Connect with us

Business

Oil Mill Market: Traders, Motorists Differ On Choatic Traffic

Published

on

The once popular oil mill market on the outskirts of Port Harcourt  has over the years turned out to be every drivers’ nightmare, especially on Wednesdays.
Road users, especially motorists dread driving through the Port Harcourt-Aba Express Road, but it has become inevitable because for one to travel to Aba and vice versa, one has to pass through that axis.
Under the circumstance, our correspondent sought the opinion of the public on how to tackle the menace posed by the traders.
“As for me, they should stop the traders from displaying their articles near the road” was the submission of Mr Linus Ebele, a commercial bus driver who plies the Port Harcourt-Aba route on daily basis.
He opined that there is enough space in the market and wondered the traders choose to come all the way out to the busy highway
According to him, if he had his way, the trader should either be inside the market or be reloated away from the traffic area.
A  public servant, and resident of Afam in the Oyigbo local government area of the State, Mr Sunny Onyebuchi who spoke to The Tide said he was always apprehensive on every Wednesday due to the hectic traffic situation at the market.
Onyebuchi who works at the State Secretariat said for him not to be late for work on Wednesdays, he wakes up “as early as 4am and before 5:30 am I am off.”
He said even at that, there were some Wednesdays that he still meets with heavy traffic.
Also speaking to our correspondent, one of the traders who sells sandals and slippers among other items said it was inevitable.
He said what was going on at oil mill market was not peculiar to Port Harcourt alone even as he said the city was witnessing an increased influx of traders and other business people.
While comparing the scenario at oil mill market with that at Oshodi in Lagos and Aba in Abia State, he said in some markets in Nigeria such markets operate on daily basis.
“There is no need from people to complain because the market operates once in a week, unlike those at other cities in the country,” he said.
He said the lustling and bustling at the oil will market on Wednesdays was part of economic development and urged motorists, traders and every road user to exercise patience on market days.
However, one trader who spoke to our correspondent opined that it was not only traders who benefit on every market day.
He said most drivers make good returns on market days due to increase in passenger availability, even as he said road traffic wardens also have a field day.
According to him, the market has come to stay because a lot of people, including the traders, make quick sales as goods are sold at subsidized rates to customers.
A traffic warden who spoke on the issue and asked not to be named told our correspondent that they always have a hectic time on market days as they have to contend with a lot of challenges.
He said touts come to the market all the way from Aba to join their Port Harcourt Counter-parts thereby increasing criminality on market days.
According to him, combining traffic control with checkmating criminal activities has been a major challenge for them, adding that there was need for increased security personnel on market days.

Continue Reading

Business

SMEs Dev: Firms Launch N100m Loan Scheme 

Published

on

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA),  said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Continue Reading

Business

Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

Published

on

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .
He said this while addressing visiting top executives of Edison Corporation  and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.
The Board in a statement from the Directorate of Corporate Communications said  all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.
Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.
“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.
“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.
He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery
“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”
The Board’s  Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.
In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.
“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.
“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.
Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.
The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.
“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality.  We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the   boss noted.
Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.
By: Ariwera Ibibo-Howells, Yenagoa
Continue Reading

Business

RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing    

Published

on

The Rivers State Internal Revenue Service (RIRS) has set tomorrow as the deadline for the filing of  all  Annual Individual Income Tax Returns  for all taxable residents of the state.
This was contained in a public notice  by the Service to the taxable residents of the state in compliance with statutory provisions.
The notice was signed by the Executive Chairman of the agency, Sir Israel O. Egbunefu, and made available to the public in Port Harcourt recently.
 Egbunefu stated that the directive was in line with the provisions of the Nigeria Tax Administration Act 2025, which mandates individuals to declare their income for the preceding year of assessment.
 According to the notice, the obligation covers all categories of income earners, including employees in both the public and private sectors, self-employed individuals, business owners, and professionals operating within the state.
The agency reiterated that the timely filing of tax returns remains critical to promoting transparency, accountability and efficient tax administration in Rivers State.
 It further noted that compliance with tax obligations plays a vital role in enabling the government to meet its developmental goals and provide essential public services.
 RIRS urged all eligible taxpayers to ensure that their 2025 tax returns are properly completed and submitted through its approved channels before the stipulated deadline .
The Service warned that failure to comply with the directive may attract penalties and other sanctions as prescribed by relevant tax laws.
 It also stated its commitment to enforcing compliance while maintaining a taxpayer-friendly approach in its operations.
 Taxpayers requiring assistance were advised to visit any RIRS office or access its official platforms for guidance on the filing process.
The agency assured residents of continuous support, including professional advisory services, to facilitate a seamless and stress-free compliance experience.
 The notice forms part of ongoing efforts by the Rivers State Government to strengthen revenue generation and enhance voluntary tax compliance across the state.
 Residents are therefore encouraged to take advantage of the available support systems and meet the deadline to avoid unnecessary penalties.
By:  King Onunwor
Continue Reading

Trending