Infrastructure Bank to raise N167bn for Lagos-Ibadan Expressway

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Federal Government has mandated the
Infrastructure Bank Plc to raise N167
billion for the reconstruction of the 127-
kilometre Lagos-Ibadan dual carriage
way.
Mr. Adekunle Oyinloye, Managing Director
of the bank, disclosed this, yesterday, in a
statement in Abuja.
He said the bank would leverage on its
financial expertise and culture of
excellence in its partnership with Federal
Government on the reconstruction of the
expressway.
Oyinloye said that his bank was glad to
have been able to provide the financial
engineering to ensure the bankability of
the project and would raise the requisite
capital to execute the project
Oyinloye said Federal Government,
through the Ministry of Works, mandated
the Infrastructure Bank, a specialised
development finance institution, to raise
N167 billion for the reconstruction of the
127km Lagos-Ibadan dual carriageway.
He said the bank was the transaction
adviser and the leader of a consortium of
local and international financiers as well
as investors to provide the required
funding for the project.
Oyinloye said: “The project is now to be
completed in a record time of 24 to 30
months as opposed to the 48 months
initially proposed by the contractors.”
Oyinloye said the bank was providing
cutting-edge advisory services for the
project, while it would continue to work
with Federal Government towards timely
completion of the project.
He called on other Nigerian banks to
channel their pool of funds into the
development of infrastructure, adding that
Nigerian banks must help to unlock the
nation’s potential by financing the
development of its infrastructure.
At the flag-off ceremony of the project in
July, President Goodluck Jonathan had
said: “The road is an important economic
artery that connects our nation’s
economic nerve centre to many of the
states of our federation.
“This strategic national infrastructure is,
therefore, of great socio-economic
importance, not only to Nigeria, but also
to the people of Africa.”
Minister of Works, Mr. Mike Onolememen,
described the project as further evidence
of the unwavering commitment of
President Jonathan to transform the
nation’s transport infrastructure.
He said Federal Government was
delighted to have worked closely with the
Infrastructure Bank in structuring
innovative financing solution for the
rehabilitation and expansion of the
expressway.