Ambode Terminates N844Bn 4th Mainland Bridge Concession Agreement

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A sketch of the proposed 4th Mainland Bridge

By Kazeem Ugbodaga

The Governor Akinwunmi Ambode-led Lagos State Government on Monday said it has terminated a Memorandum of Understanding (MoU) it entered with a consortium of firm to construct the 4th Mainland Bridge at the cost of N844 billion.

Governor Akinwunmi Ambode of Lagos had on 25 May, 2016 signed an MOU to build the 4th Mainland Bridge expected to bd 38km.

The project was to be financed by Africa Finance Corporation, Access Bank, and other private investors who have already signified intention to be part of the construction, while Visible Assets Limited would be the coordinating firm.

But Commissioner for Waterfront Infrastructure Development, Mr. Adebowale Akinsanya said during a ministerial briefing in Alausa, Ikeja area of Lagos, Southwest Nigeria cited the slow pace at which the concessionaire was working as the reason…

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