Ambode terminates N790bn 4th Mainland bridge contract

Gov. Akinwunmi Ambode of Lagos State has terminated the contract for the construction of the 4th Mainland bridge over alleged slow pace of work.

The proposed N790 billion 38-kilometre 4th Lagos Mainland Bridge

The proposed N790 billion 38-kilometre 4th Lagos Mainland Bridge

Mr Adebowale Akinsanya, the State Commissioner for Waterfront Infrastructure Development, dropped the hint at a ministerial briefing at Alausa, Ikeja, saying the contract was terminated “because the concessionaire was working at a slow pace”.

The Renaissance reports that Africa Finance Corporation, AFC and other investors were hitherto handling the project until government terminated the contract.

Akinsanya, who also supervises the State’s Ministry of Works and Infrastructure, said the state government was yet to get a new investor that would bankroll the project through Public Private Partnership arrangement.

He recalled that the government signed a Memorandum of Understanding (MOU) with a consortium of companies on May 25, 2016.

“Due to the slow pace of work, the contract was terminated. We are now looking at many investors,” the commissioner said.

According to him, other investors have shown interest from all over the world but the state government has not made a decision on which proposal to approve yet.

“The state government has started looking into the proposals.

“We have investors from Europe, The United States and South Korea among others.

“What we are doing now is vetting the proposals; we do not want to waste any time further.

“The investors will be named very soon, the state government will enter into a concession agreement with appropriate investors that deliver the project.”

Gov. Akinwunmi Ambode had, in May 2016 signed a MoU for a construction of the 38-kilometer 4th Mainland bridge and road project at a cost of N790 billion with some investors.

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According to the commissioner, 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.

He added that the state was not comfortable with the delay in the commencement of multi billion naira project.

 

Steve Ayorinde, the Lagos State Commissioner for Information and Strategy had said in an interview in February that “the construction of the Fourth Mainland Bridge will still begin this year”.

The commissioner, however, did not mention any specific time of the year for the commencement of the project.

BY Our Correspondent

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