Business
Away With Carnival Hangover
There was time when telephone and electricity poles competed for space along our city roads. They still do, though. But the difference is that the present comatose state of NITEL and the emergence of mobile telephony have put paid to the prevalence of roadside telephone poles.
NITEL, by the way, is an acronym for the irrepressible national controversy that has continued to be known as the Nigerian Telecommunications Plc.
Instances abound where telephone and electricity wires droop dangerously across city streets. They have also been known to form very irritating twines and tangles on the same utility pillars.
While this may still be the situation in most cities across the country, it is certainly not the case anymore in Port Harcourt where the unrelenting effort of the present administration at road construction and rehabilitation has led to the dislocation of such unsightly poles.
What is now becoming worrisome, however, is the menace being posed by leftovers of the so-called street carnivals.
In truth, these events are gradually but steadily taking root as natural sequels to the yearly Port Harcourt Cultural Carnival, otherwise known as CARNIRIV. No sooner would the state government conclude its hosting of the now revived cultural fiesta than youths of most major streets in Port Harcourt city and adjoining Obio/Akpor communities commence preparations for their own funfairs, among other year-end activities.
But whereas the state event is geared toward showcasing the people’s rich cultural heritage via a carefully planned programme of activities lasting for no more than one month, its street sequels are largely without any semblance of a cultural outing. The entire celebration which often starts with inter-street football derbies usually culminates in an all-night, open-air musical jamboree.
A radio presenter in the city almost shouted herself hoarse while attempting to call the attention of sanitation authorities to the environmental mess that was created by funsters in the aftermath of a recent street carnival on Obi Wali Road in Rumuigbo.
One of the earliest indicators of such funfests is the hoisting of colourful light bulbs in a crisscrossing pattern along the entire stretch of the celebrating street. What’s more, it is even being rumoured that sponsorship of such activities has now become the holy grail of serving and aspiring local government councillors.
Surely, such events usually present an opportunity for the very canny politician to fully identify with his constituents in the hope that they will remain beholden to him, especially on election day.
One is by no means condemning the hosting of carnivals or jamborees by whatever name they may be called. If for nothing else, such events, especially when organised at night by the youths themselves, serve to substantiate government’s claim to the return of nightlife in the state capital after some years of regional insecurity.
However, the obverse of all this remains the observation that months after CARNIRIV and the end-of-year street jamborees, some city neighbourhoods still have their ceremonial bulbs on hoist, apparently awaiting the other celebrations that fall due as the year runs.
Not only have these drooping live wires become dangerous to unsuspecting pedestrians, they have also been seen to obstruct vehicular flow on some popular routes in town.
It is not uncommon for fire service trucks and their accompanying water bowsers to respond to an emergency call by driving through winding alternate routes just because a more direct access route is cluttered with overhanging utility lines.
One needs not mention such other big vehicles like refuse compactor trucks, Coca Cola sales trucks, sewage disposal tankers, water supply tankers, refrigerated trucks, fuel tankers, tipper trucks and sundry lorries whose drivers hardly escape harassments by wayward boys whenever their vehicles violate an overhanging bulb or wire.
For a city like Port Harcourt whose destination branding has already gone into overdrive, anything that would constitute a hindrance to investors wishing for a smooth distribution of their products and services around town should be dismantled. And now, to my mind, is the psychological moment to do just that.
Ibelema Jumbo
Business
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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.
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