MMA2 dispute: Respect for contractual agreements will boost investment in Nigeria — ICRC

The Infrastructure Concession Regulatory Commission, ICRC, has said that respecting contractual agreements between parties is fundamental to building investor confidence in Nigeria.

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The Director General of the Commission, Dr. Jobson Oseodion Ewalefoh, disclosed this in a statement in Abuja on Sunday, assuring stakeholders that their investments are protected within a stable and predictable regulatory environment.

This is as the government agency hailed the resolution of the long-standing public-private partnership concession dispute involving the Murtala Muhammed Airport Terminal Two (MMA2), Lagos.

He said such commitment sends a strong signal to both local and international investors that Nigeria remains a reliable and credible investment destination.

He further described the president’s intervention as a masterstroke, particularly as it successfully resolved a long-standing impasse across multiple administrations.

Ewalefoh further noted the Presidency’s commitment to the rule of law in the resolution of the impasse, which followed a coordinated process involving the grantor, the Federal Ministry of Aviation and Aerospace Development, the concessionaire—Bi-Courtney Aviation Services Limited—and the ICRC, whose concurrence was obtained on the agreed framework in line with established PPP guidelines.

He stated that “with the removal of restrictive provisions and the restoration of clarity within the concession framework, Nigeria can now fully explore the development of new aviation infrastructure within Lagos State, including projects such as the proposed Lekki Airport, as well as complementary commercial and support facilities around existing terminals.”

He emphasized that the development reinforces investor confidence in a predictable regulatory environment, adding that “when investors see that a dispute of this magnitude can be resolved through a balanced and forward-looking approach, it sends a powerful message about policy stability, regulatory certainty, and respect for agreements. These are the foundations upon which successful PPPs are built”.

He also pointed out that the outcome delivers tangible benefits to the economy and the public, including improved infrastructure utilization, enhanced operational efficiency, and the potential for increased revenue generation, noting that “this resolution is in the interest of the government, the concessionaire, the investing community, and ultimately the Nigerian people who rely on efficient and modern infrastructure”.

Ewalefoh reaffirmed the commission’s commitment to ensuring that all PPP arrangements are implemented in line with established guidelines, with strong emphasis on value for money, transparency, and public interest.

“The ICRC will continue to provide the regulatory guidance required to sustain this momentum, ensuring that future concessions are better structured, better managed, and better aligned with national development priorities.”

Recall that the MMA2 dispute arose from a disagreement between the Federal Government, through the Federal Airports Authority of Nigeria (FAAN), and Bi-Courtney Aviation Services Limited over the implementation of the PPP agreement, particularly clauses on exclusivity and the development of competing or complementary infrastructure within the same airport corridor.