LEAKED corporate documents have revealed that the son of Nigerian President Bola Tinubu co-owned an offshore company with the son of a wealthy tycoon who was recently awarded a massive contract to construct a 700-kilometre highway along Nigeria’s coast. This revelation has sparked controversy, particularly because the contract was granted without a public bidding process, prompting legal challenges.
In May, the Nigerian government announced the first phase of the highway project would be handled by Hitech Construction Company Ltd., a subsidiary of the Chagoury Group, owned by brothers Ronald and Gilbert Chagoury. The project, estimated to cost $13bn, will be executed by Hitech Construction, with funding to be secured as the project progresses.
The deal has drawn sharp criticism from activists and opposition figures who argue that the contract violates public tender regulations. Minister of Works David Umahi confirmed that the government is currently engaged in a legal battle over the highway contract, stating, ‘The entire process is before the court.’
Critics have also highlighted the close business ties and personal relationship between President Tinubu and the Chagoury brothers. However, Minister Umahi insisted that the president played no role in the contract’s award, stating, ‘The Lagos-Calabar Coastal Highway procurement followed due process, and the president had no involvement in the award or execution.’
While the relationship between Tinubu and the Chagoury brothers is well known, new revelations indicate that the younger generation also has corporate connections. Documents leaked to the International Consortium of Investigative Journalists show that Oluwaseyi Tinubu, the president’s son, was a majority shareholder in an offshore company alongside Ronald Chagoury Jr., the son of one of the Chagoury brothers. The company was incorporated eight years ago in the British Virgin Islands (BVI), a jurisdiction known for corporate anonymity. The current ownership of the BVI firm remains unknown, and neither Oluwaseyi Tinubu nor Ronald Chagoury Jr. responded to requests for comment.
The revelation has fuelled further concerns about potential conflicts of interest. Ayotunde Abiodun, an analyst with Nigeria-based risk consultancy firm SBM Intelligence, emphasised that public officials and their close relatives are expected to avoid conflicts of interest to maintain public trust. He added that the longstanding business relationships between the Tinubu and Chagoury families only add to the suspicion, especially in a country where ‘systemic corruption and pervasive lack of accountability’ are significant issues.
Nigeria’s corruption challenges are well-documented. In 2023, the country ranked 145th out of 180 countries on Transparency International’s Corruption Perceptions Index, with 1 being the least corrupt. The Chagoury family has its own controversial history, including a 2000 conviction in Switzerland for money laundering related to Nigeria’s former military dictator, Sani Abacha.
The relationship between President Tinubu and the Chagoury brothers dates back to at least 2007, when Tinubu, then governor of Lagos State, granted the Chagoury Group 10 million square metres of prime seafront land in Lagos. This land is now the site of Eko Atlantic City, a luxury development project also managed by the Chagoury Group. The newly planned highway, which begins at Eko Atlantic City and runs down the coast to Calabar, is expected to be a key economic driver in the region.
In February, the Nigerian government approved 1 trillion naira (about $670 million) for the first 47 kilometres of the highway, with the government providing up to 30 percent of the total funding. The Chagoury Group is expected to raise the remaining funds.
President Tinubu has promoted the highway project as a vital economic boost for Nigeria, claiming it will ‘provide 30 million people with improved access to production and marketing centres.’ He has publicly praised the Chagoury brothers for their commitment to Nigeria’s future, despite the ongoing legal and ethical concerns surrounding the project.
Credit: Africabriefing
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