*Target four years completion
WorldStage Newsonline– AEC Unity Network Limited, lead promoter of the Abuja-Lagos Super Highway and High-Speed Train project has noted that it remains one major project in Nigeria still awaiting Federal Executive Council (FEC) approval for take off.
Chief Kenny Martins, Chairman, AEC Unity Network told journalists in Lagos that his firm, with a number of investors was prepared to go to site for the proposed 470- kilometre Abuja-Lagos Greenfield super highway projected to be completed in four years at $5 billion.
He listed the stakeholders in the project to include the UBA Plc, Associated Engineering Consultants, China Harbour Engineering Company (CHEC), United Capital Plc, FutureView Financial Services Ltd, Olanihun Ajayi LP, G. Elias and First Global Commerce Solution Limited.
According to Martins, a politician and former National Coordinator, Police Equipment Fund, all the consortium was waiting for is the final approval by the Federal Executive Council for the ground breaking of the legacy project.
He applauded President Bola Tinubu’s vision and commitment to building the economy through infrastructure development.
“We express the appreciation of our company to the infrastructure-friendly disposition of President Bola Tinubu and his government,” he said.
“This is exemplified by the several mind- boggling essential infrastructure projects going on simultaneously in every state of the federation as well as the Federal Capitat Ternitory, Abuja.
“Barely five to six weeks when this government took over, the Minister of Works, Sen. David Umahi, took this project to the President, that we have a a 470- km Super Highway that is being proposed by a group of individuals, and he graciously approved it .
“Since then, we have been crossing the T’s and dotting I’s. This still remains one major project in Nigeria awaiting FEC approval for take off.
“We are confident of FEC approval very soon and happy to announce that we are good to go with this project.
“We expect that the approval will come, we have the commitment of the Minister on Works on this.
“In a very short while, Nigerians should be expecting the cutting of the tapes for the flag off of the project,” Martins said.
He commended late President Muhammadu Buhari| for receiving the project with open hands during his time in office and for offering to do everything within his power to ensure the success of the project
According to him, AEC Unity group is a consortium , a joint venture company, committed to deepening Nigeria’s democracy and building economy.
“We are here today talking about the economy, building an infrastructure that will open up the country in a way that none has ever done.
“We are building a road from Abuja, the Federal Capital, to Lagos, the commercial capital. We are also building the 4th Mainland Bridge, where this road terminates in Lagos.
“By the grace of God, in the next four years, we are building a $5 billion worth of road infrastructure- Abuja –Lagos Super Highway.
“In-between, connecting those two cities is another $3 billion to a $4 billion major bridge. We are here to kickstart the super highway,” he added.
He said that with the support and cooperation of advisors, consultants and other stakeholders, the consortium had concluded the preliminary aspects of the project designs, studies and approvals
“We are today fully prepared to go to site and commence construction as soon as we receive the Federal Executive Council approval of the project take off, and the flag off of the project by the President and Commander in Chief,” he said.
He said that the company had brought together financiers, advisors, and consultants to demonstrate its readiness, ability and capability, as well as willingness to execute the project.
Martins also said that the company would provide the nearest and best link by road between the FCT and the economic capital, Lagos.
“The super highway will also facilitate easier and cheaper means of commuting by road between the two great cities to the glory of God and the benefit of our countrymen and women.
“The superhighway will be strategic in several ways, because it will not only open up the villages through which the super highway will pass, it will also provide a much more convenient alternative for those who are only travelling to any of the states through which the super highway passes.
According to him, these states include, Lagos, Ogun, Oyo, Osun, Ekiti, Kwara, kogi, Niger and FCT.
He explained that when the proposal started six years ago under the previous government, the method of funding the project was for the Federal Government to provide guarantee for a sizeable proportion of the project funds.
Martins,however,said that the arrangement had been reviewed because of the country’s heavy exposure to foreign debts.
According to him, the firm has settled for a mutual consensus with the Federal Government and the consortium, opting to execute the project without the usual sovereign guarantee.
Martins said that the consortium, however had “a hybrid of guarantees that would enable our financiers to have the confidence that their funds will not be in any danger whatsoever.”
Speaking, a Legal Consultant and Senior Advocate of Nigeria Mr Dipo Okpeseyi, also commended Tinubu’s infrastructure drive.
“Fair enough the immediate past administration and this administration have shown that infrastructural development should be a priority issue.”
Also, Mr Ebele Ogbue, the UBA Plc Group Head, Special Project, who described the proposed project as strategic , noted that the bank had been in support of infrastructure projects in the country to address logistics challenges .
“Lagos and Abuja are critical to Nigeria. We feel quite happy to be part of this conversation and part of this project, we will work closely to ensure that the project become to fruition,” Ogbue said.
Also, Mr Hanson Zhao, Manager of the China Harbour Engineering Company said, “the project is not just a road, but a national asset. This project will boost economy and reduce transport costs. We do a lot of projects in Nigeria. We look forward to actualising the project.”
Dr Gbadebo Adenrele, Managing Director, Investment Banking, United Capital Plc, said, “our real work is to facilitate access to finances for this project.
” The project has what it takes to attract needed potential financers. This is a large -scale infrastructure project.”
Ms Elizabeth Ebi, Group Managing Director/Chief Executive Officer of the Futureview Financial Services Ltd, said that the firm was working hard to make the project successful.
“Fund raising is second nature to us. This project is a phenomenal one that link the nation’s capital to the commercial capital.This project is something we should be part of.
“We have done what we need to do to ensure its success. All we need is just that trigger to kickoff. We have the template, we have the fund. As soon as we have full approval, we are ready.”
All members of the consortium described the project as laudable and capable of reengineering the nation’s economy, expressing readiness to commence work and deliver at project duration.
Minister of Works, David Umahi, had revealed that the road would be built by a private sector consortium at no cost to the government.
