Governor Akinwunmi Ambode has terminated a Memorandum of Understanding (MoU) with a consortium of firms to build the 4th Mainland Bridge at the cost
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 intention to be part of the construction, while Visible Assets Limited would be the coordinating firm.
But Commissioner for Waterfront Infrastructure Development, Mr. Adebowale Akinsanya cited the slow pace at which the concessionaire was working as the reason behind the termination of the contract. According to him, “We are now looking at many investors, though interest is very high.”
He said that investors had started scouting for the project from different parts of the world, though the state government had not decided on the proposals it had received.
“We have such investors from South Korea, Europe and the United States, among a few others. What we are doing now is vetting the proposals. We do not want to waste any further time. So work is in top progress on the 4th Mainland Bridge. The investors would be named very soon, the state government will enter into concession agreement with appropriate investors that deliver the project,” he said.
On the Airport road project, Permanent Secretary, Ministry of Works and Infratructure, Engr. Temidayo Erinle said the state government was yet to obtain the Federal Government’s approval.
Artist impression of 4th mainland bridge
