Gilbert Chagoury, renowned as one of Nigeria’s wealthiest individuals, has established an empire of diverse assets and investments nationwide, propelling him to financial prominence.
The Nigerian-Lebanese billionaire, aged 77, has amassed vast wealth through his ownership of Chagoury Group, an industrial conglomerate he co-founded in 1971 with his brother Ronald Chagoury.
With interests spanning various sectors, Chagoury’s business ventures include construction, real estate and property development, flour mills, water bottling and purification, glass manufacturing, insurance, hotels, furniture manufacturing, telecommunications, IT, catering, and international financing. These ventures have contributed to the estimated net worth of $4.2 billion, making him one of the wealthiest individuals in Nigeria.
The journey to success for Chagoury began when he partnered with his younger brother, Ronald Chagoury, to establish Chagoury Group at the age of 25. Since then, their business acumen has driven the growth and expansion of their conglomerate, solidifying their position in Nigeria’s economic landscape.
Apart from his business accomplishments, Chagoury is also recognized for his philanthropic endeavors. Notably, in 2020, he and his brother contributed significantly to the fight against the COVID-19 pandemic in Nigeria, donating N1-billion ($2.62 million) to Lagos State to support the healthcare system during the crisis.
However, Chagoury’s success has not been without controversy. He has faced scrutiny due to his association with the late Sani Abacha, a Nigerian military head of state, whose support helped Chagoury’s businesses thrive in the country. Following Abacha’s death in 1998, Chagoury returned an estimated $300 million to the Nigerian government to safeguard himself from potential criminal charges.
Despite the controversies, Chagoury continues to hold a prominent position in Nigeria’s business landscape, and his philanthropic contributions have earned him respect and recognition.
Among the assets that have contributed significantly to Chagoury’s substantial wealth are:
- Chagoury Group: Chagoury Group was established in 1971 by Gilbert Chagoury and his younger brother Ronald Chagoury. It is a diversified conglomerate with a wide range of interests spanning construction, real estate and property development, flour mills, water bottling and purification, glass manufacturing, insurance, hotels, furniture manufacturing, telecommunications, IT, catering, and international financing.
- Eko Hotel and Suites: Eko Hotels & Suites stands tall, offering a captivating view of the new Eko Atlantic City and the vast expanse of the Atlantic Ocean. This esteemed hotel holds a prominent position as one of the top choices for accommodation in West Africa. Its roots trace back to 1977 when it was founded as Eko Holiday Inn on the picturesque Victoria Island. With the passage of time, it has evolved to become Nigeria’s largest hotel, under the ownership of L’Hotel Eko Le Meridien, a company which forms part of Chagoury Group.
- Eko Atlantic City: In 2008, Chagoury embarked on the development of Eko Atlantic City, a real estate venture situated on Victoria Island in Lagos, Nigeria. This ambitious project, spearheaded by South Energyx Nigeria, a subsidiary of his conglomerate, aimed to create a modern urban center encompassing both residential and commercial properties. Fast forward to May 2019, the U.S. mission in Nigeria revealed its strategic decision to acquire approximately 50,000 square meters of land within Eko Atlantic City. This land acquisition would serve as the site for constructing the new U.S. consulate, which is slated to become the largest consulate in the world.
- HITEC Construction Company Limited: In 1988, Chagoury and his younger brother Ronald founded Hitech Construction as a division of the esteemed Chagoury Group. Today, this company stands as one of Nigeria’s foremost civil engineering firms. Its expertise lies in offering sustainable solutions to combat coastal erosion in the West African region. Notably, Hitech has successfully executed significant projects in Nigeria, safeguarding endangered sections of shoreline by preventing the encroachment of the Atlantic Ocean.
- ITB Construction Limited: ITB Nigeria Limited was founded in 1995 to meet the rising demand for innovation and enhanced engineering expertise in Nigeria, with Chagoury and his younger brother Ronald at the helm. Drawing from over two decades of experience in the construction industry, our teams of skilled builders and civil engineering contractors have firmly established ITB as the foremost provider of premium construction services throughout the country. Through a successful track record of completed projects and steadfast client relationships, we have solidified our leadership position in the market.
