Plans ongoing to review ICRC Act – D-G

✔ Fact Checked by TDPel News Desk

By Pelumi Emmanuel

Published: March 1, 2022 | 11:15 AM

By Folasade Akpan

Plans to review the Infrastructure Concession Regulatory Commission (ICRC) Act 2005 to address and amend certain provisions are underway.
The Acting Director-General (D-G), Mr Micheal Ohiani made this known on Sunday in Abuja, while speaking with the News Agency of Nigeria (NAN) on the operations of the organisation.
Ohiani said that having operated the Act over the years, there were certain provisions that needed amendment while there were some provisions that should be in the Act to make it more robust that were not there.
“Before ICRC came into being, there were some projects we call Legacy Projects that did not have Outline Business Case (OBC) certificates issued to them to show the bankability and the commercial viability of such projects.
“We have problems with such projects. However, moving forward what happens is that before a project is signed, you have the Contract Agreement, it is the Bible or Quran of the project.

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Pelumi Emmanuel is an accomplished writer and journalist with over 15 years of experience in the industry. He is a passionate and dedicated professional who is committed to producing high-quality content that informs, engages, and entertains readers. Pelumi’s love for reading and writing is evident in his work, which has been read worldwide and has garnered him a loyal following. His journalistic expertise is matched only by his natural talent for storytelling, making his articles both informative and engaging. He lives in California, USA.