• About Us
  • Terms & Conditions
  • Contact Us
Thursday, February 2, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

    Why CBN should not extend naira swap deadline – Atiku

    Kwankwaso not stepping down for Atiku, Tinubu – Campaign spokesperson

    NNPP not having merger discussion with any party – Kwankwaso

    Hoodlums attack INEC office in Anambra, destroy ballot boxes

    Hoodlums attack INEC office in Anambra, destroy ballot boxes

    Place Peter Obi on terror watch list – Keyamo tasks security agencies

    Obi not in talks with Atiku, won’t step down — Campaign Council

    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    They want to starve us of funds – IPOB  DOS cries out

    They want to starve us of funds – IPOB DOS cries out

    ‘Elements’ in Aso Villa want APC to lose election –  El-Rufai

    ‘Elements’ in Aso Villa want APC to lose election – El-Rufai

    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

    Geregu Power Plc announces first Dividend since listing on NGX

    Geregu Power Plc announces first Dividend since listing on NGX

    MTN Nigeria proposes N23bn Commercial Paper

    MTN Nigeria’s Board of Directors approve payment of N10.00 final dividend for 2022 FY

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    NPF Microfinance Bank Shareholders approve 20k dividend

    NPF Microfinance Bank reports 77.79% growth in Profit for 2022 financial year

    UBA suffers maximum possible loss on NSE as investors dump the stocks

    UBA Africa gets first female CEO

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

    Why CBN should not extend naira swap deadline – Atiku

    Kwankwaso not stepping down for Atiku, Tinubu – Campaign spokesperson

    NNPP not having merger discussion with any party – Kwankwaso

    Hoodlums attack INEC office in Anambra, destroy ballot boxes

    Hoodlums attack INEC office in Anambra, destroy ballot boxes

    Place Peter Obi on terror watch list – Keyamo tasks security agencies

    Obi not in talks with Atiku, won’t step down — Campaign Council

    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    They want to starve us of funds – IPOB  DOS cries out

    They want to starve us of funds – IPOB DOS cries out

    ‘Elements’ in Aso Villa want APC to lose election –  El-Rufai

    ‘Elements’ in Aso Villa want APC to lose election – El-Rufai

    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

    Geregu Power Plc announces first Dividend since listing on NGX

    Geregu Power Plc announces first Dividend since listing on NGX

    MTN Nigeria proposes N23bn Commercial Paper

    MTN Nigeria’s Board of Directors approve payment of N10.00 final dividend for 2022 FY

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    NPF Microfinance Bank Shareholders approve 20k dividend

    NPF Microfinance Bank reports 77.79% growth in Profit for 2022 financial year

    UBA suffers maximum possible loss on NSE as investors dump the stocks

    UBA Africa gets first female CEO

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Opinion & Analysis Editorials

Who is funding the 2nd Niger Bridge – Part 1

Sunday, 21 August 2022, 7:29 pm
in Editorials, Opinion & Analysis
0
Who is funding the 2nd Niger Bridge – Part 1
Share Share Share Share Send as Email

There has been debates over the funding of the 2nd Niger Bridge, a key national infrastructure, that connects Asaba and Onitsha, designed to eliminate traffic congestion on the Niger river bridge, built in 1965.

Upon completion, the bridge will ease traffic flow, improve road safety, and create greater opportunities for local residents by advancing the commercial viability of the immediate area and regenerating economic life.

The scope of works as being built include the construction of 1.6 km long bridge, 10.3 km Highway, Owerri interchange and a toll station.

The foundation of the bridge was laid down on May 24, 2007 by the Federal Government which was to cost N58.6 billion under PPP arrangement.

The Obasanjo government’s plan for a six lane, 1.8 km tolled bridge, was to be completed in three-and-half years.

The bridge was to be funded through a public-private partnership (PPP), with the contractor, Gitto Group, providing 60 per cent of the fund, the Federal Government providing 20 per cent and the governments of Anambra and Delta States each contributing 10 per cent.

The then president Olusegun Obasanjo said at the event that the delay in the commencement of the project, which was said to be one of his campaign promises to the people of the Southeast before the 1999 general election was due to the huge funds needed and legal backing.

Then enter President Goodluck Jonathan with a plan to execute the project under a Public Private Partnership (PPP) arrangement for a concession period of 25 years, precisely, through a ‘Design, Build, Finance, Operate and Transfer (DBFOT)’ model.

At inception, President Goodluck Jonathan expressed confidence in the capacity and competence of the  Concessionaire, Messrs Julius Berger-NSIA Consortium, to deliver on this project, at the construction cost of about N117 billion Naira.

Read also: Who is funding the 2nd Niger Bridge – Part 2

A Vanguard report on 18 January, 2015 quoted the then President, Goodluck Jonathan as saying that the N130 billion project was being done through the Public Private Partnership (PPP) and managed by Nigeria’s Sovereign Wealth Fund (Nigerian Sovereign Investment Authority – NSIA).

President Goodluck Jonathan would go on to say that “So far, N10 billion has been spent and, out of it, N1.5 billion was used   for paying for damages and others. In fact, the link road that is about three kilometres from the main road to the bridge, almost 80 percent of the road has been fixed.”

“So, the major projects that will occupy a number of people to execute this project, we asked Julius Berger and the Minister of Works, and their commitment is that the project will be completed within 14 months. And they will surely do it,” – President Goodluck Jonathan said.

