Finally FG Inaugurates Commitee on Lagos-Ibadan Express Way

The Federal Government has commenced moves to end the protracted delays in the reconstruction of the Lagos-Ibadan Expressway by the concessionaire, Bi-Courtney Highway Services, with the appointment of an international firm as the transaction adviser and setting up of two committees to actualise the project. The Minister of Works, Mr. Mike Onolememen, who said this in an interview with our correspondent in Abuja on Wednesday also, foreclosed the possibility of the Lagos, Ogun and Oyo state governments having a stake in the project. He said, “It is true that in 2009, the Federal Ministry of Works signed a concession agreement with Bi-Courtney as the successful concessionaire for that particular expressway and the construction period was to last for four years under the terms of the agreement. “For all intents and purposes, that agreement stands and is still operative, but we know that the concession has not gone the way it was contemplated. As we speak, the Federal Government is not resting on its oars; it is working to ensure that that road is delivered under whatever arrangement.” Onolememen said the Federal Government’s determination to ensure the completion of the road made him to constitute a project delivery team three weeks ago, and inaugurate a project steering committee for the road. He said, “This time, unlike in 2009 during the build-up to the agreement, we did not have transaction adviser; we do have a transaction adviser for that particular road now, a firm that has performed that role for successful concessions around the world in East Africa, Asian continent, Europe and America. We are availing ourselves of the best professional available expertise that we can ever have in that type of transaction to help ensure that the Federal Government proceeds with that concession because that particular road ought to be the flagship of all concessions in this country. “The government is still determined to ensure that it works. I can assure you that even before the expiration of the four years stipulated in the original concession agreement, a way forward would have been found and the end result will be the expansion and beautification of the Lagos-Ibadan Expressway in such a way that it will serve the needs of Nigerian road users.” On the alleged demand for a Federal Government guarantee by the South African investors assembled by BCHS before they could proceed with the reconstruction of the Lagos-Ibadan Expressway, the minister denied knowledge of such a request. “It is news to me that the South African investors are asking for Federal Government guarantee, I am not aware of such a request. If such request is made at all, it should first come to my table but that is not in the offing now,” he said. www.punchng.com/business/homes-property/fg-inaugurates-committees-on-lagos-ibadan-expressway/ ShareEmailKeep