Lagos State Governor, Akinwunmi Ambode has terminated a Memorandum of Understanding
(MoU) with a consortium of firms to build the 4th Mainland Bridge at the
cost of N844 billion.
The MoU for the 36 km bridge, which two past administrations had promised to do, was signed on 25 May, 2016.
The
project was to be financed by Africa Finance Corporation, Access Bank,
and other private investors who have already signified intention to be
part of the construction, while Visible Assets Limited would be the
coordinating firm.
But Commissioner for Waterfront Infrastructure
Development, Mr. Adebowale Akinsanya during a ministerial briefing in
Alausa, Ikeja area of Lagos, Southwest Nigeria cited the slow pace at
which the concessionaire was working as the reason behind the
termination of the contract.
According to him, “due to slow pace
of work, the contract was terminated. We are now looking at many
investors, though interest is very high.”
He said that investors
had started scouting for the project from different parts of the world,
though the state government had not decided on the proposals it had
received.
“The state government has started the proposals. We
have such investors from South Korea, Europe and the United States,
among few others. What we are doing now is vetting the proposals. We do
not want to waste any further time. So works are in top progress on the
4th Mainland Bridge.
“The investors would be named very soon, the
state government will enter into concession agreement with appropriate
investors that deliver the project,” he said.
On the Airport road
project, Permanent Secretary, Ministry of Works and Infratructure,
Engr. Temidayo Erinle said the state government was yet to obtain the
federal government’s approval.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
