Construction giant, Bi-Courtney Limited has flayed the Federal Government for a breach of concessional agreement, warning that the posture could discourage investors.<\/p>\n
Its chairman, Dr. Wale Babalakin, complained that the government\u2019s refusal to implement the agreement, despite the court judgments in favour of the company, has reduced Bi-Courtney into a company that cannot actualise a simple transaction.<\/p>\n
In a petition to the Director-General, Infrastructure Concession and Regulatory Commission (ICRC),the company blamed the Aviation Ministry for reneging on the agreement and resolutions of the Coordinating Committee raised by the Attorney-General, which had resolved the dispute in its favour.<\/p>\n
Among others, the committee resolved that, in accordance with the Federal Aviation Authority of Nigeria (FAAN\u2019s) offer to Bi-Courtney Limited and law, the term of the concession was 36 years.<\/p>\n
Besides, all domestic flights originatig and terminating in Lagos must be processed by the company.<\/p>\n
All income accruing to FAAN by the usage of GAT after the Muritala Mohammed Airport 2 became operational is for Bi-Courtney\u2019s account.<\/p>\n
Babalakin pointed out that his firm had won all the court cases relating to the implementation of the agreement, adding that appeals by Ojemaje Investments, Arik Airlines, National Union of Air Transport Services Employees (NUSAID) and FAAN were dismissed by courts of competent jurisdiction.<\/p>\n
He also recalled that the Federal High Court awarded N132.5 billion as damages against the Federal Government for a breach of agreement.<\/p>\n
Babalakin urged the regulatory agency to halt what he described as the maltreatment of the company by the Federal Government, pointing out that disobedience of court orders has cost the company unimaginable financial losses as reflected in the damages awarded against the government.<\/p>\n
He said the non-compliant posture of the federal agencies has also greatly affected the company and portrayed it as having difficulties in actualising a simple transaction, adding that this does not auger well for investments in the country.
\nNation<\/p>\n","protected":false},"excerpt":{"rendered":"
Construction giant, Bi-Courtney Limited has flayed the Federal Government for a breach of concessional agreement, warning that the posture could discourage investors. Its chairman, Dr. Wale Babalakin, complained that the…<\/p>\n","protected":false},"author":1,"featured_media":2859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-2858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n