By Modupe Gbadeyanka
On Monday, Lagosians were surprised to hear the news of the cancellation of the deal signed to construct a Fourth Mainland Bridge, connecting the mainland of the state to the Island.
The signing of the Memorandum of Understanding (MoU) with a consortium of firms and the state government on May 25, 2016 was applauded by many, who strongly believe it would ease the flow of traffic on the Third Mainland Bridge, built by the then Military President, Mr Ibrahim Babaginda (IBB) over 25 years ago.
When the deal was signed by both parties last, it was disclosed that the bridge would cost about N844 billion with a length of 36 kilometres.
The news of the termination of the MoU was announced yesterday by the Commissioner for Waterfront Infrastructure Development, Mr Adebowale Akinsanya during a ministerial briefing in Alausa, Ikeja.
Explaining the decision of the state government to cancel the deal, Mr Akinsanya said it was due to the slow pace of work on the project by the consortium.
“Due to slow pace of work, the contract was terminated and we are now looking at many investors, though interest is very high,” the Commissioner told newsmen on Monday.
The project was to be financed by the Africa Finance Corporation (AFC), Access Bank, and other private investors, while the project was to be coordinated by Visible Assets Limited, which has MrIdowu Iluyomade as its Executive Chairman.
