Tuesday 20 November 2012

FG Terminateds Bi-Courtneys Lagos Ibadan Contract

The Federal Government today Monday November 19th terminated its concession agreement with Wale Babalakin's Bi-Courtney Nigeria Limited on the Lagos-Ibadan highway.

The government said they terminated the contract 'as a result of serial breaching of the terms' of the deal by Bi-Courtney. The Federal Executive Council (FEC) in May 2009 awarded the concessionaire contract for the expressway for 25 years to Bi-Courtney, which was expected to upgrade the highway with over N80 billion and recoup the investment by tolling the road, but they couldn't deliver.

The contract has been awarded to both Julius Berger Nigeria Plc and R.C.C Nigeria Limited, and they have been directed to commence work immediately on the road.

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