday, when billionaire Femi Otedola shared a copy on X. Mr Chagoury celebrated his 80th birthday on 8 January.
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Presidency sources confirmed to PREMIUM TIMES that the award shared by Mr Otedola was authentic, but indicated the presidency may not issue a statement on the matter.
Mr Chagoury was accused of helping former military head of state Sani Abacha, who ruled from 1993 to 1998, loot Nigeria’s treasury.
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He, however, became a close business ally to Mr Tinubu and played a major role in major infrastructure projects in Lagos, including Eko Atlantic City, which is set to host, among others, the largest US embassy building in Africa.
In his post on X, Mr Otedola alluded to Mr Chagoury’s contribution to Lagos’s development.
“Congratulations to my role model, dear friend and mentor, Ambassador Gilbert Chagoury, on the well-deserved GCON honour conferred by President Bola Ahmed Tinubu,” Mr Otedola wrote.
“Sir, your life is a masterclass in vision, discipline, and steady excellence. From Banana Island to Eko Atlantic City, your work speaks in landmarks, jobs, and lasting impact, and your leadership has inspired generations of Nigerians to think bigger and act bolder.”
Chagoury’s business empire
Mr Chagoury is the founder of Chagoury Group, whose operations span construction, real estate, hospitality, healthcare, industrial services, telecommunications, water purification, flour milling, insurance, furniture manufacturing, catering, and international financing.
The group is involved in several high-profile infrastructure projects, including the $11 billion Lagos–Calabar coastal highway and the N1.1 trillion contract to renovate Tincan and Apapa Ports.
Close ties to Tinubu
The businessman has been publicly identified as a “confidant” of President Tinubu. The longstanding business ties and personal relationship between the Chagoury family and Mr Tinubu are widely known in Nigeria.
Mr Tinubu’s association with the Chagourys dates back to his tenure as Governor of Lagos State from 1999 to 2007.
In 2023, Mr Chagoury was designated as a “confidante” of President Tinubu among the country’s delegation to the 28th Conference of the Parties (COP28) held in Dubai.
When Mr Chagoury turned 78 in 2024, the Nigerian leader issued a birthday tribute describing him as a “valued and treasured person who was generous with his heart and resources.”
“With friends like him, one can sleep with a still mind,” the president said.
Corporate records indicate that this relationship extends beyond the older generation.
Leaked documents reviewed by PREMIUM TIMES’ partners, the International Consortium of Investigative Journalists (ICIJ), show that President Tinubu’s son, Seyi, was a majority shareholder in an offshore company incorporated in the British Virgin Islands (BVI) alongside Ronald Chagoury Jr., son of Gilbert Chagoury.
The company was incorporated about ten years ago in the BVI, a jurisdiction known for corporate secrecy. Although the firm’s current ownership structure remains unclear, the leaked records confirm the involvement of both men.
Seyi Tinubu’s membership of the Board of Directors of the Chagoury-owned CDK Integrated Industries also illustrates the strength of their bond.
The Chagoury Group continues to enjoy the patronage of the Lagos State Government and now the federal government.
Money laundering conviction
Mr Chagoury was among the individuals who facilitated the systematic looting of state resources under the late General Sani Abacha between 1993 and 1998, according to American Investigators.
He accrued an infamous track record for decades.
He was convicted in 2000 of money laundering and aiding a criminal organisation.
In the 1990s, he set up accounts with SG Ruegg Bank in Geneva for the Abacha family, enabling them to benefit from illegal transfers of over $120 million from the Central Bank of Nigeria and secured immunity from prosecution, court documents showed.
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He later paid $600,000 in fines to the court in Geneva, Switzerland, and refunded $66 million to the Nigerian government.
Despite being described by investigators as a central figure in the movement of Abacha’s looted funds and attracting scrutiny from US authorities over allegations of bribery and links to illicit financing, Mr Chagoury has continued to operate and expand his business interests in Nigeria.
His longstanding relationship with President Tinubu has reportedly translated into lucrative government contracts, sometimes awarded without competitive bidding.
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