Business
Dawn Of Competitive Transport In Rivers
A new era of what could be described as “Competitive Transport System” has unfolded in the history of transport operation in Rivers State, and in Port Harcourt environs in particular. This is the desire of average commuter in the state. In the past, the transport system in the state could be said to be very undeveloped, having the features of hooliganism, gangstarism with the “winner takes all” syndrome in the system. It was a period of near monopoly due largely to the operational style of the National Union of Road Transport Workers (NURTW), where no other group outside the NURTW could survive in the system, and if they must survive, it must be by violence, clash and flex of muscles physically among themselves and with the law enforcement agents. Transport fare was relatively unstable especially within the town service operation ( intra-city bus service) Mini buses dominated the entire transport and every attempt to checkmate obnoxious increase in fare was met with stiff opposition by members of the transport union. It is not surprising that any attempt made by any group to appear as an independent group will face serious attacks from the transport cabals that held the system to ransom. The scenario then gave birth to other emerging groups who had links with either the government (the federal or state) or the Labour Organisation to make their existence strong in order to enable them withstand the threat of transport mafias in the state. The coming on board of the Labour Mass Transit (LMT), the Rivers Mass Transit Scheme, and the Port Harcourt City Transport Scheme were fallouts of the efforts to launch themselves into the mainstream transport scheme in Rivers State. Other transport bodies that followed suit were the Rivers Transport and Investment Cooperative Union Limited (RTICUL) and the Nigerain Legion Mass Transit Scheme. Their coming on board brought hope to the general commuter public and other self commissioned drivers who were seeking for other alternative organisation in the transport system to guarantee freedom from the near-monopoly known in the system. The new entrants into the transport system operated as franchise schemes, with lots of promises and hope of freedom for its members, where a lot of self-commissioned drivers were registered for protection, as it were. Hopes were dashed, when these operators could not accomplish promises made to members, as the system turned out to be a source of environment for the operators. This scenario nevertheless plugged back the system into confusion again, as any emerging group could be taken very serious because of the antecedents. But since the inception of Governor Chibuike Rotimi Amaechi government in Rivers brought, hope and relevance have been rekindled in the transport system, as real investment for the development of the transport system evolved in the state. Governor Amaechi on January 29, 2008 organised a transport summit where egg heads in the transport sector both within and outside Rivers State gathered to brainstorm on the way forward and for the development of the transport system in the state. At the summit, transport and related issues were discussed, and resolutions reached, which informed the basis for government transport policy in the state with the Skye Bank playing active role at the summit. Decisions reached at the summit began to pay-off when the Skye Bank as a private financial institution in partnership with the state government rolled out the Port Harcourt City Bus Service Scheme (PHCBS); a scheme where multiple luxurious buses were used to service the Port Harcourt metropolis and its environs transport wise. This effort of The Skye Bank’ efforts in partnership with the state government impacted positively on the system, particularly in the area of control of transport fare along the Aba Road axis which was its first point of call in operations. This also gave rise to relatively organised transport system in the state as tickets were issued and the same fare charged both at the peak and off-peak in commuters rush hours. At least there was no reported case of cut in distance of operations, and the most impressive aspect is that large number of commuters and passengers were moved from one point to another and buses were readily available, with designated bus stops remarkably built. Another remarkable appearance was that of the Monier Haulage, that partnered with the Skye Bank to provide readily available and affordable transportation. With the appearance of the Monier Haualge, PHCBS launched its operations within the Mile III- Rumuokoro and Choba axis, with multiple luxurious buses in its fleet. Before the advents of the transport firm operators along UNIPORT-Rumuokoro axis, as well as that of Mile III, the fare charged by other private transporters were out rageous. But competition set in when Monier haulage started charging moderate fare against what others in Union have garged up to charge. A fare charge of N100 from Choba to Rumoukoro has now been forced down to N50 by private mini buses drivers, while PHCBS takes only N40 both do Mile III and Choba. Ideally, the major transport corridors in Port Harcourt metropolis are the Aba Road, and the Ikwerre Road axis, and this is where much passenger traffic is experienced. Next is the Rumuokoro-Choba and the Igwuruta axis, and on record, the PHCBS has taken over operations along the routes giving rise to competitive transportation. Already, many commuters that ply the routes have made the PHCBS as their number one choice because their operations are well organised, easily available, no report of hike in fare at any time of the day, and of course with low transport fare. This scenario has forced other mini bus operators to compete for passengers with lower fare charged in most cases. Interestingly, many drivers no longer position their vehicles for loading at the park but are always seen outside the motor park to compete with the PHCBS operators at a reduced fare. The reason is that the number of passengers that enter the motor park has drastically been reduced, since PHCBS positioned themselves outside the park to scout for passengers. This has affected the revenue base of most transport operators. The Secretary of NURTW, Rumuokoro branch, Mr. Ikechukwu Orlu, agreed that the operations of PHCBS has brought competition to the system, and that the daily revenue to the union has reduced drastically. This prompted the reason for members to load outside according to him. It is clear that this competitive scenario has reduced the burden on commuters on the road, and this of course will chart the course of advancement of transport system in the state, and the credit will be given to the initiators of the present administration. Corlins Walter
Business
Infrastructure Deficit, Insecurity, Limit Maritime Contribution To GDP – Expert

