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.

realborn:
A visionary and very proactive government.

Signed May 25, 2016, terminated May 22, 2017.

Enacting timely and promptly, the termination/determination clause on delays by the concessionaire.

If more public entities can be run like real business outfits without forgetting the mandatory social services, the results will be very far reaching. Today, Dubai launched a Robot Police Service. Soon, Lagos may lead a landmark development achievement in West Africa (at the least), at this pace.

Wishing Ambode and his team greater direction in the choice of a new suitable concessionaire.

dealslip:
Almost a trillion Naira for a 36km bridge. This people should fear God oh!!!

wristbangle:


It may look inflated but the project is massive because aside road, other channels will be embedded such as rail, pedestrian, layby, etc.

Kudos to the visionary step of Ambode. I was wondering what could be delaying the construction of the project but their reason is justifiable but they shouldn't have waited up to a year before they terminate the project from the concessionaire

dealslip:
Almost a trillion Naira for a 36km bridge. This people should fear God oh!!!

Vorpal:


If you see the 3d drawing of that bridge, you will understand why it will cost so much. Plus I think it will be the longer than 3rd mainland.

Let's not forget the value of the naira in the scheme of things. That amount is roughly a little over 2billion dollars. Yet we had a case of unremitted 10 billion dollar oil money or more.

DamiBukola:
stop defending corruption, there is no way that bridge should be up to 1 trillion. A country where everyone defends her own

Vorpal:


From what I saw, unlike no other bridge in Nigeria, I don't think it will come cheap at least not in naira given it's value.

If am not mistaken the road system will be like the Brooklyn bridge, where roads are over and beneath, the suspension of the bridge over water that will span 36km? The man power required for such, safety measures that will be put in place, testing and durability after it's done and while it's being done. I also think I saw a railway would pass through on it.

Looking at it where some of the materials to be used may be brought in, metals and steel of which I know Nigeria does not have a plant of such magnitude, I think it's a fair price.

I think what anyone should be concerned in is that the company in charge delivers a world class job like it would for a developed country.

oseiwe:

roads will pass over and under? where will they come from? even railway? I no understand again

DamiBukola:
look at how u r defending corruption. So because it will be done, the road worth almost a trillion naira ?

DamiBukola:
look at how u r defending corruption. So because it will be done, the road worth almost a trillion naira ?

Vorpal:


If you see the 3d drawing of that bridge, you will understand why it will cost so much. Plus I think it will be the longer than 3rd mainland.

Let's not forget the value of the naira in the scheme of things. That amount is roughly a little over 2billion dollars. Yet we had a case of unremitted 10 billion dollar oil money or more.

olujastro:

When you don't know, humble yourself and go and learn about it instead of arguing like you get paid for it.
The burj Khalifa cost $1.5b (about N500b). Following your logic, Is it not just a building after all?
Now go and find out more about the 4th mainland Bridge instead of lazily waiting for people to school you about its design. You have Internet access and videos abound on YouTube.

Keneking:
Useless decision by Ambode...

+ No one can enter this concession plan again......................... l disagree, it is a huge project and from the article foreign investors from South Korea, the US etc are showing interest already.
+ Poor handling of the transaction since inception............True
+ White elephant project..............................................................Not really, it is a good project and it will open up the state for more investment
+ Huge investment outlay with NO returns............definitely, if there was no ROI those foreign countries jostling to handle the project wouldnt show so much interest, no country wants to invest in a dead project, so it will bring huge ROI
+ Place of 'middlemen' would affect the offtake...................l think that is what Ambode is trying to eliminate but even at that there will be middle men at the background and lobbyist for a big project like that.
+ Mr Commissioner for Waterfront should resign for this decision......No, he should not resign except he collected egunje
+ Investors would be wary of this kind of decision....No, they like it, read the article again, Americans are showing interest
+ Inflation ti take ova and I am sure new quote would have been submitted say N1.2trillion..............No worries, as long as it benefits the masses , is it not better than the stolen billions in the hands of useless politicians

Mynd44 day don break for Agboju oh

Entirely useless decision and nonsense propaganda...................Not really, if implemented and it benefits the masses, l am fine, let the masses enjoy the benefits and not these useless politicians.......

Nonsense

My submission in bold and according to one of my mentors >>>> Albert Einstein he says and l quote >>>>“In the middle of difficulty lies opportunity.”