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5 Businesses Owned by Nigerian-Lebanese Billionaire Gilbert Chagoury

Gilbert Chagoury, known as one of Nigeria’s wealthiest people, has built an empire of different assets and investments across the country, pushing him to financial prominence.

The 77-year-old Nigerian-Lebanese businessman earned great wealth through his ownership of the Chagoury Group, an industrial company he co-founded with his brother Ronald Chagoury in 1971.

Gilbert Chagoury’s business interests include construction, real estate and property development, flour mills, water bottling and purification, glass manufacturing, insurance, hotels, furniture manufacturing, telecommunications, information technology, catering, and international financing. These activities have contributed to his estimated net worth of $4.2 billion, making him one of Nigeria’s wealthiest people.

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Gilbert Chagoury’s journey to success began at the age of 25 when he formed the Chagoury Group with his younger brother, Ronald Chagoury. Since then, their business expertise has pushed their conglomerate’s growth and expansion, strengthening their position in Nigeria’s economic landscape.

Gilbert Chagoury is well-known for his charity efforts in addition to his economic achievements. Notably, he and his brother made a big contribution to Nigeria’s fight against the COVID-19 epidemic in 2020, providing N1 billion ($2.62 million) to Lagos State to bolster the hospital system during the crisis.

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Gilbert Chagoury’s accomplishment, however, has not been without controversy. He has come under fire for his ties to the late Sani Abacha, a Nigerian military leader whose assistance helped Chagoury’s enterprises expand in the country. Gilbert Chagoury returned an estimated $300 million to the Nigerian government after Abacha’s murder in 1998 to protect himself from probable criminal accusations.

Despite the difficulties, Gilbert Chagoury remains a prominent figure in Nigeria’s corporate sector, and his charitable initiatives have gained him respect and acclaim.

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Among the assets that have contributed significantly to Gilbert Chagoury’s substantial wealth are:

  1. Chagoury Group: Gilbert Chagoury and his younger brother Ronald Chagoury founded the Chagoury Group in 1971. It is a diverse conglomerate with interests in construction, real estate and property development, wheat mills, water bottling and purification, glass manufacture, insurance, hotels, furniture manufacturing, telecommunications, information technology, catering, and international financing.
  1. Eko Hotel and Suites: Eko Hotels & Suites soars towering, providing a breathtaking view of the new Eko Atlantic City and the enormous Atlantic Ocean. This prestigious hotel is often regarded as one of the best places to stay in West Africa. Its origins may be traced back to 1977, when it was formed as the kó Holiday Inn on Victoria Island. With the passage of time, it has grown to become Nigeria’s largest hotel, now owned by L’Hotel Eko Le Meridien, a subsidiary of the Chagoury Group.
  1. Eko Atlantic City: Gilbert Chagoury began work on Eko Atlantic City, a real estate enterprise located on Victoria Island in Lagos, Nigeria, in 2008. South Energyx Nigeria, a subsidiary of his conglomerate, was in charge of this huge project, which planned to build a contemporary urban center with both residential and commercial structures. In May 2019, the United States mission in Nigeria announced a strategic decision to acquire roughly 50,000 square meters of land within Eko Atlantic City. This land acquisition would be used to build the new US consulate, which is expected to be the largest consulate in the world.
  1. HITEC Construction Company Limited: Gilbert Chagoury and his younger brother Ronald Chagoury established Hitech Construction as a branch of the prestigious Chagoury Group in 1988. This company is now regarded as one of Nigeria’s leading civil engineering firms. Its specialty is in providing long-term solutions to counteract coastal erosion in West Africa. Notably, Hitech has successfully completed significant projects in Nigeria, protecting threatened parts of shoreline by preventing Atlantic Ocean encroachment.
  1. ITB Construction Limited: Gilbert Chagoury and his younger brother Ronald Chagoury formed ITB Nigeria Limited in 1995 to fulfill the increased demand for innovation and enhanced engineering expertise in Nigeria. Our teams of expert builders and civil engineering contractors have firmly established ITB as the leading provider of quality construction services throughout the country, drawing on over two decades of experience in the field. We have solidified our market leadership with a great track record of completed projects and steadfast client relationships.

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