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| An artist view of the 4th mainland bridge |
Governor Akinwunmi Ambode has terminated a Memorandum of Understanding (MoU) with a consortium of firms to build the 4th Mainland Bridge at the cost of N844 billion.
The MoU for the 36 km bridge, which two past administrations had promised to do, was signed on 25 May, 2016.
The project was to be financed by Africa Finance Corporation, Access Bank, and other private investors who have already signified intention to be part of the construction, while Visible Assets Limited would be the coordinating firm.
PM News reports that the Commissioner for Waterfront Infrastructure Development, Mr. Adebowale Akinsanya during a ministerial briefing in Alausa, Ikeja area of Lagos, Southwest Nigeria cited the slow pace at which the concessionaire was working as the reason behind the termination of the contract.
