The Federal Government yesterday, November 19, terminated its concession agreement with Wale Babalakin's Bi-Courtney Nigeria Limited on the Lagos-Ibadan highway.
The government said they terminated the contract as a result of serial breaching of the terms' of the deal by Bi-Courtney. The Federal Executive Council (FEC) in May 2009 awarded the concessionaire contract for the expressway for 25 years to Bi-Courtney, which was expected to upgrade the highway with over N80 billion and recoup the investment by tolling the road, but they could not deliver.
The contract has now been awarded to both Julius Berger Nigeria Plc and R.C.C Nigeria Limited, and they have been directed to commence work immediately on the road.
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