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Why Lagos Terminated N844b Fourth Mainland Bridge Contract

An electricity pylons carries power cables above residential property as traffic passes across a bridge from Isale Eko on Lagos Island towards the mainland in Lagos, Nigeria, on Monday, Oct. 26, 2015. Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo said. Photographer: George Osodi/Bloomberg

Lagos State government has terminated its contract with investors for the building of the proposed N844billion Fourth Mainland Bridge.
Commissioner for Waterfront and Infrastructure Development Adebowale Akinsanya, addressing reporters in Alausa, Lagos, said the government was considering proposals from foreign investors in the United States of America and Britain to accelerate the commencement of the project.
Akinsanya, an engineer, said the government dumped the former contractors, including Africa Financial Corporation (AFC) and other investors, following delay in the beginning of the multi-billion naira project.
Other investors dumped by the government a year after signing a Memorandum of Understanding (MoU) for the 38-kilometre bridge and road project include Visible Assets Ltd and Access Bank PLC.
The commissioner assured residents that the government will ensure appropriate investors are named soon.
The Permanent Secretary, Ministry of Works and Infrastructure, Temidayo Erinle, an engineer, who spoke on the planned airport road project, said: “We are yet to get Federal Government’s approval. We assure Lagosians that whenever we get approval, engineers will move to site.
“We are collaborating with the Federal Government on the Apapa road because it is a federal road.”

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