FG revokes Wale Babalakin’s company Bi-Courtney Lagos-Ibadan expressway contract

The Federal Government has revoked the concessionaire contract it signed with a Bi-Courtney on the re-construction of Lagos-Ibadan expressway.The company is owned by Mr. Wale Babalakin,a lawyer and businessman whose company has been involved in several high profile contracts in the past.

The revocation of the contract did not come as a surprise to many as President Goodluck Jonathan gave the hint at the media chat he did with some top Nigerian media executives. FG and Bi-Courtney Highway services signed the contract for the reconstruction of the 106 kilometres road some years ago.

The minister of Works, Mr. Mike Onolememen confirmed the latest development to newsmen today at the state house. He said Julius Berger Plc and Reynold Construction Company (RCC) has been contracted to take over the job because Bi-Courtney has failed in the discharge of their duties.

The road contract has been described by many public analyst as one of the most controversial contracts in Nigeria history. Most people believe the road deserve serious attention but the contractor was not doing much.

The minister said  “If you recall we have been on this issue for quite sometime now and we have meticulously followed the concession agreement, the provision of relevant clauses of the agreement. We have complied fully with the provisions of this agreement. We have had cause even in the past to write the concessioneer to detail the breaches which it had committed in this agreement in this particular transaction and we have also followed the minimum and maximum number of days the contractor was expected to remedy the situation but failing which the Federal Government had no alternative but to take this course of action”.

A senator of the Federal Republic of Nigeria, Mr. Babafemi Ojudu said the revocation of the contract is a welcome development. Ojudu who made this known through his Facebook page said “I am announcing this because for one and a half years now I have been clamouring for this either on the floor of the Senate or in the Works Committee of which I am a member. For me it is a welcome development”

Click here to read Billionaire contractor, Wale Babalakin detained by EFCC

Gistmaster gathered that Bi-Courtney is likely to go to court over the contract issue. Some people are also going to read political meanings to the contract issue. Just some months back,Mr. Babalakin was questioned by EFCC over some dealings with a former governor of Delta State Mr. James Ibori

-Gistmaster