Lagos, Consortium Agree to Construct N844bn 4th Mainland Bridge

·     AFC, J.P. Morgan, Access Bank to fund the project
About 24 hours after it unveiled its plan to construct Oshodi Transport Interchange at a cost of $70 million, the Lagos State Government on Wednesday signed a memorandum of understanding with a consortium of investors to fund and construct the 4th Mainland Bridge.
The consortium, which agreed to fund and construct the bridge at N844 billion, comprises Visible Asset Limited, Julius Berger Nigeria Plc, Hi-tech Construction Limited, J.P. Morgan, Eldorado Nigeria Limited, Nigerian Westminster Dredging and Marine, Africa Finance Corporation (AFC) and Access Bank.
Designed to cover a distance of 38 kilometres, the project will be constructed under a build, operate and transfer (BOT) concession and the state’s public-private partnership programme for a period of 40 years.
The agreement was signed at the State House, Alausa, Lagos, by assigned representatives of all the corporate organisations making up the consortium that partnered to construct the bridge deemed to be the longest anywhere.
The signatories include AFC Chief Investment Officer, Africa Finance Corporation, Mr. Andrew Alli; Group Managing Director OF Access Bank, Mr. Herbert Wigwe and Executive Chairman, Visible Assets Limited, Mr. Idowu Iluyomade, Senior Country Officer, J.P. Morgan Nigeria, Mr. Tosin Adewuyi and Consultant, Advanced Engineering Consultants, Mr. Ger Horgan.


For the full story, check the This Day newspaper.




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