₦airaland Forum

Julius Berger Nigeria (JBN) has said that it is returning to site on the Lagos- Shagamu expressway following the signing of the 2016 budget by President Muhammadu Buhari.

The company’s Acting Managing Director, George Marks, who disclosed this in Lagos at the weekend during the Investors Relation Forum, said the company is mobilizing to site on the strength of the provisions of the 2016 budget which was assented to last week.

“We are lifting our suspension of work at the Lagos- Shagamu expressway, the Institute for Legislative Studies and the corporate headquarters of the Economic and Financial Crimes Commission (EFCC) because we have seen adequate commitment with the amount allocated in the 2016 budget.”
JBN had earlier suspended work on the ongoing reconstruction of Section 1 of the Lagos-Sagamu-Ibadan Expressway project, and several other projects it was handling across the country owing to lack of payment from the federal government.

Marks said JBN needed to suspend work in order not to run into heavy debt crisis that would threaten the future cost prime structure of the company.
He said: “We experienced delayed payment on all levels, we have seen provision for doubtful repayment increase from N1.3 billion to N10 billion.

“ As a consequence, client inability to meet contractual obligations in a timely manner substantially impacted the industry and forced a reduction to low working load of 30 per cent, and a downsize of staff from 18,000 to 11,000,” he said.

The managing director disclosed that the Federation of Construction Industry (FOCI) have laid off 33,000 workers on public construction sites with an indirect consequence on 130, 000 others.

http://www.dailytrust.com.ng/news/property/julius-berger-to-return-to-construction-sites/146833.html?platform=hootsuite#PZFQmJ05rkZmscRs.99

That's good after abandoning the site since march 2015.

Pray they speed up the work

Okay, kudos.

theV0ice:
That's good after abandoning the site since march 2015.

Pray they speed up the work

So no work since after election?

Gud....progressin

Budget signed!
Sanity restored!
Sai Buhari

That sounds good to hear

The boss is indispensable. Now face his new price.

Dat is d power of the budget....oya let work begin sharp sharp

Ok

Wonderful development

tbaba1234:
So no work since after election?

In fact, before elections

cool at least one positive news

Nice one

That is what "reflating" the economy really entails... improving the lives of the people and also putting money back in circulation.

Okay.

Let FG pay contractors abeg..

what about the other road budget?

Does that mean that those abandoned sites were not in the budget of the year they got the contract.... #justingthinkingoutloud

Praise God...

As an Igbo boi, all I can tell you is. Now is the time to buy julius berger shares, coz its bound to rise with the budget in its favour.

Another story for wailers today

Abacharles:
Does that mean that those abandoned sites were not in the budget of the year they got the contract.... #justingthinkingoutloud

2015 budget didn't "remember" such "small" things..

Sai baba.

Is good news, the reputable company was almost reduced to nothing due to that clueless ogogoro master from otuoke, the situation is bad in ph that company had to rent out their equipment to to stay afloat.

Thank God, saying bye to dat 'death-trap' gradually

Great news

It's one thing to return to site; it's another thing to deliver as at when due. Go and deliver before I believe it. You don't just call for attention because Fashiola told you to do so.

It looks like things are beginning to go back to normal, SMALL SMALL o!!!