Business
No Thanks For Junk Buses
Vehicles belonging to the Port Harcourt City Bus Service (PHCBS) now ply the major roads of our state capital in their numbers. The service, as we are told, is a joint venture between the Rivers State Government, Skye Bank Plc and the National Union of Road Transport Workers (NURTW).
Launched in January 2009, the mass transit bus service came as a filler to the gap created by the ban on the operation of commercial motorcycles popularly known as Okada, especially in Port Harcourt, Obio/Akpor, Eleme and Oyigbo Local Government Areas.
Much as one will readily commend the scheme as having served in no mean measure to check the anger, exploitation and total frustration that would have attended the Okada ban, it will surely not be out of place to state that the age and make of some of the buses now being deployed under the scheme leaves much to be desired.
Let’s get this straight. Right from inception, Rivers State has always marked itself out as an entity that believes in the provision of quality services for its people. Alfred Diete-Spiff, pioneer military governor of the state and current Amanyanabo of Twon Brass in neighbouring Bayelsa State, always gets a standing ovation whenever his majestic presence is announced at any public gathering in both states. Obviously, this is a people’s way of appreciating a worthy public servant.
The then Navy Commander Diete-Spiff had, while grappling with the task of reconstructing and rehabilitating a newly created but war-torn Rivers state in the early 1970s, insisted on the use of best designs and quality materials in the provision of public amenities for the people. The Secretariat Complex in Port Harcourt, along with its skyscraping Point Block, is one of the many enduring landmarks of that era.
Equally worthy of mention and even more relevant to this discourse is the state-sponsored public transportation system which was introduced by Diete-Spiff. Waterline, as the scheme was then called, had in its fleet some of the sturdiest and most reliable brands of luxury buses and ferry boats of the time. Although succeeding administrations, both military and civilian, tried to add to the fleet inherited from this pioneer regime, their commitments to quality and proper maintenance were largely suspect. And so, only those early post-war acquisitions, particularly the marine vessels, endured until the splitting of old Rivers State in 1996.
Back to the moment. The new bus service scheme now operating in the state started with the deployment of few fairly-used and refurbished Marcopolo (Mercedes Benz) and Ashok Leyland buses adorned with the yellow and blue colours of Skye Bank.
There was an addition of a few Tata buses, later. Most of these vehicles, at their initial outings, still had all their interior and exterior lights and fittings, including in-built radio systems.
Commuters were indeed happy with the state government for such timely intervention. They were equally gladdened by the fact that these buses came in fairly sturdy shapes, with promises of endurance and longevity.
Talking of endurance, the individual strengths of these vehicles can hardly be tested by the excessive loads they convey per trip nor the number of non-stop rounds they make per day, but by the numerous gauntlets they have had to run in the hands of Area Boys (Agberos) at nearly every bus stop along their assigned routes. In fact, only little else can account for the heavily battered panels, missing bumpers and vandalised exterior lamps of most of these buses a few months after their deployment.
It is for this reason that one expects operators of the scheme, particularly Skye Bank, to always go for such vehicles as were already being used. Surely, their latest additions to the PHCBS fleet are glorified scraps, to say the very least. Those vehicles could have been imported from the most impoverished European or Asian country. Their make or model is not readily identifiable. Neither has one, at any time, seen their rear doors open for passengers to enter or exit. In fact, about three of these vans were said to have broken down at various spots along Aba Road on their very first day of operation. Too bad!
Any further importation and use of such apparently scrapped vehicles can only add to the already high cost of operation. And recouping such expenses through whatever marginal increase in fare will most certainly be an uphill, if not futile, exercise.
Ibelema Jumbo
Business
Wealth Creation: GCPBS Convenes Strategic Investment Workshop In PH
Banking/ Finance
Ripple Survey Reveals Appetite for Digital Assets
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
