Tuesday, 20 November 2012

FG terminates Lagos-Ibadan expressway contract


Tolu and Oluwaseun wrapping up Morning Crossfire. But we thought you would want to see this. One of the headlines we saw this morning was concerning the Lagos-Ibadan Expressway. It is reported that the "FG terminated its concession agreement with Bi-Courtney Nigeria Limited on the Lagos-Ibadan highway. The government said they terminated the contract "as a result of serial breaching of the terms" of the deal by Bi-Courtney. The Federal Executive Council (FEC) in May 2009 awarded the concessionaire contract for the expressway for 25 years to Bi-Courtney, which was expected to upgrade the highway with over N80 billion and recoup the investment by tolling the road, but they couldn't deliver. The contract has been awarded to both Julius Berger Nigeria Plc and R.C.C Nigeria Limited, and they have been directed to commence work immediately on the road. ******************* So what do you think of the Lagos-Ibadan Expressway of the future?


Lagos-Ibadan expressway users heaved a sign of relief on Monday following the announcement of the Federal Government that it has terminated the concession granted Bi-Courtney Highway Services, to reconstruct and maintain the ever busy highway.
The Minister of Works, Mike Onolememen announced this development in Abuja saying the termination became imperative because of the “serial breaches of the concession agreement by Bi-Courtney Consortium and especially the failure of the company to reach financial close as provided for in the agreement.”
DailyPost however gathered that the services of Julius Berger Nigeria Plc and RCC Nigeria Ltd to carry out emergency work on the highway has been engaged by the federal government.
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