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All legacy concession deals will be revisited – FG

The Federal government has disclosed that all legacy concession contract entered into with the private sector that have stalled, will be revisited and resolved. The…

The Federal government has disclosed that all legacy concession contract entered into with the private sector that have stalled, will be revisited and resolved.

The Ag. Director General of the Infrastructure Concession Regulatory Commission (ICRC), Engineer Chidi Izuwa revealed this as a guest speaker,  at the 2017 conference of Finance correspondence Association of Nigeria  (FICAN), which held in Lagos at the weekend.

The move follows in quick succession, the recent pronouncement by the  Vice President, Yemi Osinbajo , that the Federal Executive Council, FEC, has approved the concession of Murtala Muhammed International Airport and Nnamdi Azikiwe International Airport as part of the administration’s ease of doing business drive.

The Minister of Power, Works and Housing, Babatunde Fashola was recently quoted as saying: “there is no subsisting concession agreement on the Lagos-Ibadan Expressway. “What the Infrastructure Construction Regulatory Commission, ICRC, has is a financing agreement from a consortium of banks, which is like a loan that still has to be paid back through budgetary provisions.” 

 RMB bank, who served as  the financier to Bi-Courtnet Highway Services disclosed that the transaction had reached the point of funding when the government came in.

The Chief Executive officer of the Bank, Mr Michael Larbie while speaking at the DIVAN conference said: “It was a low point for us because we believed in the project. We were at the point where contractors being mobilised.

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