Business

Dawn Of Competitive Transport In Rivers

Published

17 years ago

January 10, 2010

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

Association Seeks Intervention to Save Domestic Airlines

Published

1 day ago

August 10, 2026

The Tide

The Vice Chairman of the Airline Operators of Nigeria (AON) and Chairman of Air Peace, Mr. Allen Onyema, has called on the Federal Government to urgently intervene in the nation’s aviation industry, warning that several domestic airlines may cease operations if the current challenges confronting the sector are not addressed.

Onyema gave the warning at the public presentation of the book, Pathways, Pilgrimage and Destiny: The Biography of Alhaji Muneer Bankole, held in Lagos and was obtained in Port Harcourt, at the weekend.

He described the aviation industry as being highly capital-intensive with relatively low financial returns, stressing that domestic airline operators are grappling with severe economic pressures that threaten their continued existence.

According to him, the industry has reached a critical stage and requires immediate government intervention to avert the collapse of many indigenous carriers.

Onyema warned that unless decisive measures are taken within the next 30 days, several Nigerian airlines could be forced to shut down their operations due to the harsh operating environment.

He also cautioned aviation labour unions against any planned picketing of airlines over the alleged non-remittance of the five per cent Ticket Sales Charge, saying such action could disrupt flight operations across the country.

The Air Peace Chairman maintained that if any airline was singled out for industrial action, other domestic operators would stand in solidarity, arguing that labour unions should not be used as instruments for resolving debt-related disputes between airlines and government agencies.

He lamented that more than 50 Nigerian airlines had folded over the years despite the success of many of their promoters in other sectors of the economy, attributing the trend to the difficult business environment in the aviation industry.

While reaffirming the commitment of airline operators to support government revenue generation, Onyema stressed that policies capable of crippling airline operations should be reviewed in the interest of the sector.

He noted that a thriving aviation industry remains critical to national economic growth, employment generation and improved connectivity across the country.

The AON Vice Chairman urged the Federal Government to engage relevant stakeholders and adopt sustainable measures that would strengthen the operational capacity and financial stability of indigenous airlines.

He expressed optimism that with timely policy support and constructive engagement between government and industry stakeholders, the nation’s aviation sector would overcome its current challenges and continue to contribute meaningfully to Nigeria’s socio-economic development.

King Onunwor

Business

CBN Reforms Impact Consumers As Dollar Card Spending Limits Rise

Published

1 day ago

August 10, 2026

The Tide

The Central Bank of Nigeria’s (CBN) foreign exchange reforms are beginning to deliver tangible benefits to consumers, as banks expand international spending limits on naira cards amid improved liquidity in the foreign exchange market.

The new limit represents a sharp increase from the $6,000 quarterly cap introduced in November 2025 and is 20-times higher than the $1,000 quarterly limit announced in July 2025.

The move comes as analysts point to a more liquid foreign exchange market following reforms introduced by the CBN over the past three years.

“This reflects the improved liquidity in the foreign exchange market. It also shows the focus of banks in maximising income from card payments,” said Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto & Co.

Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), said the increase in card spending limits reflects the significant improvement in liquidity and confidence in Nigeria’s foreign exchange market.

“It’s an indication that the liquidity in the foreign exchange market has improved significantly and we can see that from the stability of the exchange rate. We can also see that reflected in our foreign reserves. All of these things reflect the level of confidence,” Yusuf said.

According to him, businesses and individuals are no longer under pressure to obtain foreign exchange for legitimate transactions, unlike in the past when access to dollars was constrained.

“It also means that citizens and those who use foreign exchange are no longer desperate about foreign exchange usage. Whether you want to use it through your card or access it for international trade, there is no anxiety, there is no pressure and there is no desperation.

All of these things have arisen because the level of confidence in the foreign exchange market and the outlook for the market have been very reassuring,” he said.

Yusuf added that the adjustment of international spending limits by banks demonstrates growing confidence in the sustainability of the foreign exchange market reforms.

“That is why we are seeing all these positive developments around the use of the naira card abroad and the limits that are now being adjusted by banks. It is a very good development and I hope we can sustain it. I am confident we will.”

The increase follows a series of policy changes by the apex bank aimed at deepening the foreign exchange market and improving access to foreign currency for legitimate transactions.

Under the CBN’s Foreign Exchange Manual, Fourth Edition, the maximum tuition fee remittance for Nigerian students pursuing undergraduate and postgraduate studies abroad was raised to $25,000 per semester, from the previous $15,000.

“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.

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.

Business

WEC: FG Inaugurates Governing Board … As Nigeria Rejoins Council

Published

1 day ago

August 10, 2026

The Tide

Nigeria has rejoined the World Energy Council (WEC) with the inauguration of a National Member Committee and Governing Board to strengthen the country’s participation in global energy policy and investment discussions.

The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.

The Governing Board is chaired by the Chairman of Waltersmith Petroman Oil Ltd., Abdulrazaq Isa, while a former Chief Upstream Investment Officer of NNPC Ltd., Bala Wunti, will serve as the inaugural Chief Executive Officer.

Other members of the board are Prof. Wumi Iledare, Dr Mustapha Abdullahi, Mrs Aisha Farida Katagum, Dr Ainojie Irune, Dr Emmanuel Okon, Dr Victor Ekpenyong and Dr Imamuddeen Talba.

The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, who disclosed this in a statement, last Thursday, said the board comprises of experts in energy policy, regulation, investment, operations, research, technology and enterprise development.

Welcoming Nigeria into the council, Wilkinson said the country’s membership would strengthen its contribution to global energy discourse.

Wilkinson noted that “Nigeria has a significant leadership role to play within the global energy community.

“Nigeria has a significant leadership role, and the Member Committee will help bring that expertise and voice onto the world stage at the Riyadh World Energy Congress in April 2027 and beyond.

“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.

Nigeria has been a member of the council with the Nigerian National Committee originally approved and established on April 6, 1960 before its re-establishment and expansion this year.

The renewed membership would provide an independent, technology-neutral platform bringing together government, industry, academia, finance and civil society to address Nigeria’s energy security, energy equity and environmental sustainability.