The leader of the South African contractors partnering Bi-Courtney Highway Services to reconstruct the Lagos-Ibadan Expressway, Group Five, has demanded a firm commitment from the Federal Government on how to recoup their investment when the project is finally completed.

Although Bi-Courtney has sealed a deal with the foreign partners, including the sharing of approved toll proceeds to defray the cost of construction, Group Five is said to be jittery following the controversy that almost stalled the collection of tolls on the Lekki-Epe Expressway by the concessionaire, Lekki Concession Company.

Residents along the Lekki-Epe Expressway had last December protested the introduction of tolling by the Lagos State Government and the concessionaire after the completion of the first phase of the road expansion and modernisation project.

They also dragged the state government and LCC to court and the face off did not abate until alternative routes were provided.

[b]The Chairman, Bi-Courtney Highways, Dr. Wale Babalakin, according to a source at the company, has forwarded the request of the South African firm to the Presidency as a fresh condition before the proper commencement of work on the highway.

The indication came on Monday after a committee set up by the President Goodluck Jonathan to review the entire concession agreement had recommended that Bi-Courtney should be allowed to continue with the project.

Babalakin had last year given an assurance that the road would be delivered in three years as scheduled, stressing that work would commence as soon as the rainy season ended.

The reconstruction of the road was given to Bi-Courtney in 2009.

Although the company has been doing some remedial work on bad portions of the road, work proper is said to be delayed due to inadequacies in the project design and inability of the concessionaire to promptly secure funding.

A statement signed by the spokesman of the company, Mr. Dipo Kehinde, said the project would now be financed by Rand Merchant Bank of South Africa.[/b]He gave other partners on the project as Vela VKE (supporting engineers and consultants); Project Management International (construction experts); and Yola Consultants.

The Minister of Works, Mr. Mike Onolememen, who in November received the partners led by Babalakin in Abuja, had said, “It is a project that is very important to us in the country, considering the busy nature of the road, which records about 3,000 vehicles per hour. It is the foremost dual carriageway in the country. It is, therefore, important for us to start work on time.”

When contacted on the latest development, Kehinde said he had no comment.

The Financiers are right in their demand. Verbal Guarantee is not enough

Babalakin start the construction now in Jesus Name

Imagine a south african bank financing the project while our own bankers would be justling around in skimpy skirts looking for deposits and investing the money in Treasury Bills and state government bonds

feelamong:

Imagine a south african bank financing the project while our own bankers would be justling around in skimpy skirts looking for deposits and investing the money in Treasury Bills and state government bonds

The situation of our banking sector is more than terrible. They are greed and they only finance corrupt and greed businesses who will bring in quick interest.

feelamong:

Imagine a south african bank financing the project while our own bankers would be justling around in skimpy skirts looking for deposits and investing the money in Treasury Bills and state government bonds

Bicourtney and its Chairman are very bad debtors, Nigerian banks will not give the company loans because they have a bad credit history, I say because I know first hand

I hope they can fix that road and make it safe at all costs.

MAN this project has been draging for way too long. Bi courtney should get this project going why all this time wasting?

this company would be stupid to do any kind of work on that road, if i were them i would leave it to the states, to come up with either the money (which would take a few years) or tax the people immediately for it, people are still going to protest IMHO

I have been reading different excuses from bi-cortney since i was in 100 level, and now am a corper and still no show from them, WHEN E GO BETTER SEF

ijigbamigb:

I have been reading different excuses from bi-cortney since i was in 100 level, and now am a corper and still no show from them, WHEN E GO BETTER SEF

How many years did you spent in school and when was the contract signed.
Friend small small o

privatization?

we need the help of a south African bank to fix our road while our leaders are busy looting the treasury and Bank MDs are also helping themselves with depositor's money and EFCC allowing them to go with Plea Bargaining.

Where are we heading to NAIJA?

Enough years of story telling. Pls do that road n save the perishing lives.

Good sense from sensible company. In fact they should try and involve supreme court lawyers and judges in other to proof the commitment beyond the reasonable doubt. if you have to deal with retardeen government you must ready to take everything legal before you become one of the victim.

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They should get their money invested back if they do go ahead but my one question is, 'why did OBJ remove the old toll gates? If NL guys remember, the road went totally bad after that because the trailers were no longer being controlled. Case in point is near the Abeokuta link-bridge, the section shows obvious tyre pressure form heavy machines; this road was not designed for such. If i get OBJ's quote on why the old tolls were being removed, i'll paste it here but bottom line is we have hypocrites as leaders and this is very sad. If the SA banks invest in the road, certainly the toll must come back to ensure maintenance but why should a supposed African leader make something (road) bad in order to repair the same thing?