The Oyo State Executive Council has approved a total of N86.47bn for two sections of Senator Rashidi Ladoja Circular Road, formerly known as Ibadan Circular Road.
State Commissioner of Public Works and Transport, Professor Dahud Sangodoyin, alongside some other members of the state executive council, made this known while briefing journalists at the governor’s office, Ibadan, on Wednesday.
The Government also planned to secure a sum of N150bn circular road loan from Afrexim Bank and Access Bank to complete the road.
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The sections of the road approved were the 32.2 km Section 1 of the East End Wing of the Road Lots 1 and 2.
Lot 1, which was said is “from the Lagos Ibadan Expressway to Jagun 15.5 km” is awarded to Craneburg Construction Company Ltd at a contract sum of N42.34B for a duration of 18 months.
Also, Lot 2 which “is from Jagun Village to Ibadan Ife Expressway 16.7 km awarded to Kopek Construction Ltd at a contract sum of N44.17B for a duration of 18 months,” Oyo State Government said in a X post.
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In what was called approval of the implementation of the road infrastructure component of 32.2 km section 1 of the East End Wing Senator Rashidi Ladoja Circular Road, Lots 1 and 2, the Executive Council also authorized the Ministry of Finance to negotiate with the Afrexim Bank, a N150 billion circular road loan to continue with the Road.
Towards completing the Circular road, state Commissioner for Budget and Economic Planning, Professor Musibau Babatunde, said the state would recoup the funds as it plans to concede and toll the Circular Road upon its completion.
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Prof. Sangodoyin also said the supplementary budget will be used to fund the fixing of the inner road and works on the Circular Road.
Adding that beyond the approved 84.75 kilometres of inner-city roads, the state government targeted the completion of a total of 95.8 kilometres of inner roads.
This is coming after the PIJAlance Magazine published an investigation into the intriguing tale of how the Oyo State Government award a sum of N138.2bn to Sel-Vydra, a two-months old company to construct the Rashidi Ladoja Circular road.
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Sel-vydra is a company with no definite physical address nor was found constructing the road.
Sel-vydra is said to be a conglomerate of two companies. However, findings found that SEL is a financial company and Vydra, which, has no physical address, has Anthony Adedapo Makinde, as one of its directors.
The investigation also revealed that aside from the N138.2bn, N35.97bn was awarded as a separate project to Craneburg Construction Company to construct the interchanges of the Ibadan Circular Road.
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