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Dawn Of Competitive Transport In Rivers

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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

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33 Banks Raise N4.65tn As Recapitalisation Ends

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The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.

The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”

The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.

The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.

It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.

The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.

To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.

It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.

The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.

Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.

The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.

However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.

The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.

 

 

 

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SMEs Dev: Firms Launch N100m Loan Scheme 

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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.

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Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

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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
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