Nigerian billionaire and Chairman of Geregu Power PLC, Femi Otedola, has publicly lauded real estate mogul, Gilbert Chagoury, following the businessman’s conferment with the Grand Commander of the Order of the Niger (GCON), Nigeria’s second-highest national honour.

The award, which was officially confirmed by Presidential spokesman Bayo Onanuga on Monday, was signed by President Bola Tinubu on 8 January 2026. The date coincided with Mr Chagoury’s 80th birthday. According to the instrument of conferment, the President granted the honour “in recognition of your outstanding virtues and in appreciation of your services to our country, Nigeria.”

But a former senior figure of the All Progressives Congress (APC), Timi Frank, has criticised the decision and questioned its implications for governance and accountability.

Reacting to the development, Otedola described Chagoury as a mentor and role model, linking the award to his contributions to Lagos’ urban 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, “Sir, your life is a masterclass in vision, discipline, and steady excellence. 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. This honour is truly well deserved. I celebrate you today and always.”

However, the award has also attracted sharp criticism. In a statement released on Tuesday, Frank, a former Deputy National Publicity Secretary of the APC, described the conferment as a “sad day” for Nigeria, arguing that it sends troubling signals about the country’s anti-corruption posture. He said the decision “sends a dangerous signal that corruption and conflicts of interest are being normalised at the highest levels of power.”

Frank referred to past allegations and judicial proceedings involving Chagoury during the regime of the late General Sani Abacha. “Today ranks among the saddest days of my life as a Nigerian,” he said, noting that a Swiss court convicted Chagoury in 2000 in connection with laundering Abacha’s funds. He recalled that the businessman paid a fine of one million Swiss francs and returned about $66 million to the Nigerian government. “To bestow one of our highest national honours on a person publicly tainted by allegations and judicial findings of corruption sends a deeply troubling message about our national values,” Frank added.

He further questioned the basis for the honour, asking Nigerians to scrutinise the criteria used. “What hospitals, schools, or scholarships has he built or funded to merit this honour?” Frank asked. He warned against what he described as the growing influence of foreign-linked business interests in Nigeria, saying, “Nigeria should not become a theatre where corruption is rewarded, conflicts of interest are ignored, and foreign influence is leveraged against national and allied economic interests.”

Chagoury’s business interests span construction, real estate, hospitality, healthcare, industrial services, telecommunications, water purification, flour milling, insurance, furniture manufacturing, catering, and international financing through the Chagoury Group. The group has been involved in major infrastructure projects, including the $11 billion Lagos–Calabar coastal highway and the N1.1 trillion renovation of the Tin Can and Apapa Ports.

The businessman is also closely associated with President Tinubu, with ties dating back to Tinubu’s tenure as Governor of Lagos State between 1999 and 2007. Investigative reports have pointed to continuing business and personal links between the Chagoury and Tinubu families, including documents indicating that Seyi Tinubu, the President’s son, was a majority shareholder in a British Virgin Islands company alongside Ronald Chagoury Jr. Seyi Tinubu is also listed as a board member of CDK Integrated Industries, a subsidiary of the Chagoury Group.

Chagoury’s earlier role in facilitating the movement of funds looted during the Abacha era has remained a subject of public debate. Court records and United States investigative reports indicate that he helped create accounts in Geneva used to move more than $120 million from the Central Bank of Nigeria on behalf of the Abacha family.

Despite his conviction in Switzerland and the repayment of funds, Chagoury has continued to expand his business operations in Nigeria and secure government-linked contracts.
The award has since generated wider public discussion about the message it conveys on accountability and the standards applied in recognising national service. While supporters have cited Chagoury’s role in landmark development projects, critics argue that honouring individuals with contested histories risks undermining public confidence in national institutions.

As of Tuesday, the Presidency had not issued a detailed public explanation on the criteria or process that led to Chagoury’s selection for the GCON, leaving the debate over the award unresolved.