Nigeria Sovereign Investment Authority (NSIA) has given a breakdown of the cost and commitments of the Second Niger Bridge project, which has been a subject of controversy in recent times.



According to a document THISDAY obtained from NSIA, the Second Niger Bridge project, which is being undertaken by Julius Berger Nigeria Plc-NSIA Motorway Investment Company Ltd (JB-NMIC) Consortium was estimated to cost $700 million- that is, N108 billion (at the then exchange rate of N154/$). NMIC is a transport subsidiary of NSIA.

The Second Niger Bridge project comprises Phases 1, 2a and 2b and includes a southern bypass of both Asaba and Onitsha cities with an approximate total length of 44km. The phase 1 of the project, which is the bridge and adjacent roads, is approximately 11.9 kilometres and will be constructed and operated under a Design, Build, Finance, Operate and Transfer (DBFOT) basis under a Public Private Partnership (PPP) scheme.

The bridge will comprise a 3.31 kilometre-long road section on the Delta side, including a 500 metre-long toll plaza; a 1.59 kilometres tolled concrete box-girder bridge with two superstructures; and a 7.0 kilometre-long road section on the Anambra side. It is expected that the bridge would be constructed and delivered in 48 months. When completed, the bridge and approach roads will have six lanes with three in each direction. Phase 2a is connected to the Asaba-Benin Expressway while Phase 2b is connected to the Onitsha-Enugu Expressway. Phases 2a and 2b together constitute the feeding approach roads.

Out of the N108 billion project cost, the Federal Government has already made a commitment to contribute N30 billion, which represented 28 per cent. The JBI-NMIC consortium would raise the remaining funds for the construction, operation and maintenance of the bridge and adjacent roads of Phase 1 under a 25-year concession.

The Federal Government has, till date, contributed N18.31billion out of its commitment of N30billion, comprising N8.464billion from SURE-P budget in August 2014 for early works II and a further $50million (about N9.8billion) from its Eurobond loan for the execution of early works III.

According to NSIA, otherwise called Sovereign Wealth Fund (SWF), about N10.4 billion of the fund allocated by the Federal Government has so far been disbursed, leaving a balance of about N7.94 billion of government contribution with the sponsors. Funds have only been disbursed to the contractor upon successful attainment of construction milestones, which have been verified by the Technical Advisor of the Project (WSP Group) and rigorously scrutinised by NSIA.

The document, titled: ‘NSIA Detailed Project Update on Second Niger Bridge’, revealed that JB-NMIC as the developers, budgeted $5million for the development of the project, split into $2.5million each.

It also revealed that “the consortium assembled a team of advisers with proven capabilities and global experience in PPP infrastructure projects to ensure the Project gets first-class advisory services. This is required to enable the project to reach financial close - the point at which private capital is successfully raised.

“The consultants were engaged through a rigorous and competitive procurement process. To date the NSIA has spent the sum of $2.21million on consultancy services provided by its team of advisers. An initial US$247,586 was spent on due diligence exercise to determine the viability of the project. “

NSIA listed the advisers for the due diligence phase to include: FBN Capital (Nigeria) - Financial Advisor, Murty International Limited (Nigeria) – Technical Advisor, White & Case LLP (UK) – Legal Advisor, WSP Group Africa (South Africa) – Technical Advisor, and Zephyrgold International (Nigeria) – Technical Advisor

And for the project development phase, the agency listed the advisers as: Africa Finance Corporation (Nigeria) - Financial Advisor, Clifford Chance LLP (UK) – Legal Advisor, Templar

Source:http://www.nairausd.com/2015/09/swf-provides-details-of-700m-second.html?m=1

Twitter@nairausd

Where are those Lying Liars?

The Second Niger Bridge project comprises Phases 1, 2a and 2b and includes a southern bypass of both Asaba and Onitsha cities with an approximate total length of 44km. The phase 1 of the project, which is the bridge and adjacent roads, is approximately 11.9 kilometres and will be constructed and operated under a Design, Build, Finance, Operate and Transfer (DBFOT) basis under a Public Private Partnership (PPP) scheme.

