President Bola Ahmed Tinubu has conferred Nigeria’s second-highest national honour, Grand Commander of the Order of the Niger (GCON), on Lebanese-Nigerian billionaire Gilbert Chagoury, a close ally of the President.
The honour was reportedly conferred on January 8, the same day Chagoury marked his 80th birthday, but the award was not publicly announced until Monday, when billionaire businessman Femi Otedola shared a copy of the conferment certificate on X (formerly Twitter).
Presidency sources confirmed to Premium Times that the award was authentic, but indicated that the Presidency might not issue an official statement on the honour.
Otedola hails Chagoury’s contributions
In a congratulatory message posted on X, Otedola described Chagoury as a mentor and praised his role in Lagos’ 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,” Otedola wrote.
“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.”
Business empire spans key sectors
Chagoury is the founder of the Chagoury Group, whose interests span construction, real estate, hospitality, healthcare, telecommunications, water purification, flour milling, insurance, furniture manufacturing, catering and international financing.
The group is currently involved in several major infrastructure projects, including the $11bn Lagos–Calabar coastal highway and the N1.1tn contract for the rehabilitation of Tincan and Apapa Ports.
Long-standing ties with Tinubu
Chagoury has maintained a long-standing business and personal relationship with President Tinubu, dating back to Tinubu’s tenure as Governor of Lagos State between 1999 and 2007.
In 2023, Chagoury was listed as a “confidant” of President Tinubu in Nigeria’s delegation to the 28th Conference of the Parties (COP28) in Dubai.
When the businessman turned 78 in 2024, Tinubu described him in a birthday tribute 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 had said.
Corporate records also show continued ties between the two families. Documents reviewed by the International Consortium of Investigative Journalists (ICIJ) indicated that President Tinubu’s son, Seyi Tinubu, was previously a majority shareholder in an offshore company incorporated in the British Virgin Islands, alongside Ronald Chagoury Jr., son of Gilbert Chagoury.
Seyi Tinubu also sits on the board of CDK Integrated Industries, a Chagoury-owned firm.
Past allegations and conviction
Chagoury has, however, been linked to past financial controversies.
According to American investigators, he was among those who facilitated the movement of funds looted during the regime of late military ruler General Sani Abacha, who governed Nigeria between 1993 and 1998.
In 2000, Chagoury was convicted in Switzerland for money laundering and aiding a criminal organisation. Court documents showed that he helped set up accounts at SG Ruegg Bank in Geneva for the Abacha family, through which more than $120m was transferred from the Central Bank of Nigeria.
He later paid $600,000 in fines and refunded $66m to the Nigerian government.
Despite the conviction and scrutiny from international authorities, Chagoury has continued to operate and expand his business interests in Nigeria.
His companies have maintained strong patronage from the Lagos State Government and, more recently, the Federal Government, with critics alleging that some contracts were awarded without competitive bidding.