₦airaland Forum

The AEC Unity Network Limited says it has completed the initial stages of designs and studies for the 470-kilometre Abuja-Lagos greenfield super highway project.

Speaking during a press conference on Tuesday, Kenny Martins, chairman of the construction company, said AEC is now awaiting approval from the federal executive council (FEC) to commence construction work.

He noted that once completed, the road will allow commuters to travel from Lagos to Abuja in “four hours”.

Martins said the project is estimated to cost between $4 billion and $5 billion, and is expected to be delivered within four years.

“With the support and cooperation of our advisors, consultants and other stakeholders, we can say without being immodest that we have concluded the preliminary aspects of the project designs, studies and approvals,” he said.

He added that the company is ready to begin construction “as soon as we receive FEC approval for the project take off, and the flagging off of the project by the president and commander-in-chief”.

“We have brought our financiers, advisors, and consultants to this event to demonstrate to everyone our readiness, ability and capability as well as our willingness to execute the project and provide for our country the nearest and best link by road between the federal capital, Abuja and Lagos,” Martins said.

“The superhighway will also facilitate easier and cheaper means of commuting by road between the two great cities to the glory of God and the benefit of our countrymen and women.

“The superhighway will be strategic in several ways, because it will not only open up the villages through which the super highway will pass, it will also provide a much more convenient alternative for those who are only travelling to any of the states through which the super highway passes, which include, Lagos, Ogun, Oyo, Osun, Ekiti, Kwara, Kogi, Niger and Abuja.”

Martins also unveiled plans to construct a spur along the superhighway in order to connect travellers heading to Ondo state, subject to future approvals.

“We are already in talks with the government of Niger State to construct a Spur in Niger State to link the Baro Port to increase its viability,” he added.


PROJECT TO BE EXECUTED WITHOUT SOVEREIGN GUARANTEE

Martins explained that when discussions around the project began six years ago under the previous administration, the initial funding model required the federal government to provide a sovereign guarantee for a significant portion of the financing.

However, due to the country’s already high foreign debt exposure, he said this option was ruled out.

Instead, Martins said, by mutual agreement with the federal government, “we opted to execute the project without the usual sovereign guarantee but a hybrid of guarantees that would enable our financiers to have the confidence that their funds will not be in any danger whatsoever”.

Elizabeth Ebi, group managing director of Futureview Financial Services Limited, serving as financial advisor and co-fund arranger, said the project is “ready to go” once it receives approvals from FEC and the Infrastructure Concession Regulatory Commission (ICRC).

Also speaking, Gbadebo Adenrele, managing director (MD), said the company played a key role in facilitating access to funding.

In January, the company reaffirmed its status as the officially recognised concessionaire for the super highway project and high-speed train projects.

Pakute:
https://www.thecable.ng/aec-unity-says-4bn-abuja-lagos-highway-project-awaiting-fec-approval/

creativejagaban:
Asiwaju thinking big, bigger and biggest.
Wailing is free

Silasworld:
Nigeria is no doubt one of the richest countries in the world.

See as billions of dollars is sounding so common in our country

creativejagaban:
Asiwaju thinking big, bigger and biggest.
Wailing is free

omoadeleye:
Haahaa, four hours travel from Lagos to Abuja, I swear all these GOU, and GIGM will be sponsoring vandals to destroy the rail tracks

ValNwachi75:
The guy and his gang of forty is defrauding you like mad and you're here screaming big, bigger and biggest!

Samajogs:
Borrow to execute project is just senseless. This government is just clueless

simpleseyi:
Someone shout JAGABAN. The infrastructure President

richiemcgold:
I'm glad to know that Lagos-Abuja superhighway won't be solely funded by the federal government. Private financiers have already been secured.

I also believe that a journey from Lagos to Abuja via Ogun-Oyo-Osun-Ekiti-Kwara-Kogi-Niger route is possible in less than five hours if the highway is truly super.

omoadeleye:
Haahaa, four hours travel from Lagos to Abuja, I swear all these GOU, and GIGM will be sponsoring vandals to destroy the rail tracks

back2sender:
Nothing is new here. I have travel to Abuja in 6 hours before so what's the noise.
The time should be less than 2hours for this train or we forget it.

zero8zero:
An article written in simple English is too difficult for you to understand. This bitterness na wa.

Samajogs:
where are they going to pull out funds for this project without borrowing. The government is starving other sector of the economy for just road. The road is just a political legacy project... Period

Samajogs:
where are they going to pull out funds for this project without borrowing. The government is starving other sector of the economy for just road. The road is just a political legacy project... Period

omoadeleye:
Haahaa, four hours travel from Lagos to Abuja, I swear all these GOU, and GIGM will be sponsoring vandals to destroy the rail tracks

zero8zero:
The bitterness has so beclouded you that it eroded your capacity to read & understand. Abeg, no be me do you.

Martins explained that when discussions around the project began six years ago under the previous administration, the initial funding model required the federal government to provide a sovereign guarantee for a significant portion of the financing.

However, due to the country’s already high foreign debt exposure, he said this option was ruled out.

Instead, Martins said, by mutual agreement with the federal government, “we opted to execute the project without the usual sovereign guarantee but a hybrid of guarantees that would enable our financiers to have the confidence that their funds will not be in any danger whatsoever”.

richiemcgold:
Train? 🤥🤥 Where did you see train in the report? This is highway, not railway. You have eyes but unfortunately you cannot see