The Federal government Monday terminated the concession agreement it had with Bi-Courtney Consortium over the Lagos-Ibadan Express way more than three years after it was awarded.
In its place, the federal government has engaged the services of construction giants, Julius Berger Nigeria Plc and RCC Nigeria Ltd to carry out emergency reconstruction of the road.
This announcement was made by Minister of Works, Arc. Mike Onolememen who said that adequate measures were taken to ensure that the federal government abided by all its contractual obligations.
However the termination became necessary according to him because of the “serial breaches of the concession agreement by Bi-Courtney Consortium and especially the failure of the company to reach financial close as provided for in the agreement”.