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'No New Concession Pact On Lagos-Ibadan Expressway's Reconstruction'

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Published in Infrastructure
Friday, 04 December 2015 10:36

The Infrastructure Concession Regulatory Commission (ICRC) has denied reports that it granted a new "secret concession" over the Lagos-Ibadan Expressway through "a back door arrangement".

The commission, in a statement signed by its Head of Communications, Ms Deborah Okafor affirmed that "there has been no new concession granted as required by law and the national policy on Public Private Partnership (PPP) on Lagos- Ibadan Expressway."

The statement explained that "after the termination of the concession granted to Bi-Courtney Highway Services Limited, the Federal Government decided to reconstruct the Lagos-Ibadan expressway as a traditional procurement through Engineering, Procurement and Construction (EPC).

" However, the government could not wholly finance the project and had secured private financing from a consortium of banks to ensure the speedy completion of the road. Government is bound to repay the financing arrangement (such as interest payments, loan repayment, fees, charges and associated returns on equity investment) either through the annual budgetary system or from revenues accruable to Government if the operations and maintenance of the road is granted as a concession to a private party.

"If and when the Federal Government decides to grant concession over the operations and maintenance aspect of the project, the ICRC, as the regulatory agency, will ensure that the project passes through a normal competitive process as provided for under the Infrastructure Concession Regulatory Commission (Establishment, Etc) Act, 2005 Act, (the Act) and the National PPP Policy on Public Private Partnership."

Therefore, the commission pointed out that "any PPP structuring over the Lagos-Ibadan Expressway can only take place after the ongoing reconstruction is completed and handed over to the Federal Government.

"The Federal Ministry of Works would then commence the process of procurement of a competent project proponent to handle the tolling," 

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Read 3183 times Last modified on Friday, 04 December 2015 11:02

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