Cc.lalasticlala, obinoscope, tonyebarcanita, truckpusher, ishilov

TonyeBarcanista:
Where are those Lying Liars?

They went for a meeting

Your stew sauce no Gel Biko...
Small time una go use biafra.com as source

Goodluck Jonathan was sincere and wanted a legacy bridge and not just any other bridge.


Waiting for its completion

LadyExcellency:
Goodluck Jonathan was sincere and wanted a legacy bridge and not just any other bridge.


Waiting for its completion

Hmm

LadyExcellency:
Goodluck Jonathan was sincere and wanted a legacy bridge and not just any other bridge.

Waiting for its completion

The bridge is being funded from the pocket of South-easterners.

After the massive support the SE gave to GEJ, the only greek gift he gives to us is a bridge which we still have to pay massively for through toll gates for the next 25 years. Even the Lokoja-Oweto bridge over the Benue river was not tolled, but he happily tolled the 2nd Niger bridge because he knew the Igbos would still support him regardless. That is simply man's inhumanity to man!

No propaganda can withstand truth. Thank God for another revelation which has put paid to all these lies by the Apc

Oshiomole is a corrupt liar - Buhari

talktimi:
Oshiomole is a corrupt liar - Buhari

This is beautiful

James Emejo in Abuja

The Nigeria Sovereign Investment Authority (NSIA) Sunday assured Nigerians that all funds and assets managed by it remained intact and fully accounted for.
It added that its funds had been invested profitably, realising a net comprehensive income of N15.8billion in the year ended December 31, 2014, compared to N505 million recorded in the 15 months ended December 31, 2013.
This was disclosed in a statement by the management in an apparent reaction to allegations by Edo State Governor and Chairman of the National Economic Council (NEC) Ad-hoc Committee on the management of the Excess Crude Account (ECA) and related federation accounts issues, Mr. Adams Oshiomhole, that the managers of the Sovereign Wealth Fund (SWF) could not account for $700 million out of the $1billion contributed for the fund.
The NSIA further noted that the detailed audited financial statement for the year ended 2014 had been published on March 28, 2015, and made available on its website for the public to access, adding that the annual report was subsequently issued by the NSIA in September 2015.
It stated that the seed capital of $1billion provided in 2012 had been managed in three different ring-fenced funds including 20 per cent in stabilisation fund; 40 percent in Future Generation Fund and 40 percent in Nigeria Infrastructure Fund respectively.
It said the assets invested in each fund were detailed in the annual report.
“The NSIA states categorically that it has never been invited by the Ad-hoc Committee on the Management of Excess Crude Account proceeds and accruals of the National Economic Council (NEC) to make a submission on its operations in the first instance. Neither did it make any presentation or submission whatsoever to the Ad-hoc Committee. However, the Management of NSIA remains open and available to provide details on its operations and accounts to all its stakeholders,” the statement said.
Continuing, it noted: “Furthermore, the NSIA wishes to state that it has made no investment in the rail sector, even though it remains an area of interest. And, of its total commitment to the Second Niger Bridge project, only $2.2million has been disbursed for project development-related consultancy costs. In addition, N10.3billion was disbursed on early construction works on behalf of the Federal Ministry of Works. This has been addressed in previous press statement and briefings by the NSIA.
“Out of the 15 sectors of interest for the Nigeria Infrastructure Fund, the immediate areas of focus are: motorways, power, agriculture, real estate and healthcare. The Future Generations Fund invests in a diversified range of assets covering public and private equities, hedge funds and “other diversifiers” using the services of best-in-class investment managers and global fund custodians. The stabilisation fund targets the preservation of capital.”
It added that NSIA’s accounts are audited quarterly and annually by PricewaterhouseCoopers, an international firm of auditors, using the International Financial Reporting Standard (IFRS).

http://www.thisdaylive.com/articles/nsia-faults-oshiomhole-insists-funds-under-management-remain-intact/220801/