The revocation was confirmed by the Minister of Works, Mr. Mike Onolememen, to State House correspondents at the State House, Abuja.Click on read more below to continue....
He said it was due to “serial breaches” committed by the firm.
The minister said the road had been handed over to Julius Berger, to handle Section 1 from Lagos to Sagamu Interchange, and Reynolds Construction Company, to handle Section 2 from Sagamu Interchange to Ibadan.
The concession was granted in 2007 by the administration of the late President Umaru Yar’Adua.
However, the firm has been unable to reconstruct the road due to a number of reasons adduced by it.
President Goodluck Jonathan had on November 18 said during a presidential media chat that his administration would soon take a definite decision on the concessionary agreement with the consortium over the Lagos-Ibadan Expressway contract.
Jonathan noted that there were signs that the concessionaire was not capable of handling the project, noting that the road, being the busiest in the country, needed urgent government attention.
The News Agency of Nigeria reports that the contract, valued at N89.53 billion for a period of 25 years, was announced by former minister of Information, Prof. Dora Akunyili, in 2009.
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