By The construction of a 4th Mainland Bridge has been stalled after the Lagos State Government terminated a Memorandum of Understanding (MoU) with the firms contracted to build it.
A source in Lagos State Government disclosed that the MoU that was signed May 25, 2016, put the cost of the bridge at N844 billion.
The cancellation was disclosed by the Lagos state Commissioner for Waterfront Infrastructure Development, Adebowale Akinsanya on Monday at the ministerial briefing which is part of activities lined up for the Two Years in Office of Governor Ambode.
Akinsanya revealed to the press that the State Government is currently considering various proposals from foreign investors such as US and UK in order to accelerate commencement of the project.
He stated that the cancellation of contract with former investors which included the Africa Financial Corporation, AFC was as a result of delay in commencement of the multi-billion Naira project.
He said, “The reason why we terminated the contract of former investors was mainly due to slow pace of work. We are now looking at many investors, though, interest is very high. We have such investors from South Korea, Europe, and America, among few others. What we are doing now is vetting the proposals we don’t want to waste any further time. So works are in top progress on the 4th Mainland Bridge.”
The commissioner assured residents that the State Government would ensure that appropriate investors would be named soon for the project considering its importance.
1 Comment