Under the leadership of President Bola Ahmed Tinubu, the Nigerian government has assigned the task of constructing the Lagos-Calabar Coastal Highway to Hitech Road Construction Company. This company is a subsidiary of Hitech Construction Company, a construction conglomerate owned by Gilbert Chagoury, a billionaire of Nigerian-Lebanese descent.
The proclamation was made at a meeting in Lagos, where the Nigerian Minister of Works, Dave Umahi, unveiled the ambitious project. The Lagos-Calabar Coastal Highway initiative will be undertaken as a Public Private Partnership (PPP) and will feature tolls once completed. Hitech Construction Company has already obtained the requisite funding for this venture.
The Lagos-Calabar Coastal Highway set to foster connectivity
The main aim of Tinubu and the Lagos-Calabar Coastal Highway is to foster tourism and spur economic advancement. The project encompasses the establishment of industrial clusters, featuring hotels, factories, housing estates, and a variety of amenities along its path. This endeavor is in harmony with Tinubu’s national vision for enhanced connectivity and economic progression.
The proposed route is set to serve as a crucial connection among prominent infrastructure undertakings, such as the Lagos-Badagry Expressway superhighway, the Fourth Mainland Bridge, and the Lekki Deep Sea Port Road. It is poised to forge connections to various locations in northern Nigeria via Ogoja-Ikom. This network is expected to strengthen trade and transport connections throughout Nigeria.
What you should know about the Chagoury Group
Hitech Construction Company, a subsidiary of the Chagoury Group, was established in 1988 by Gilbert Chagoury and his younger brother Ronald, and it has emerged as one of the preeminent civil engineering companies in Nigeria. It specializes in delivering enduring solutions to address coastal erosion in the West African region.
Hitech holds a distinguished record of proficiently completing projects aimed at protecting vulnerable coastal areas from the advancements of the Atlantic Ocean. The group has widespread interests in construction, real estate, manufacturing, telecommunications, and numerous other sectors, contributing to Chagoury’s estimated net worth of $4.2 billion.
The foundation of Gilbert Chagoury’s prosperous journey was laid with the inception of the Chagoury Group when he was 25, in collaboration with his younger brother, Ronald Chagoury.
The entrepreneurial insight of the Chagoury brothers has propelled the expansion and development of their conglomerate, reinforcing their standing in the economic terrain of Nigeria.
Chagoury’s ascent to success has been intertwined with contentious episodes. The Chagoury brothers have become integral figures in Nigeria’s economic landscape, fostering the growth and expansion of their conglomerate, and making notable philanthropic contributions, including a significant donation to Lagos State’s healthcare system during the COVID-19 pandemic in 2020.
Chagoury’s relationship with Sani Abacha
His relationship with the late Sani Abacha, a former Nigerian military head of state, came under close examination, as it played a pivotal role in the expansion of Chagoury’s ventures within the nation.
After Sani Abacha died in 1998, Chagoury repatriated approximately $300 million to the Nigerian administration as a protective measure against prospective legal indictments.
This act signified a crucial juncture in his entrepreneurial journey, enabling him to persist in his developmental endeavors within Nigeria.
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