Governor Akinwunmi Ambode has terminated a Memorandum of Understanding (MoU) with a consortium of firms to build the 4th Mainland Bridge at the cost of N844 billion.
The MoU for the 36 km bridge, which two past administrations had promised to do, was signed on 25 May 2016.
The project was to be financed by Africa Finance Corporation, Access Bank, and other private investors who have already signified the intention to be part of the construction, while Visible Assets Limited would be the coordinating firm.
PM News reports that the Commissioner for Waterfront Infrastructure Development, Mr Adebowale Akinsanya during a ministerial briefing in Alausa, Ikeja area of Lagos, Southwest Nigeria cited the slow pace at which the concessionaire was working as the reason behind the termination of the contract.
According to him, “due to the slow pace of work, the contract was terminated. We are now looking at many investors, though interest is very high.”
“The state government has started the proposals. We have such investors from South Korea, Europe and the United States, among few others. What we are doing now is vetting the proposals.
We do not want to waste any further time. So works are in top progress on the 4th Mainland Bridge.“The investors would be named very soon, the state government will enter into
“The investors would be named very soon, the state government will enter into the concession agreement with appropriate investors that will deliver the project,” he said.