Lagos: A politician and former National Coordinator of the Police Equipment Fund, Chief Kenny Martins, has applauded President Bola Tinubu’s vision and commitment to building the economy through infrastructure development. Martins, Chairman of AEC Unity Network Ltd., and lead promoter of the Abuja-Lagos Super Highway and High-Speed Train project, spoke with newsmen on Tuesday in Lagos.
According to News Agency of Nigeria, the chairman of the company stated that the firm, alongside several investors, was prepared to commence work on the proposed 470-kilometre Abuja-Lagos Greenfield super highway. This project is anticipated to be completed in four years at a cost of five billion dollars, pending final approval by the Federal Executive Council.
Martins expressed appreciation for President Bola Tinubu’s infrastructure-friendly disposition, highlighting several ongoing essential infrastructure projects across the nation. He noted that shortly after the new government took office, the Minister of Works, Sen. David Umahi, presented the super highway proposal to the President, who approved it graciously.
The consortium is now awaiting final Federal Executive Council approval to proceed. Martins expressed confidence in receiving this approval soon, with plans to commence the project shortly after. He also commended the late President Muhammadu Buhari for his support during the initial stages of the project.
AEC Unity Group, a consortium committed to enhancing Nigeria’s democracy and economy, aims to open up the country through significant infrastructure projects. Martins outlined plans for not only the super highway but also the construction of the Fourth Mainland Bridge in Lagos, with a collective investment of up to nine billion dollars.
With support from advisors, consultants, and stakeholders, the consortium has completed the preliminary project designs, studies, and approvals. Martins emphasized the consortium’s readiness to begin construction once they receive Federal Executive Council approval.
The project aims to provide the best road link between Abuja and Lagos, enhancing commuting efficiency. This strategic infrastructure is expected to benefit several states, including Lagos, Ogun, Oyo, Osun, Ekiti, Kwara, Kogi, Niger, and the FCT.
Martins explained that the initial funding approach, which required a federal guarantee, has been revised due to Nigeria’s foreign debt exposure. The consortium has now opted to execute the project without the usual sovereign guarantee, using a hybrid of guarantees to assure financiers of their investment’s security.
Stakeholders such as UBA Plc, Associated Engineering Consultants, China Harbour Engineering Company, and others have been pivotal in the project’s planning and preparation. Legal Consultant and Senior Advocate of Nigeria, Mr. Dipo Okpeseyi, and UBA Plc’s Mr. Ebele Ogbue, along with other stakeholders, have commended the project and voiced their support for its successful execution.
The News Agency of Nigeria recalls that the Minister of Works, David Umahi, had previously stated that the road would be built by a private sector consortium at no cost to the government.