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Olugbemi. Adeyinka Ogunleye
2 weeks ago
Overview
Sources: FG awards Lagos ports renovation contract to Chagoury Group
The federal government has awarded a contract for the renovation of two major Lagos ports — Tin Can and Apapa — to Chagoury Group, TheCable understands.
Chagoury Group is a multinational conglomerate led by Gilbert Chagoury, a Lebanese-Nigerian billionaire. Sources close to the conversation said the federal executive council (FEC) approved the contract in February.
“Yes, the award was given to Chagoury Group after it followed due process,” a source said, responding to TheCable’s enquiry. “FEC gave the approval sometime in February and the agency in charge, that is the Nigerian Ports Authority (NPA), will give the announcement soon.”
The NPA, in November 2023, announced plans to commence the rehabilitation of ports across the country, valuing the project at $1.1 billion. On April 18, 2024, the Nigerian Ports Authority (NPA) said it secured a $700 million facility agreement for the rehabilitation of the Apapa and Tin-Can Island ports in Lagos.
More: https://www.thecable.ng/sources-fg-awards-lagos-ports-renovation-contract-to-chagoury-group/
