Forex Hike May Affect Completion of Enyimba Stadium


There are fears now that the Enyimba Stadium project may still face further delay before being completed in spite of the N100 million released early this week by the Abia State government to the contractor handling the project.

The delay would be as a result of hike in forex that has seen the Naira coming to an all time low.

A competent source in Umuahia disclosed that the contractor, Monimichelle had before now only imported part of the materials needed for the project while waiting to get more funds from the Abia State government.

THISDAY learnt that as things stand now with the Naira and the euro exchange rate standing at over N400 to one, there would be a variation in the cost of the project to be realised.

“The exchange rate keeps going up everyday against the Naira. And with the delay in the release of funds on the part of government, there is no magic the contractor can perform. All the materials needed to complete the project are being imported from Europe and that is a lot of challenge,” observed the decent source yesterday.

The Samson Siasia Stadium project in Yenagoa suffered a similar fate with the state government rising to the occasion to save the situation.

The Bayelsa State Governor, Seriake Dickson recently doled out more funds to the tune of N350million to ensure the completion of the Yenagoa stadium likely to be commissioned before the end of the year.

The Samson Siasia Stadium when completed would boast of the best playing pitch in the country. Gov Dickson has been getting accolades for making the stadium project a priority.