By Olasunkanmi Akoni & Monsur Olowoopejo


The Lagos State Government said it has terminated the earlier contract with investors for the proposed N844 billion Fourth Mainland Bridge project and is presently considering various proposals from foreign investors from the United States of America and Britain, in order to accelerate commencement of the project.


The Commissioner for Waterfront and Infrastructure Development, Adebowale Akinsanya, disclosed the ongoing efforts to pick new investors yesterday, at the 2017 ministerial press briefing held at Ikeja.

He explained that following continued delay in the commencement of multi billion naira project, the state government had to dump former contractors, which include: Africa Finance Corporation, AFC and other investors to shop for new financiers for the project due to slow pace.

Other investors dumped by the Government a year after signing Memorandum of Understanding, MOU for the 38 kilometre bridge and road project includes; Visible Assets Limited and Access Bank Plc.

Meantime, the Permanent Secretary in the Ministry of Works and Infrastructure, Temidayo Erinle, in his address, said: “We are yet to get Federal Government’s approval on the Airport road project.

We want to assure residents that whenever there is approval you will see engineers move to site.” Though, we are still collaborating with FG to get things resolved. The road is not in good condition; hence, we need to move fast. Also Apapa Road, same issue as Airport Road, it’s a federal road, we are collaborating with FG on it too.”


http://www.vanguardngr.com/2017/05/lagos-terminates-n844bn-fourth-mainland-bridge-contract/

Good development.

hmmmmmmmm

N844B no be joke o.....

Any investor trying to fund such project will consult ifa first. Befor somebody will come and owe somebody. I no dey o