Business
Customs Boss Tasks FG On Port Dredging
An appeal has gone to the Federal Government to urgently dredge sea channels in the Eastern Ports to enable bigger vessels berth at the ports.
The Comptroller of Customs, Area One, Port Harcourt Port, Austin Warikoro who made the appeal in an interview with The Tide on Friday, at the Port Harcourt International Airport, Omagwa, said the Port Harcourt Port has a draught of 8.5 metres, explaining that, with a draught of that size, only few smaller vessels can berth and the volume of business will be low.
According to him, we are looking at having a draught of 11.5 metres stressing that wit that kind of dept, we can have bigger vessels which also mean bigger business which will directly affects the economy of the state.
Warikoro also noted that the road that led to the port directly is bad and urgent measures should be made to repair it. Explaining that it will help in delivery of services and consignment to the respective destinations.
“All Port Harcourt Port needs is for government to dredge the port and repair the road linking to the port which is currently bad”.
The Custom Comptroller noted that with the current draught the Port Harcourt Port nets about N2.2 million monthly and if bigger vessels start coming, the port would be making about N3 million to N4 million monthly, adding that the only input needed from the Federal Government is to dredge the port and repair the road to enhance free flow of traffic.
He, however, denied that Eastern Ports charges are higher than the ports in the West, adding that Nigeria has one fiscal policy and Customs duty charges. Customs duties are the same everywhere in Nigeria. “The service charge NPA will charge you in Lagos is the same in Port Harcourt Port and more”, he said.
“The Port Harcourt Port is functioning now. It has been concessioned to a firm, but business activities remain low because several vessels only berth at the port”.
Warikoro however said the only reason for business to growth at the port is to ensure that the Eastern Port is dredged to enable bigger vessels to berth.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
