LAGOS — Managing Director, The Infrastructure Bank Plc, Mr. Adekunle Oyinloye, has said that the bank had raised N50 billion as first tranche of the proposed N167 billion for the rehabilitation of the Lagos-Ibadan dual carriageway.

Oyinloye said this at the official signing of a Memorandum of Understanding, MoU, with four commercial banks, yesterday, in Lagos.

The banks are Access Bank, Ecobank, Diamond Bank and Standard Chartered Bank Plc.

He said the N50 billion represented 30 per cent of the proposed N167 billion and a successful closure of the tranche one for the rehabilitation, reconstruction and expansion of the 127 kilometre dual carriageway.

Oyinloye also said the bank was a leading consortium of local and international financiers and investors that provides the required funding to complete the project within 24 to 30 months.

He added that the Federal Government had made good its financial contributions for the execution of the project and equally formalised its engagement of The Infrastructure Bank as the transaction adviser and lead finance arranger for the project.

The managing director urged the banks to be committed to the tranche- two, a balance of N117 billion, for the project.

Oyinloye added that more local and foreign investors had shown interest in the project financing because they knew that the Lagos-Ibadan expressway was the most ‘profitable road’ on the country’s road network.

According to him, funding under the second tranche will commence in six months.

He also added that the redesigning of the expressway would take cognizance of features such as parks, conveniences and toll-ability which were not considered in previous constructions.

Oyinloye said the bank was conscious of the re-designing of the road to ensure that it stood the test of time.