Julius Berger Nigeria Plc has reaffirmed its steadfastness in its mission to delivering transformative infrastructure projects that align with Nigeria’s developmental priorities.
In a statement issued by the leading construction firm and signed by its Head, Corporate Communications, Mr. Emeiseifa James Agama, Julius Berger noted that, “For over 50 years, we have partnered with the Federal Government, communities, and stakeholders to deliver transformative infrastructure solutions with professionalism, transparency, and adherence to the highest standards”.
“The Bodo-Bonny Road project exemplifies our unwavering commitment to progress, despite significant operational and financial challenges.
Extreme inflation, rising input costs, and FX volatility necessitating the declaration of Force Majeure and the suspension of works in November 2023.
Nevertheless, Julius Berger resumed work in good faith in August 2024, five months before the formal execution of the contract, following a verbal agreement with the Federal Ministry of Works to adjust the contract value from NGN200 billion to NGN280 billion”.
“Although inflationary pressures on materials have risen between 200% and 600% (and even higher in some cases), the relatively modest adjustment to the contract value was a welcome step.
Julius Berger’s acceptance at the time reflects our commitment to addressing challenges impacting projects and fostering mutual agreements with the Federal Government to ensure their successful delivery”, the statement further read.
Julius Berger further noted that, “The absence of a tripartite funding agreement between the Federal Government, NLNG and Julius Berger continues to impact payments, requiring Julius Berger to pre-finance significant portions of the project.
Despite these challenges, we have continued to make progress, including through the yuletide season, reaffirming our commitment to delivering this critical national asset”.
“It is important to note that Julius Berger is the only contractor to have taken on this project in a challenging terrain previously abandoned by other contractors. Connecting Bonny Island to the mainland for the first time underscores our commitment to innovation and national development.
