President Tinubu has granted a 45-year concession for a new container terminal at Snake Island Port in Lagos to a company connected to his longtime ally Gilbert Chagoury, the businessman who was once convicted of money laundering in Switzerland.
The announcement this week revealed that Swiss shipping giant MSC Group has signed the 45-year concession agreement with Nigerdock, the operator of Snake Island Port.
Under the deal, MSC will build, run, and maintain an exclusive 30-hectare container terminal.
The project, which involves more than $1 billion in investment, is expected to reduce congestion at Lagos ports when it opens in 2028.
The terminal will include a 910-metre quay, six ship-to-shore cranes, two ship berths, three barge berths, and a draft depth of up to 18 metres.
Chagoury is involved through his company ITB Nigeria Ltd, which has won the engineering, procurement, and construction contract along with Belgium’s DEME Group.
ITB will carry out the construction work. Chagoury, who owns the Eko Hotel in Lagos among other assets, has maintained close ties with Tinubu for many years.
He was convicted in a Swiss court in 2000 for money laundering linked to funds from the late military ruler Sani Abacha.
As part of the resolution, Chagoury paid a fine and returned tens of millions of dollars to Nigeria.
The deal has faced strong criticism online and in some reports, with critics pointing to Chagoury’s past and his repeated receipt of major contracts under Tinubu’s government.
Opponents say it shows yet another case of favours being given to close associates.
Supporters argue that MSC remains the main concession holder and operator, while ITB’s role is limited to construction. They also note the project will create jobs, improve port capacity, and generate over $5 billion in revenue for the government over the 45-year term.
Lagos ports handle most of Nigeria’s imports and exports but often face delays and overcrowding.
The new terminal is expected to provide extra space and improve efficiency for container traffic.
MSC, the world’s largest container shipping company, said the project demonstrates its long-term commitment to Nigeria and Africa.
Nigerdock’s chief executive described the partnership as a step towards creating a world-class facility.
The concession comes after other recent contracts awarded to Chagoury’s firms, including a major renovation of Apapa and Tin Can Island ports.
Questions continue to be raised about how such deals are awarded and whether they truly serve the public interest or mainly benefit a small circle.
For now, construction at Snake Island is set to proceed, with completion expected in 2028.