The NSIA 2015 Annual report confirms what the then President said in Onitsha when he visited the Obi of Onitsha.

The report mentioned that NSIA through its Motorways subsidiary, in partnership with Julius Berger Investment Limited and under a Public Private Partnership (PPP) with the Federal Government of Nigeria (FGN), is undertaking the development of a second bridge crossing over the Niger River through a design, finance, build, operate and maintain concession arrangement (DFBOM).

The Project was an 11.9km greenfield road and toll bridge project connecting Delta and Anambra States through Asaba and Onitsha

A review of the 2015 Annual report of NSIA shows that in the year 2015, early works  III (EW3) commenced as part of the preliminary construction activities on the 2nd Niger Bridge project site, just as the President stated at the time.

The Early works III was completed and negotiation of the Concession Agreement for the bridge project was in advanced stages as at the end of December 2015, the report said.

Going a year back in 2014, the NSIA 2014 Annual report stated that NSIA through the Nigeria Infrastructure Fund, initiated several major projects in 2014 including co-development of the Second Niger Bridge through a Public-Private Partnership (PPP)

The report went further to say that NSIA continued to develop the Second Niger Bridge, through a partnership between its Motorways vehicle, NSIA Motorways Investment Company, NMIC and Julius Berger Investment (JBI).

The Presidential groundbreaking ceremony for the bridge took place in March 2014 and was immediately followed by the deployment of Engineering, Procurement and Construction (EPC) contractors for early works.

This project was to be the first major Public-Private Partnership (PPP) undertaken by the Federal Government of Nigeria, and heralds the introduction of private financing into the Motorways sector at federal level. Financial close was anticipated within the first half of 2016.

In July 2014, NMIC, JBI and the Federal Government of Nigeria (FGN) entered into an indemnity agreement in order to start early works on the Second Niger Bridge project.

An indemnity agreement, also known as a hold harmless agreement, waiver of liability, release of liability, or no-fault agreement, safeguards the indemnified party against loss or damages associated with a third-party business arrangement.

The FGN contributed ₦8.5billion as part of the equity contribution of ₦30 billion in the Second Niger Bridge project. This amount was put under the control of NMIC, and have been used in carrying out the initial works.

The activities of the joint operation was to be transferred to the intended concessionaire, that is, Second Niger Bridge Development Company when it starts operations.

The Federal Government of Nigeria made a payment of ₦8.5 billion to the Authority’s subsidiary, NSIA Motorways Investment Company (NMIC) to enable the execution of the early works phase of the construction of the Second Niger Bridge in advance of the agreement of the terms of the service concession between the Federal Government of Nigeria and the Second Niger Bridge Development Company.

This amount pledged by the Federal Government of Nigeria as equity contribution towards subscription and allotment of shares of the Second Niger Bridge Development Company.

In 2016, NSIA saw to the completion of Early Works III on the site. Following this, the Authority proposed a revised funding plan to the Ministry of Power, Works and Housing, which is under review. It said that once a new financing strategy is agreed upon, the next stage of construction will commence, it’s 2016 Annual report stated.

The Muhammadu Buhari led Federal Government would abandon the Public Private Partnership (PPP) arrangement put in place by the Goodluck Jonathan administration.

In an October 25, 2021 report, Premium Times quoted the Minister of Works and Housing, Babatunde Fashola as having said that the Buhari administration abandoned the Public Private Partnership (PPP) on major infrastructure projects, including the Second Niger Bridge, and the Lagos-Ibadan expressway because investors could not secure needed funding from banks.

President Muhammadu Buhari would go on to finance the continuation of the construction of the Second Niger bridge through a newly established Presidential Infrastructure Development Fund (PIDF).

Continue reading: Who is funding the 2nd Niger Bridge – Part 2

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

Related Posts:

  • Who is funding the 2nd Niger Bridge - Part 2
    Who is funding the 2nd Niger Bridge - Part 2
  • Second Niger Bridge is now open to traffic
    Second Niger Bridge is now open to traffic
  • FG says Second Niger Bridge will open to traffic Dec 15
    FG says Second Niger Bridge will open to traffic Dec 15
  • Agribusiness to Get extra 6% Funding from the CBN
    Agribusiness to Get extra 6% Funding from the CBN
Previous Post

All confirmed Premier League deals in 2022 summer transfer window

Next Post

Who is funding the 2nd Niger Bridge – Part 2

Next Post
Who is funding the 2nd Niger Bridge – Part 1

Who is funding the 2nd Niger Bridge - Part 2

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Security features of the new naira notes revealed by the CBN

JUST IN: CBN orders banks to begin payment of new notes over the counter

Geregu Power Plc announces first Dividend since listing on NGX

Geregu Power Plc announces first Dividend since listing on NGX

MTN Nigeria proposes N23bn Commercial Paper

MTN Nigeria’s Board of Directors approve payment of N10.00 final dividend for 2022 FY

They want to starve us of funds – IPOB  DOS cries out

They want to starve us of funds – IPOB DOS cries out

2022 financial year: UAC of Nigeria posts N2.69 billion loss

2022 financial year: UAC of Nigeria posts N2.69 billion loss

Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

Security features of the new naira notes revealed by the CBN

JUST IN: CBN orders banks to begin payment of new notes over the counter

Atiku heads to Europe on ‘business trip’

Why CBN should not extend naira swap deadline – Atiku

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist