The Federal Government has announced plans to conduct an audit of all public-private partnership (PPP) projects to evaluate their performance and ensure compliance with insurance requirements as mandated by the Infrastructure Concession Regulatory Commission (ICRC) Establishment Act, 2005.
Dr. Jobson Oseodion Ewalefoh, Director General of the ICRC, revealed this during a courtesy visit to the Minister of Interior, Hon. Olubunmi Tunji-Ojo, on Tuesday. During the visit, Dr. Ewalefoh honored the Minister with the PPP Icon Award in recognition of his contributions to the promotion of PPPs.
Dr. Ewalefoh assured the Minister that the ICRC is already working on mechanisms to audit past PPP agreements. The goal is not to condemn or terminate existing projects but to optimize them for national benefit. He emphasized that compliance with insurance requirements is a legal obligation for all national assets under PPP arrangements.
“We are putting in place measures to audit the performance of PPP agreements and ensure that all assets under PPPs are insured as required by law,” Dr. Ewalefoh stated. “Our focus is on optimizing these projects to benefit the nation and ensure legal compliance.”
The DG commended the Minister for his proactive approach to utilizing PPPs for key infrastructure projects, noting that the Minister has presented the largest number of PPP projects to the Federal Executive Council (FEC) in the past year. Under his tenure, the Ministry has secured over $500 million in investments through PPPs.
Dr. Ewalefoh highlighted that the current administration has maintained respect for the sanctity of contracts, ensuring that no signed PPP contracts have been canceled, thus reassuring investors of the safety of their investments.
Permanent Secretary of the Ministry, Dr. Magdalene Ajani, congratulated Dr. Ewalefoh on his appointment and praised the Minister for his efforts to leverage PPPs for positive outcomes in Nigeria. She highlighted the Minister’s commitment to innovative financing solutions to address the country’s resource limitations.
Minister Tunji-Ojo expressed his support for Dr. Ewalefoh’s appointment, noting it reflects the government’s commitment to diversifying the economy and involving the private sector in national development. He emphasized that PPPs are essential for making key agencies self-reliant and reducing dependence on government budgets.
The Minister detailed several PPP projects currently underway, including advancements in the Nigerian Immigration Service (NIS) such as data centers, e-gates, and passenger information systems. He reiterated that PPPs not only provide financial resources but also bring valuable expertise for improved productivity and efficiency.
He assured the DG that the Ministry would continue to collaborate with the ICRC, leveraging its technical expertise to enhance the operability of PPP projects and drive Nigeria towards greater progress.
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