A Maritime stake holder, and Chairman of Sifax Group, Taiwo Afolabi, has attributed maritime industry’s minimal contribution to Nigeria’s Gross Domestic Product (GDP) to infrastructure deficit, insecurity on the nation’s waterways, low level of technology adoption, and deployment in the sector.
Afolabi made this known at the 5th Taiwo Afolabi Annual Maritime (TAAM) conference organised by the Maritime Forum of the faculty of law, University of Lagos.
Afolabi noted that other hindrances are foreign exchange bottleneck and inconsistent policies.
“These have limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product GDP.
“If well harnessed, the maritime industry has the potential to become a major revenue earner for the country, particularly with the declining oil revenue.
“The lessons of the last few years as a nation should not be lost on us. The non-oil sector is increasingly becoming the mainstay of the country’s economy. We have funded our national budget in the last few years majorly without proceeds from oil but from other sectors.
“The days of our over reliance on oil is behind us now and it’s about time we focused on transitioning from an oil-dependent economy to non-oil reliance.
“The maritime sector, I can say without any fear of contradiction, will play a crucial role in this economic transitioning if more attention is committed to the industry.
“Judging by the potentials of the industry, we are of the opinion and belief that Nigeria’s maritime industry can rank among the best in the world.
“It will only take careful planning, progressive policies, generous funding, enabling environment, friendly economic policies, manpower development and massive infrastructural development”, he noted.
Business
Loans Repayment Default: DMO Exonerates Nigeria

The Debt Management Office (DMO) has refuted the claim by the Socio-Economic Rights and Accountability Project (SERAP) that Nigeria has defaulted in repaying its Chinese loans.
SERAP had in an earlier statement hailed the judgement that ordered the present regime led by President Muhammadu Buhari to account for how it spent $460 million obtained from China to fund the Abuja Closed-Circuit Television project which later was not implemented.
The NGO also quoted a report in its statement saying “Nigeria has failed to repay loans for which penalties stand at N41.31bn”.
But DMO in its refuttal said the statement is ‘false’ as Nigeria has not defaulted in its loan repayment.
It said, “Nigeria is fully committed to housing its debt obligations and has not defaulted on any of its debt service obligations”, DMO said on Monday.
SERAP had sued the Federal Government following a 2019 disclosure by the Minister of Finance, Zainab Ahmed that “Nigeria was servicing the loan”, adding that she had “no explanations on the status of the project”.
She reportedly said, “We are servicing the loan. I have no information on the status of the CCTV project”.
Giving his judgement, Justice Nwite agreed with SERAP that “there is a reasonable cause of action against the government. Accounting for the spending of the $460 million Chinese loan is in the interest of the public. It will be inimical for the court to refuse SERAP’s application for judicial review of the government’s action”.
The presiding justice also said the Minister of Finance is in charge of the finance of the country and “cannot by any stretch of imagination be oblivious of the amount of money paid to the contractors for the Abuja CCTV contract and the money meant for the construction of the headquarters of the Code of Conduct Bureau (CCB)”, SERAP said.
Business
CBN Names Four Firms To Print Cheques

Nigeria’s apex banking institution, Central Bank of Nigeria (CBN), has named four local firms for the printing of cheques, excluding the Nigeria Security Printing and Minting Company (NPSMC) PLC.
The list of the approved firms for the printing of cheques was contained in a circular issued by CBN.
The circular, which was signed by the Director of Banking Services, Sam Okojere, said the approved firms include Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited, and Marvelous Mike Press.
“The re-accreditation of Cheques Printers and Cheque Personalisers is in line with the relevant qualification criteria”, CBN stated.
The circular also revealed that seven banks were approved as personalisers of cheques: they are Zenith Bank Plc, Ecobank Plc, First Bank Ltd, Stanbic IBTC Bank Plc, Keystone Bank Ltd, Providus Bank Ltd and Wema Bank Plc.
It further disclosed that all accredited printers and personalisers had been duly notified and certificates issued.
The Nigeria Security Printing and Minting Company Plc is the sole printer of N200, N500, and N1000 new notes.
Nigeria Security Printing and Minting Company Plc and Euphoria Group Limited were accredited and approved on Thursday, 04 December 2014, in a letter REF: BPS/DIR/GEN/CIR/02/033.
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