NEPZA to recall contract bonds on prolonged projects

The Nigeria Export Processing Zones Authority (NEPZA) has vowed to call up contract bonds from contracted companies that decided to willfully prolong execution of assigned projects with the hope of triggering variation clause.

The Managing Director, NEPZA, Prof. Adesoji Adesugba, disclosed this after receiving the report of the NEPZA 2017-2021 Capital Projects from the Joint Capital Projects Monitoring Committee made up of members from the Authority and the Ministry of Industry, Trade and Investment.

Adesugba noted that the Report would be updated in February 2023 after a follow-up assessment of the remaining ongoing projects would be been conducted.

Recall that the committee rounded-off scheduled inspections of 112 approved projects for the Authority in September. These projects came under the NEPZA Tender Board of 2017-2021, direct Federal Executive Council approval and the Ministerial Tender Board of Capital Projects respectively.

Out of these 112 projects, a total of 76 have been completed with the CFTZ accounting for 28; KFTZ 38; Lekki SEZ 5; and Ilorin SEZ 5 while others are at different levels of completion.

He, therefore expressed delight on the supervision tours embarked by the committee, adding that the Report had brought out all the gray areas that required urgent handling, saying the Report would serve as an evaluation guide, opened to the public and all relevant institutions of government to study.