The Infrastructure Concession Regulatory Commission (ICRC) has announced plans to finalize all Public Private Partnership (PPP) projects that have not progressed for over a year since receiving Federal Executive Council (FEC) approval.
This was revealed in a statement issued by Ifeanyi Nwoko, the Acting Head of Media and Publicity for the ICRC, in Abuja on Thursday.
According to the statement, the Director-General of the ICRC, Dr. Jobson Ewalefoh, made the disclosure during a courtesy visit to the Minister of Marine and Blue Economy, Adegboyega Oyetola.
Dr. Ewalefoh informed the minister that some of the pioneering PPP projects, which had been approved since 2006, fall under the purview of the ministry.
He further explained that the commission is currently reviewing the PPPs to prevent unqualified contractors from delaying projects, especially when serious investors are ready to collaborate with the government.
The Director-General added that the commission’s visit was aimed at identifying the challenges affecting PPP projects within the ministry and addressing the issues hindering both approved and upcoming projects.
Dr. Ewalefoh emphasized the necessity of these actions, citing the maritime sector’s critical role in the development and economic growth of any nation.
He informed the Minister that the ICRC had streamlined its processes to expedite project delivery, ensuring they meet current demands and challenges.
This, according to Ewalefoh, is in line with President Bola Tinubu’s directive to actively utilize Public Private Partnerships (PPPs) in infrastructure development.
He noted that the goal is to ensure faster project completion without compromising on quality or bypassing legal frameworks.
While the commission is working to initiate new PPP projects, Ewalefoh also highlighted efforts to optimize existing ones for greater efficiency.
He explained that the ICRC had introduced Conditions Precedent, with specific timelines for achieving financial close, to ensure the private partners involved in PPP projects remain committed to delivering results after project execution.
What he said, “This ensures that contracts are automatically terminated when the timeline agreed expires without the private partner achieving financial close.”
“This approach is intended to protect the country and ensure that the mistakes of the past are not repeated and the government is never held to ransom.”
“ This will ensure that only credible investors are encouraged to participate while discouraging portfolio investors or expert bidders without the actual intention of executing projects.”
Dr. Ewalefoh called on the minister to collaborate with the ICRC in re-evaluating all PPP projects that have received Federal Executive Council (FEC) approval but have seen no significant progress for over a year.
In response, the Minister of Marine and Blue Economy, Adegboyega Oyetola, congratulated Ewalefoh on his appointment as Director-General.
Oyetola noted that many stalled projects were due to the private parties’ inability to secure financing, which stemmed from their lack of capacity.
He shared that after meeting with some project proponents, it became clear that access to financing was the primary obstacle hindering project advancement.
