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BabalakinHOPE rose yesterday for the reconstruction of the Lagos-Ibadan Expressway.
A South African firm and its partners, including a bank, have teamed up with Bi-Courtney Highway Services Ltd. on the project.
Bi-Courtney won the concession in 2009 on the basis of Private Public Partnership (PPP) to rebuild the road and run it as a concessionaire, but a combination of factors has made it impossible for the company to begin the work.
Bi-Courtney won the concession in 2009 on the basis of Private Public Partnership (PPP) to rebuild the road and run it as a concessionaire, but a combination of factors has made it impossible for the company to begin the work.
Officials of a leading multi-national construction company, Group 5 and one of the biggest banks in South Africa, Rand Bank, visited Works Minister Mike Onolememen at work in Abuja yesterday.
Group 5 is a South African construction giant, with an established and growing international client base. It is engaged in resources, energy and infrastructure delivery.
Group 5 is a South African construction giant, with an established and growing international client base. It is engaged in resources, energy and infrastructure delivery.
Bi-Courtney will handle the project with Group Five. Rand Bank will provide the cash.
Other partners include Rand Merchant Bank, the second largest financial institution in South Africa; Vela VKE, supporting engineers and consultants; Project Management International (PMI), experienced South African-based construction experts, and Yola Consultants.
Other partners include Rand Merchant Bank, the second largest financial institution in South Africa; Vela VKE, supporting engineers and consultants; Project Management International (PMI), experienced South African-based construction experts, and Yola Consultants.
Receiving the team, led by Bi-Courtney Chairman Dr. Wale Babalakin, the Minister said: “It is in the interest of every Nigerian for this concession to succeed. It’s a project that is very important to us in the country, considering the busy nature of the road, which records about 3000 vehicles per hour. It’s the foremost dual carriageway in the country. It’s, therefore, important for us to start work on time.
“We are convinced that you have the ability to realise the dream. We know one of the partners in the consortium very well because we’ve been working together for long.”
Babalakin promised that the road will be delivered on schedule, stressing that work will begin as soon as the rainy season ends.
He added that the consortium will complete the project in three years.
He added that the consortium will complete the project in three years.
Babalakin said: “Group 5’s knowledge of toll road in Africa is legendary. It comes in with very cognate and current experience for the actualisation of the project.”
Group Five has 12 500 workers. Some of its key contracts include the successful delivery of a range of contracts for the FIFA 2010 Football World Cup.
SOURCE: The Nation Newspaper, 11 November 2011. http://www.thenationonlineng.net
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