Lagos State Scenery Of Flesh And Blood Suckers By Ettu Mohammed | Sahara Reporters The project was for the rehabilitation and upgrade of 49km of existing two-lane dual carriageway to a three-lane highway, the introduction of three toll... READ MORE:
The Lekki-Epe Expressway was constructed by the Lateef Jakande administration in the 1980s but was finally completed by the Mudashiru Lawal and Mike Akhigbe administration in 1987.
The initial concession agreement was signed on April 24, 2006. In 2008, Mr. Fashola signed supplemental agreements with LCC, enabling the firm to access long term funding for the construction. Work started in 2008 and by December 2011, toll collection kicked off at an average of N120/vehicle with over 140,000 cars plying this road on a daily basis and “rumours” has it that N33m was recouped everyday from toll collection.
In November 2013, the Lagos State Government decided to reacquire the concession rights on the project at an estimated N25.3bn after N35bn was reported to have been spent on the construction of 30 per cent of the project. LCC cashed home N25.3bn of tax payer funds. That is over N36m daily for 365days and over N13bn annually if all things go as planned.
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