Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.

 

FG revokes Lagos-Ibadan Expressway Bi-Courtney concession

20 November 2012, 14:48

Abuja - The Federal Government on Monday announced the termination of the concession of the Lagos-Ibadan Expressway granted to Bi-Courtney Consortium in May 2009.

The Minister of Works, Mr Mike Onolememen, announced the termination of the contract while briefing State House Correspondents in Abuja.

He said the termination of the contract followed the failure of the consortium to reach ``financial close’’ as provided for in the concession agreement.

``The termination of the concession is consequent on 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,’’ he said

According to him, due to the senseless carnages on this important expressway which is part of Arterial Route A1, the Federal Government had also decided to embark on the emergency reconstruction of the expressway.

He said the ministry had engaged the services of Julius Berger Plc., and RCC Nigeria Limited to commence work immediately on the reconstruction of the expressway.

``While Julius Berger would handle section 1: from Lagos to Shagamu interchange, RCC Nigeria Limited will be responsible for section II: from Shagamu to Ibadan.

``The Federal Government wishes to assure Nigerians that while it will continue to uphold the sanctity of contracts entered into, it will not shy away from implementing provisions of the contract agreement dealing with non-performance on the part of the contracting party.’’

President Goodluck Jonathan had on Nov. 18 said during a Presidential Media chat that his administration would soon take a definite decision on the concessionary agreement with the Consortium over the Lagos-Ibadan Expressway contract.

Jonathan noted that there were signs that the concessionaire was not capable of handling the project, noting that the road, being the busiest in the country, needed urgent government attention.

The News Agency of Nigeria (NAN) reports that the contract, valued at N89.53 billion for a period of 25 years, was announced by former minister of Information, Prof. Dora Akunyili in 2009.


NAN

NEXT ON NEWS24 NIGERIAX

Read News24’s Comments Policy

Comment on this story
0 comments
Comments have been closed for this article.

Read more from our Users

Submitted by
Isaac Asabor263
Separating kitchen politics from ...

Like everyone else, I believe that the most popular definition of democracy is “government of the people, by the people and for the people”. Read more...

Submitted by
Bethel Tanifo
Ministry of Niger Delta Affairs, ...

Like NDDC Unlike MONDA. This notion is an intuition that does not portend political participation, affiliation, intrusion or aggression but a submission with the intention of completion of the previous administration's noble vision. Read more...

Submitted by
Bethel Tanifo
Nigerian Constitution versus Corr...

The problems of Nigeria is not in its conventional composition, formation, functionality, constitution or treaty, while the solutions are not disintegrations as promulgated by some faiths fanatics and bigotries.  Read more...

Submitted by
Abdulsalam Jubril
Much Ado about Trump’s Presidency

It was unbelievable when the social and mainstream media all over the world began airing the breaking news of Donald Trump’s victory in the most contentious US Presidential elections in recent years. Read more...

Submitted by
Mike Daemon
Nigerian author highlights gay ch...

A new novel by a prolific young Nigerian author features gay characters, which could help increase the visibility of the gay community and possibly lead to greater understanding of LGBT Nigerians. Read more...

Submitted by
Isaac Asabor263
Your Excellency, I will call you ...

Your Excellency, Governor Adams Oshiomhole, as a leader that pays attention to details, I understand that the odd title of this piece would definitely arouse your curiosity.  Read more...