Business
Edo Line Needs N250m Lifeline — Sole Administrator
The Sole Administrator of
Edo Line, a state government Mr Osamede Adun, owned transport company, has said that the company needed N250 million lifeline in order to resume operations.
Adun, who was recently appointed by the state government, made the disclosure to newsmen at a press briefing in Benin, on Thursday.
The Tide source reports that Edo Line, which is the foremost transport company in Edo State, has been shut since 2010.
He said that the fund would be used to buy new buses, pay salaries owed to the workers, and reactivate its offices across the federation.
The sole administrator regretted the level of rot in the once viable company, which at one time had a fleet of over 180 vehicles.
According to him, most of the buses have been vandalised while only 45 out of the 108 vehicles he inherited, are serviceable.
He also complained of the 365 personnel working in the company with only 45 vehicles on the road.
“How do we expect to function effectively if we continue like this.
“My position is to revive this foremost transport company which used to be the darling of all Edo.
“I regret that our sons who were saddled with the responsibility of managing the transport company at one point or another, mismanaged it.
“I have promised the governor that I will make the best use of this opportunity by restoring the company to its pride of place among other transport companies in the country.’’
He said that rehabilitation work had started at the company since he took over.
“As I speak with you, I have ordered for over 300 tyres of the serviceable buses to be repaired.
“We also plan to buy new buses, reactivate our stations across the country, pay salaries owed to workers of the company, among others.
“To achieve this however, we need a quarter of a billion naira from the state government to properly reposition the transport company.
heritage.”
Adun pledged that the company would pay back the money within a year, after which it would generate revenue for the government.
“Concerning the debt profile, our team of lawyers are working on that, but let me quickly inform you that Union Bank is the one owing us money as against belief that the transport line is the one indebted to the bank. *
“Most of the debt acquired by the company was taken by the individuals who mismanaged the company using it as collateral.”
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The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.