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 due to slow pace.
The MoU for the 36 km bridge was signed on 25 May 2016 after two past administrations had promised to do so.
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.
According to NAN, Commissioner for Waterfront Infrastructure Development, Adebowale Akinsanya during a ministerial briefing in Alausa, Ikeja cited the slow pace at which the concessionaire was working as the reason behind the termination of the contract.
According to him, he said the government are still in search of new 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 concession agreement with appropriate investors that deliver the project,” he said.
On the Airport road project, Permanent Secretary, Ministry of Works and Infratructure, Temidayo Erinle said the state government was yet to obtain the federal government’s approval.