20170523

Why Lagos Terminated Fourth Mainland Bridge Contract

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, told reporters yesterday in Alausa, Lagos, that 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 include Visible Assets Ltd and Access Bank.

The commissioner stated that the government will ensure appropriate investors are named soon.