At least three key associates have been closely linked to President Bola Ahmed Tinubu since his early days in politics, poised to play influential roles in his upcoming administration.
Among them are the Lebanese-Nigerian brothers, Gilbert Chagoury (b.1946) and Ronald Chagoury (b.1949), who are anticipated to hold significant positions within the Tinubu administration. Their enduring relationship with Tinubu dates back to his tenure as Lagos State governor, a bond evident in social media-shared images during Tinubu’s recent trips to France where their connection was highlighted.
The group’s net worth, according to Forbes, is about $4.2 billion. The Chagoury brothers own the prestigious Eko Hotel & Suites, Hitech Construction Company and ITB Construction Limited. They are also behind the over $6 billion Eko Atlantic project, which is an entirely reclaimed coastal city built also in the upmarket Victoria Island area of Lagos and is reserved exclusively for high net-worth individuals and corporate entities, including some embassies. Its grand cheerleaders boast that on completion, the new Eko Atlantic would match that of New York’s Manhattan Island.
The Chagoury brothers, known for their involvement with the late military dictator Sani Abacha, have a history linked to various legal issues. Despite this, they are rumoured to own 51% of Total energies Nigeria, they also own the construction company, Hitech, notably engaged in major projects, including the groundbreaking Eko Atlantic initiative—a venture aimed at reclaiming oceanfront land for a Dubai-like city construction. This project has seen notable success, with the US establishing its largest consulate in the area.
While the Chagourys may not hold direct governance roles, their influence is expected to extend to significant dealings under the Tinubu Presidency, potentially impacting business policies and fostering their enterprises’ growth. Tinubu’s extended stays in France likely involved exchanges of business ideas with them.
Gilbert Chagoury, akin to his role under Abacha, is anticipated to function as Tinubu’s key negotiator, influencing major deals within the administration. This direct access could potentially provide a channel for alternative perspectives, differing from the closed circles seen in past administrations. However, such direct influence might also inadvertently promote cronyism and corruption.
Another notable figure in Tinubu’s close circle is retired American diplomat Brian Browne, often regarded as a ‘staff’ member but effectively acting as a de-facto chief of staff. Browne, co-author of a critical work on capitalism, “Financialism: Water from an Empty Well,” is poised to contribute significantly to economic policy formulation, advocating for systemic reforms and challenging conventional capitalist approaches.
His influence could reshape economic policies, potentially advocating for greater regulation in the finance sector and an increased government role in stimulating productive activities. Browne’s involvement in key appointments, such as the selection of the Central Bank of Nigeria governor and the Minister of Finance, will likely reflect his values as conveyed in his book.
Tinubu’s presidency provides a platform for Browne to implement his ideas for an economic renaissance in Africa, potentially directing banks to invest more in productive sectors and advocating for increased consumer loans.
However, shortly after Bola Tinubu won the February 25 presidential election, he allegedly had a meeting with Gilbert Chagoury in Paris. It sounded like a rumour then, but the truth is beginning to come into the open with the current news in circulation.
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