Ronald Chagoury jr recently appeared in the news over his relationship and co-ownership of an offshore company with Nigeria’s president’s son, Seyi Tinubu.
Chagoury jr was birthed by popular billionaire, Ronald Chagoury, co-founder of Chagoury Group. According to a leaked document, BusinessDay earlier reported that Junior and Seyi are ‘partners’ in business.
The $13 billion contract awarded to the company to build a 700-kilometre Lagos-Calabar coastal highway, was not a fresh start of the relationship between Chagoury and Tinubu.
The Chagoury brothers – Ronald and Gilbert, have long been associated with President Bola Tinubu, with their business empire – Chagoury Group – benefiting from various government contracts over the years.
Gilbert Chagoury, who is the eldest of the brothers, was born in January 1946 (78 years old) while Ronald Junior is 75 years old.
While flagging off the controversial coastal highway in May, the president applauded” the Chagoury brothers “for being worthy stakeholders and for believing in the future of Nigeria.”
In 2007, while Tinubu was the governor of Lagos state, he was said to have granted the Chagoury Group title, 10 million square meters of land on the seashore of Lagos.
In 2016, Fox News reported that the State Department sought a land deal with the Chagoury Group tied to the Clinton Foundation.
The deal aimed to develop a 3,000-acre complex in Lagos, Nigeria, with an estimated value of $700 million.
Gilbert Chagoury was reported to have donated $1-5 million to the Clinton Foundation and had access to Clinton’s inner circle.
Emails obtained by Fox News show that State Department officials discussed the deal with Chagoury Group representatives, with one official noting that it could be a “high-visibility” project for the department.
The deal ultimately fell through, but the emails raise questions about potential conflicts of interest and favouritism.
Younger Ronald joined the Chagoury Group in 1974 and has since held various leadership positions within the company.
He is currently the Vice Chairman of South Energyx Nigeria Limited, a subsidiary of the Chagoury Group, which is developing Eko Atlantic City in Lagos.
“Our new City has been reclaimed from the ocean and is designated as a Special Economic Zone (Nigerian International Commerce City) and includes new development incentives and Tax Incentives to make relocating your business an attractive possibility.
“This up-and-coming financial centre provides easy access to infrastructure including electricity, water and sewer as well as fiber optic connections providing a lower cost to operations,” Chagoury Junior said on his social media.
He had a Master’s degree in Engineering, Information Technology, and electrical/electronics from Ecole d’ingénieurs Engineering School, Paris.
In 2016, he was accused of using his influence to secure a contract for the construction of a highway in Lagos. The Panama Papers revealed that Chagoury Junior was a co-owner of an offshore company with Seyi Tinubu, the son of President Bola Tinubu.
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