Babalakin blamed politics and inability of Nigerian banks to provide fund for the slow pace of the project.

He said: “There’s nobody who wants to give out money. This road was given to Nigerian Banks to finance; Nigerian Banks don’t have a long-term contract. We were holding meetings upon meetings, but you discover that all they can give is money for a year or two years and what you need is money for 15 years.

“We are now making headway because a bank in South Africa showed interest. And we are now going to build the road with a consortium of firms in South Africa. We’ll in 10 days time start patching the road, later we’ll commence the proper work.’’

He added: “We assure Nigerians we’ll lay three lanes going to Sagamu, three lanes coming back; we’ll repair Sagamu to Ibadan, we’ll then come back and start rebuilding so that at every stage of our construction, there’ll be two lanes for motorists, while we are working on the third lane.”

He said: “There’s nobody who wants to give out money. This road was given to Nigerian Banks to finance; Nigerian Banks don’t have a long-term contract. We were holding meetings upon meetings, but you discover that all they can give is money for a year or two years and what you need is money for 15 years.

boriswole:

He said: “There’s nobody who wants to give out money. This road was given to Nigerian Banks to finance; Nigerian Banks don’t have a long-term contract. We were holding meetings upon meetings, but you discover that all they can give is money for a year or two years and what you need is money for 15 years.

http://thenationonlineng.net/2011/index.php/news/12674-lagos-ibadan-expressway-god-will-subdue-forces-against-completion-says-adeboye.html

Pukkah:

The credit situation in Nigeria is killing business. It's a serious issue is Nigerian banks can't for whatever reason syndicate about N89b. Sanusi Lamido, are you listening?

kyensco87:

Theres no need for spiritual intervention at all. I have never heard of spirits plying that road, its a human affair and I think the relevant authorities should do something about it instead of turning it into a spiritual affair. http://tymmy.hubpages.com/hub/Fundamental-objectives-and-directive-principles-of-state-policy-in-Nigeria

texazzpete:

So you buy this fellow's story, hook, line and sinker?

texazzpete:

So you buy this fellow's story, hook, line and sinker?

Are you disputing the fact that Nigerian banks are finding it hard to finance long term projects? Or is it the viability of one of the busiest roads in the country that's got them hesitant?

harpo:

I heard that the road has been commissioned three times for work to start by OBJ, Yar' Adua & GEJ, i am also sure that some form of mobilization fund would have been given out but we all know nothing has happened on that road for the past 5 years in fact the road is worst off. Babalakin should be jail because i believe he must have chowed some money. Wasn't he the person who handled MM2 and we have complains, wasn't he the person who handled the liquidation of Nigerian Airways and payment of their retirees, go and ask them if they are not still been owed monies. He now runs to seek covering from God.

Question: why are the banks responsible to give a loan for a road construction? are we talking of concession ing for the road? and is that the best option for that road, Pastor Adeboye should have asked him to repent maybe God will then make a way for him.

we still have a long way to go in this country, God bless Nigeria

Pukkah:


This guy (Babalakin) has got issues with banks but the banks in Nigeria have also got issues. This is not the space to go into the well-known issues with Nigerian banks especially after Sanusi's intervention.

I even doubt if he'll get a respite from the foreign firms/banks he's talking to because they won't give him money without the guarantee of local banks. And the local banks are not likely to overlook the 'Character and Capacity' issues that Babalakin has got.

In all of this, the people continue to suffer. Carnage and avoidable accidents continue to reign. So sad.

mastro:

It's the simple fact that once bitten twice shy, Why would they lend the guy money when he has defaulted on previous loans? https://www.proshareng.com/news/singleNews.php?id=12258

mastro:

It's the simple fact that once bitten twice shy, Why would they lend the guy money when he has defaulted on previous loans? https://www.proshareng.com/news/singleNews.php?id=12258

Reference:

Well if Bi-Courtney defaults on payments on MM2 why doesn't the banks take it over. That is a silly excuse. Banks have failed period. I am not holding forth for Bi-Courtney but who in his right mind will see a project that could potentially generate millions daily and not move on it. We can clearly see the results of the capitalization - bloated overheads, un-viable branches everywhere and yes more shops in Dubai and London. Let South Africa take over and let the Multichioce story start again. Nigerians amaze me. We criticize government day in day out yet cannot move a finger to finance a two hundred kilometer road. Yet those CEO's live in billion naira mansions in Ikoyi and grumble while driving their multi-million naira automobiles over pot holes they can be making a fortune from.

We can't take reasonable risk. Everything is short term. We cannot trust each other so we expect foreigners to trust us. What is eternally wrong in paying for infrastructure. We die daily, complain bitterly yet are unwilling to pay for safety. When we get to Europe and the US don't we. Government contractors don't want PPP and will do anything to sabotage it just as they have done to our refineries, power stations, railway and now roads simply because they are lazy, wicked and evil. They rather want multi-billion naira contracts out our non-existent and much hyped resources to eternally repair.

Virtually all major roads in Nigeria are eternally under repair costing billions without remedy. That is what we want. I've said it before even in one of the most socialist countries in the world - China, people pay for stuff. What we cannot pay for we do not deserve. Wake up Nigeria is not Saudi Arabia and never will be. It is not in our culture as Africans to wait for people to do stuff for us.

I don't know Bi-Courtney or Babalakin but what he says is absolutely true. Sorry to say so but let us ask Julius Berger and the likes to open their books and let us total what we have paid to them since the seventies to build us roads and bridges and why they cannot by now raise cash from the banks in Stuttgart (where they have been remitting huge amounts of money to) to participate in the PPP. We are just programmed for waste in this country. And here we are insulting our own, just a man, one man, trying to take the bull by the horns against impossible odds. Let him leave it and let's see how the road will improve. I think Lagos state has tried Badagry and has seen how easy it is. Nonsense.