The award was reportedly conferred on January 8, coinciding with Chagoury’s 80th birthday, but the honour was only publicly shared on Monday when businessman Femi Otedola posted a copy of the certificate on X (formerly Twitter). Presidency sources confirmed to Premium Times that the award is authentic but indicated that an official announcement may not be issued.

Otedola Hails Chagoury’s Contributions
In a congratulatory post 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 Across 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 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 close personal and business relationship with President Tinubu since Tinubu’s tenure as Governor of Lagos State (1999–2007).

In 2023, Chagoury was listed as a “confidant” of Tinubu in Nigeria’s delegation to COP28 in Dubai. When he turned 78 in 2024, Tinubu described him as a “valued and treasured person who was generous with his heart and resources,” adding, “With friends like him, one can sleep with a still mind.”

Corporate records also reveal ongoing ties between the two families. Documents reviewed by the International Consortium of Investigative Journalists (ICIJ) show that Tinubu’s son, Seyi Tinubu, was previously a majority shareholder in an offshore company incorporated in the British Virgin Islands alongside Ronald Chagoury Jr., Gilbert Chagoury’s son. Seyi Tinubu also sits on the board of CDK Integrated Industries, a Chagoury-owned firm.

Past Allegations and Conviction
Chagoury has been linked to previous financial controversies. According to American investigators, he facilitated the movement of funds looted during the regime of late military ruler General Sani Abacha (1993–1998).

In 2000, Chagoury was convicted in Switzerland for money laundering and aiding a criminal organisation, after helping set up accounts at SG Ruegg Bank in Geneva 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 international scrutiny, Chagoury has continued to operate and expand his businesses in Nigeria, with his companies maintaining strong patronage from the Lagos State Government and, more recently, the Federal Government, though critics have alleged that some contracts were awarded without competitive bidding.