In a stunning move that has already triggered global outrage and the threat of multi-billion-dollar litigation, Nigerian President Bola Tinubu has personally ordered the revocation of the Kaduna lithium mining permits held by British firm Jupiter Lithium and reassigned them to companies linked to the politically powerful Chagoury family. The decision comes after weeks of behind-the-scenes lobbying, with French President Emmanuel Macron said to have leaned heavily on Tinubu to prioritize French-backed investors over British interests. Last week in Paris, Tinubu held a private luncheon with Macron, at the Élysée Palace. During the luncheon, that was also attended by Gilbert Chagoury, a close Macron ally who doubles as Tinubu’s unofficial adviser, both Macron and Chagoury pressured Tinubu who finally caved in and agreed to revoke the Jupiter Lithium mining permits, according to sources close to the president. Tinubu returned from France last Tuesday, September 16, 2025.
Aso Rock sources told Huhuonline.com that this effort to secure control of the lithium deposit in Kaduna is being spearheaded by an Australian executive, Colin Ikin, founder of Atlantic Mining Techniques, a Nigerian-based company that was founded in October 2023. The company is staffed by individuals who are close to the Chagoury family. Laurent Backx, the son-in-law of Gilbert Chagoury, heads the Lagos-based Atlantic Mining Techniques. Backx was an honorary consul for Belgium and also sits on the board of several other Chagoury Group companies, including Eko Development. A source at the Kaduna governor’s office disclosed to Huhuonline.com that Ikin has already held meetings with Nigerian officials, including Kaduna state governor Uba Sani, to announce investment plans for the lithium processing plant.
The abrupt transfer of Kaduna’s prized lithium reserves to the Chagoury family risks a multi-billion-dollar arbitration payout, deepens investor mistrust, and exposes Tinubu’s inner circle to charges of cronyism, according to multiple sources who briefed Huhuonline.com. The Chagoury family has long been close allies of Tinubu, providing political and financial backing over decades. Industry insiders say the Kaduna lithium field, estimated to be one of Nigeria’s largest, could generate tens of billions of dollars over its lifetime if processed into high-value battery-grade products.
Jupiter Lithium, whose Kaduna project was valued at over $6.2 billion in lithium output in its first two years, has already filed a notice of arbitration at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). The company claims Nigeria’s cancellation amounts to illegal expropriation and is preparing a claim that could expose Nigeria to billions of dollars in damages; potentially rivaling the infamous P&ID arbitration that nearly cost Nigeria $11 billion. Nigeria was given until September 2, 2025, to respond to Jupiter’s filing. As at press time, sources confirmed to Huhuonline.com that the Tinubu administration had not formally engaged with the company’s lawyers.
The permits are now expected to be taken over by Atlantic Mining Techniques, a firm tied to Gilbert and Ronald Chagoury, the Lebanese-Nigerian billionaire brothers with deep connections to Nigerian political elites. The relationship between Nigerian President Tinubu and the influential Chagoury clan is deep, long-standing, and controversial, with ties going back to Tinubu’s time as governor of Lagos State. The relationship has drawn accusations of cronyism, especially given the Chagourys’ proximity and access to the presidency and their involvement in large-scale government projects, some of them obtained without open bidding process.
According to multiple diplomatic sources, Macron personally urged Tinubu during their recent meeting in Paris to shift Nigeria’s lithium strategy toward European partners, citing France’s race to secure critical minerals for its electric vehicle and renewable energy sectors. Huhuonline.com understands that France has been under significant pressure to find a replacement for lithium and uranium since it was kicked out of Burkina Faso, Niger and Mali. “This was a geopolitical decision disguised as domestic policy,” one Nigerian diplomat told Huhuonline.com. “Macron wants to lock down lithium for France, Tinubu wants to reward his cronies, and Jupiter is caught in the crossfire.”
One Aso Rock source who elected anonymity told Huhuonline.com that the Tinubu administration will argue that Jupiter Lithium was in violation of the “use it or lose it” policy under Nigeria’s Minerals and Mining Act. Officials claim a Jupiter subsidiary failed to pay $640,000 in service charges, and the company did not finalize a mandatory Community Development Agreement with the host community. Analysts, however, point out that the timing of the cancellation, coming just as Atlantic Mining Techniques moved to acquire the same deposit; undermines Nigeria’s case and fuels allegations of political favoritism.
If Jupiter prevails at ICSID, Nigeria could face: multi-billion-dollar payouts for lost profits, damage to investor confidence, deterring future foreign capital and legal costs and asset seizures abroad, similar to the P&ID saga. “This is déjà vu,” said an Abuja-based energy lawyer. “We are heading straight into another arbitration disaster. The Kaduna lithium project is too big to play politics with.” What should have been Nigeria’s flagship project to diversify its economy away from oil is now mired in geopolitical intrigue, accusations of cronyism, and the threat of a ruinous arbitration battle. For now, Kaduna’s lithium – a resource vital to the global clean energy transition – sits at the center of a storm linking Tinubu, Macron, and the Chagoury dynasty.
