Posted: Monday 19th November 2012 at 17:59 pm

FG terminates Lagos-Ibadan Expressway contract

By Ben Agande

Abuja – More than three years after it was awarded, the Federal government Monday terminated the contract concessioning the Lagos-Ibadan Express way granted to Bi-Courtney Consortium.

In its stead, the federal government engaged the services of Julius Berger Nigeria Plc and RCC Nigeria Ltd to carry out emergency reconstruction of the road.

Minister of Works, Mike Onolememen who announced the termination of the concessioning said adequate measures were taken to ensure that the federal government abided by all its contractual obligations.

He said the termination became necessary because of 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”.

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FG terminates Lagos-Ibadan Expressway contract

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