Ibadan Circular Road: We remain lawful concessionaire after spending over N3bn on project – ENL

ENL Consortium Limited at the weekend reiterated that it remains the lawful and subsisting concessionaire of the 32 kilometre East End Wing of the 107-kilometre proposed Ibadan Ring Road, popularly known as the Ibadan Circular Road as stated in the terms of the concession agreement of August 25, 2017, adding that it has spent over three billion, nine hundred and sixty million naira on the project.

ENL, speaking through its legal counsel, Oluseye Opasanya (SAN), who is acting for Olaniwun Ajayi LP, stated that ENL entered into a concession agreement with the Oyo State Government under the administration of the state governor at that period, Late Senator Abiola Ajimobi, pursuant to which ENL was granted exclusive rights to design, finance, construct, operate and maintain the Ibadan Circular Road for a period of 35 years, on a build operate and transfer basis.

The company added that its attention was recently drawn to the purported re-award of the concession for the project to Messrs SEL-Vydra Consortium (incorporating Still Earth CapitalFinance Limited and Vydra Investment Limited) and the consequent/imminent engagement of Peculiar Ultimate Concerns Limited as the contractor of the project in spite of the continued validity of ENL’s concession rights in furtherance of the concession agreement.

According to ENL, it has “expended over N3, 960, 000,000 (three billion, nine hundred and sixty million naira) of its own private capital on the project), adding that it had not been deterred by various politically motivated efforts to frustrate the implementation of the concession agreement.

“For the avoidance of doubt, ENL wishes to state that the purported re-award of the concession to SEL-Vydra Consortium is in breach of the concession rights. We hereby urge the general public including investors, lenders, contractors, and the purported concessionaire to disregard the purported re-award of the concession of the project by the Oyo State Government as ENL remains the lawful concessionaire under the terms of concession agreement which is currently subject to a dispute resolution process,” ENL stated.

The company further warned that anyone that engages or continues to engage with the Oyo State Government in relation to the project in disregard of the subsisting concession rights does so at their risk as any rights and privileges granted anyone in relation to the project by the Oyo State Government will be null and void, reiterating that it reserves all legal rights and remedies it may have now or in the future against anyone who induces a breach of the concession agreement whether directly or indirectly in any manner that may affect ENL’s concession rights or its interest.

 

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