The decision to split the franchise of the China Civil Engineering Construction Company (CCECC) , according to the minister, was because the firm has failed to meet the counter funding for the construction of the rail.
Speaking while fielding questions from newsmen in Uyo, Akwa Ibom state, during a 3 day Retreat by frderal ministry of Transportation, Sambo explained that the holder of the franchise could not secure 5 per cent foreign facility and 15 per cent Nigeria counterpart funds .
“You know it is and EPC finance contract . In other words, the contractor who was supposed to have provided 85 per cent foreign loan while Nigeria provides 15 per cent counterpart funds did not fulfilled their own obligation.
