- 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.
After signing the agreement, the state governor, Mr. Akinwunmi Ambode, acknowledged that the state had recorded another major milestone with the signing of the MOU to build the 38-kilometre bridge.
He explained that the significance of this bridge “will be fully appreciated if we can imagine Lagos of today without 3rd Mainland Bridge. Almost 30 years after 3rd Mainland Bridge was built, the state has experienced phenomenal growth to become a megalopolis with a population of over 21 million.”
The governor noted that the increase in the population of the state and expanded commercial activity “has led to frequent traffic congestion. This has made it imperative for us to construct 4th Mainland Bridge that will serve as an alternative route to the Eastern axis and decongest traffic in the state.”
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