FG Invests N16.6 bn Sukuk Bond On Rehabilitation of Roads in the South East

The News Agency of Nigeria (NAN) reports that the Federal Government had in October, 2017 released the proceeds of the N100 billion Sukuk bond to 25 key economic road projects across the country. The Director of Highways, South East, Federal Ministry of Works, Mr Adetokunbo Sogbesan, disclosed in Enugu during a media tour of ongoing federal projects in the zone that the Federal Government is investing N16.6 billion of the N100 billion Sukuk Bond for rehabilitation of some roads in the South East geopolitical zone. Sogbesan said that the investment was aimed at improving road infrastructure in the zone, adding that four different road sections were covered by the fund. He listed the sections to include the Enugu – Onitsha expressway, Enugu – Lokpanta, Lokpanta – Abia Tower and Abia Tower – Aba section of the Enugu – Port Harcourt expressway. At the 9th Mile – Enugu section of the Enugu – Onitsha Expressway, Sogbesan expressed satisfaction on the job done so far by the contractors, Reynolds Construction Company Ltd. (RCC). He said the project which covered a distance of 58km was from Amansea in Anambra to Enugu. He claimed that the road would make its expected lifespan of between 20 years and 30 years because of the quality of job being done by the contractors. Also, the Federal Controller of Works, Enugu, Mr Oluropo Oyetade, reported that monitoring of the project had been encouraging since the contractors reported to site. Oyetade disclosed that the contract with a completion period of 36 months was awarded in 2014 but was not funded till 2017. However, the job was expected to be delivered by December 2019. The Acting Project Manager, Mr Italy Zohar said that the contractors had complied with the relevant provisions on local contents as it affected the project. He reported that a total of 650 Nigerian workers were engaged on the site with five local engenders and five expatriates. Also, the Chairman of Enugu branch of the Nigeria Society of Engineers (NSE), Mr Ifeanyi Ofili, commended President Muhammad Buhari on his insistence on the utilisation of local content. Ofili said that such directive was an encouragement to Nigerian engineers and materials. He appealed to the Federal Government to fund the project to ensure early completion. Adapted from Pulse.ng Image: NAN

---

You might also like:

• The CBN’s Plan To Redesign The Naira: 6 Facts You Should Know
• BREAKING: CBN To Redesign the Naira Notes
• Buhari Signs Startup Bill: What It Means
• Nigerian-Born Kemi Badenoch Nominated To Succeed Boris Johnson As UK’s Prime Minister

This article was first published on 2nd March 2018

---

---

Comments (0)