Press Releases

Fashola Signs Agreement With Lekki Concession Company (LCC) For 49.4Km Lekki-Epe Expressway

Aug 25, 2008 - Lagos State Governor, Mr. Babatunde Fashola (SAN) on Monday signed four supplemental agreements with the Lekki Concession Company (LCC) to enable the company have access to long term funding for the construction of the 49.4 kilometers Lekki- Epe Expressway.

Signing the agreement with representatives of the LCC at the Alausa Oval office, the Governor said the solemn and very significant event represents the indomitability of the human spirit in the face of daunting challenges.

He added that despite the challenges, he is delighted that some people have refused to simply give up, insisting that forward should be way to go.

Governor Fashola who lamented that the agreement ought to have been initialed over two years ago during which people have been denied service delivery which they ordinarily were entitled to, however stated that great lessons have been learnt and beliefs reinforced.

The Governor said agreements can indeed be made by words of mouth if the intentions are sincere and commitments are absolute.

In his words: “We have signed this agreement to give comfort to our partners outside these shores and to reinforce our commitments and in the way that we have taken the lead to show our commitment to do this road”.

Continuing the Governor said: “Although we have signed the agreement but the agreement only would not do the work, it is contracting parties with character and integrity that give effect to agreements, beyond that it is just a piece of paper”, he added.

The Governor explained that for the people of Lagos, it is not about just building a road but about leveraging for best practices, practices that allows private sector capital, expertise and knowledge to come into delivery of infrastructure to the people wherever they can be done in a commercially viable manner.

While commending the management of LCC for its doggedness, Governor Fashola added that despite the fact that there were no formal agreements, there is a road that is rapidly taking shape, and that the people are the worthy beneficiaries,

Governor Fashola reiterated that the state has taken in other critical areas of service delivery and infrastructure investment across the state to show investors who are peeping in that Lagosians are committed as a people to developing their own land.

He informed that some of these are becoming very evident in what the state is doing with its water transportation by building jetties which it intends to concession out for ferry operations.

The Lagos State helmsman also informed that work has been concluded on the design of two critical rail roads in Lagos which it intends to build and concession for operation as well as many other areas where it has shown commitment by its actions.

He affirmed that the state government has taken a position that if the people doubt what it says they will not doubt what the government does.

In his address, the Managing Director of Lekki Concession Company (LCC), Mr Opio Oforiokuma thanked the Lagos State Government for initialing the agreements, saying it would enable LCC seek long term funds to execute the various projects.

Mr. Oforiokuma solicited the continued co-operation of the Lagos State Government and the public in enabling the company deliver the project in the estimated 30 months duration.

He explained that part of the cooperation expected from the public including having to agree when there is the need to move some people’s fences back at some point to enable the construction process proceed unhindered.

He informed that the total length of the road is 49.4 kilometres and is expected to gulp N40Billion with a 30 years concession period.

He said some of the innovative services which LCC intends to introduce on the road which starts from descent of the Falomo bridge loop is tolling which will provide for a frequent users discount as a well as a commercial vehicle discount rate.

He added that the tolling would also be very competitive, affordable and very predictable with the payment being dependent on each individual’s circumstance.

Mr Oforiokuma said several other features have been put in place on the road such that during the last rainy session, the road was bone dry and did not experience any flooding problem.

Also speaking, Executive Secretary of Lagos State PSP Roads Board, Engr Bamgbose Martins said the concession agreement for the project was executed on Monday 24th April 2006 with a desire that financial close agreement would be signed six months later but was delayed due to unforeseen circumstances.

He added that Monday’s agreement signing covers the construction/ rehabilitation of 49.4 Km of the Lekki –Epe Expressway, construction of the first 20 Kilometres of the Coastal road and the option of constructing the Southern Bypass.

He informed that the ceremony is about putting pen to paper for a number of formal agreements between Lagos State Government and the Concessionaire, Lekki Concession Company on a process leading to the achievement of Financial close for the Lagos Infrastructure Project.

He commended Governor Babatunde Fashola (SAN) for continuing with the same zeal and commitment with which former Governor, Asiwaju Bola Ahmed Tinubu launched the initiative in 1999.