Forex hike may affect Enyimba Stadium’s completion

Enyimba Captain, Mfon Udoh scores from the spot during a recent league game. The Peoples Elephant’s record goal scorer says the Aba side is focused on winning next season’ CAF Confederation Cup

There are fears that Enyimba Stadium project may still face further delay before being completed in spite of the N100 million released early this week by the Abia State government to the contractor handling the project.

The delay would be as a result of hike in forex that has seen the naira coming to an all time low.

A source at the club disclosed that the contractor, Monimichelle had before now only imported part of the materials needed for the project, while waiting to get more funds from the Abia State government.

As it stands now, with the naira, euro exchange rate standing at over 400 to one, there would be a variation in cost for the project to be realized.

“The exchange rate keeps going up everyday against the naira. And with the delay in the release of funds on the part of government, there is no magic the contractor can perform. All the materials needed to complete the project are being imported from Europe and that is a lot of challenge,” he said.

It would be noted that the Samson Siasia Stadium project in Yenagoa suffered a similar fate until the state government came to its rescue.

The Bayelsa State Governor, Seriake Dickson recently doled out more funds to the tune of N350 million to ensure the completion of the Yenagoa Stadium, which may be commissioned before the end of the year.

The Samson Siasia Stadium when completed would boast the best playing pitch in the country.



No Comments yet

Related