Business
LG Taskforce Dissolution Excites PH Traders
Some petty traders in
Borikiri axis of Port Harcourt township have heaved a sigh of relief following a recent dissolution of all revenue committees by the Port Harcourt City Local Government Council.
The traders who spoke with our correspondent said the extortion by illegal revenue collectors and the embarrassment they received had been a source of great worry.
They lamented that various groups, including revenue touts visit their stores and business operations to demand for registration of business places, waste management and Rivers State Economic Development Levy for the year 2016, claiming to be from the State Internal Revenue Service, where they were forced to pay a minimum of N700.00 for a small space to sell garri.
The petty traders complained that another group also from the same internal revenue service came with a demand notice for fire service charge for 2016, where some helpless traders paid N500.00 and above to them in cash instead of to the designated banks.
As if that was not enough, they also decried the payment of temporary clearance certificate of structures on sanitary lane by the Port Harcourt City Local Government Sanitary Committee.
They appealed to the government and other relevant authorities to come to their aid and also thanked the caretaker committee chairman of Port Harcourt City Council for his bold step in dissolving the various illegal revenue committees that have no human sympathy.
A restaurant operator, Helen Okon said she was expecting the revenue officers to come and collect their levy, but thanked the government for dissolving the committees.
Sister Grace Isobu, who sells food-stuff along the street said the dissolution of the taskforces is a welcomed development as they put fear in the traders on daily basis, and appealed to government to treat the petty traders better.
Nnenna Maduabuchi also condemned the activities of some revenue agents, saying that they are like human beings from the moon, and expressed joy over their dissolution.
Madam Isikimama Tobin in her reaction thanked the authorities of Port Harcourt City Council for banning all revenue committees from operating, and called for proper check and arrest of any erring agents.
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.