Lagos Terminates N844 Bn Fourth Mainland Bridge Contract
Lagos State Government on Monday said it has terminated the earlier contract with investors for the construction of proposed N844 billion Fourth Mainland Bridge project
The state Commissioner for Waterfront and Infrastructure Development, Engr. Adebowale Akinsanya, disclosed this at a press conference held at Alausa, Ikeja said the state government is presently considering various proposals from foreign investors such as United States of America, Britain, in order to accelerate commencement of the project.
He explained that following continued delay in the commencement of multi billion naira project, the state government had to dump the former contractors, which include: Africa Finance Corporation, AFC and other investors to shop for new financiers for the project.
Other investors dumped by the Government a year after signing Memorandum of Understanding, MOU for the 38 kilometer bridge and road project includes; Visible Assets Limited and Access Bank Plc.
Akinsanya said, “The reason why we terminated the contract of former investors was mainly due to slow pace of work. We are now looking at many investors, though, interest is very high. We have such investors from South Korea, Europe, and America, among few others. What we are doing now is vetting the proposals we don’t want to waste any further time. So works are in top progress on the 4th Mainland Bridge.
The commissioner assured residents that the state government would ensure that appropriate investors would be named soon for the project considering its importance.
Dwelling on Oshodi- Airport road project, Permanent Secretary in the Ministry of Works and Infrastructure, Engr. Temidayo Erinle said, “We are yet to get Federal Government’s approval on the Airport road project. We want to assure residents that whenever there is approval you will see engineers move to site.
“Though, we are still collaborating with FG to get things resolved. The road is not in good condition; hence, we need to move fast. Also Apapa Road, same issue as Airport Road, it’s a federal road, we are collaborating with FG on it too.”
