Why Lagos terminates N844bn Fourth Mainland Bridge contract
Citing slow pace of work on the proposed Fourth Mainland Bridge project by the concessionaire, the Lagos State government on Monday May 22, 2017 says it has terminated the N844 billion contracts for the construct of the ambitious 4th Mainland Bridge.
The state government had last year signed a Memorandum of Understanding (MoU) with a consortium of firms to construct the Bridge.
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 Infrastructure, Engr. Temidayo Erinle said the state government was yet to obtain the federal government’s approval.
