The Lagos State Government disclosed that it has terminated a Memorandum of Understanding (MoU) it entered into into with a consortium of firms to construct the Fourth Mainland Bridge at N844 billion. The Project was to be financed by the Africa Finance Corporation, Access bank and other private investors who have already signify intention to be part of the construction, while Visible Assets Limited would be the coordinating firm.
The MoU for the 36km bridge was signed on 25 May 2016. Mr, Adebowale Akinsanya, Commissioner for Waterfront Infrastructure Development, made this known during a ministerial briefing at Alausa, Ikeja, Lagos State; he cited the slow pace of work by the concessionaires as the reason for the termination of the contract.
He noted that the State government has begun the process of screening proposals from interested potential investors from South Korea, Europe and the United States. Akinsanya disclosed that interest in very high on the bridge and reiterated that the state government would soon name and sign concession agreement with appropriate investors which will deliver the project.
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