The Nigerian federal government Monday terminated the concession contract for the strategic and ever-busy Lagos-Ibadan expressway, linking the nation’s commercial city of Lagos and other South Western parts of the country.
The agreement for the contract, granted to the Nigerian firm, Bi-Courtney Consortium, was signed on 26 May, 2009.
In an official statement, the government also announced the immediate commencement of the emergency reconstruction of the expressway.
Under the terms of the concession contract, Bi-Courtney was to raise the fund for the construction of the expressway from the private sector and recoup its money through operation of toll gates along the 110-kilometre expressway which it will manage for 25 years.
But with the initial completion period of four years for the contract, billed to have ended in May 2013, the project was yet to take off.