Governor Akinwunmi Ambode of Lagos has canceled a Memorandum of Understanding (MoU) with a consortium of firms to build the 4th Mainland Bridge. The proposed cost of the bridge by the consortium was N844 billion.
The MoU for the proposed 36 km bridge, was signed on 25 May, 2016, but since then work has progressed too slowly on the work of the bridge.
Consortium for the project included Africa Finance Corporation, Access Bank, and other private investors who had already signified intention to be part of the construction and Visible Assets Limited the coordinating firm.
But Commissioner for Waterfront Infrastructure Development, Mr. Adebowale Akinsanya during a briefing in Lagos yesterday, cited the ‘slow pace’ of progress on the construction as the reason behind the termination of the contract. He disclosed that new investors were being searched for in other to quicken the pace of the project which is meant to reduce traffic congestion in Lagos.