The Nigeria Export Processing Zones Authority (NEPZA) has vowed to call up contract bonds said it will revoke contracts of companies who purposely delay projects execution in order to benefit from `variation clause’.

Prof. Adesoji Adesugba, Managing Director of the Authority, stated this in Abuja after receiving Report of the NEPZA 2017-2021 Capital Projects from the Joint Capital Projects Monitoring Committee made up of members from the Authority and the Ministry of Industry, Trade and Investment.

Adesugba said that he had insisted in the transparent conducts of contracts bidding processes since assuming leadership of the agency in 2020, adding that the management would not hesitate in sounding out erring contractors.

“I have for these past years stood on my resolve to ensure transparency and due process and probity in the manner in which all contracts are handled here.

“We shall, therefore, not waste time in retrieving contract bonds from contracted companies that needlessly breach agreed terms. We have to insist that the Federal Government obtains quality service from the huge spending it is making to improve the infrastructure of the country’s Free Trade Zone,’’ Adesigba said.

He, therefore expressed delight on the supervision tours embarked by the committee, adding that the Report had brought out all the gray areas that required urgent handling.

Adesugba explained that the Report would serve as an evaluation guide, adding that it was also opened to the public and all relevant institutions of government to study.

The NEPZA chief executive officer also said that the Report would be updated in February 2023 after a follow-up assessment of the remaining ongoing projects would be been conducted.

Recall that the committee rounded-off scheduled inspections of 112 approved projects for the Authority in September, which came under the NEPZA Tender Board of 2017-2021, direct Federal Executive Council approval and the Ministerial Tender Board of Capital Projects respectively.