#iPGN: ‘Efficient transportation is strategic to economic development’

The Group Managing Director, Harmony Holdings Limited, Mr. Tope Daramola, has said the state government is investing in transportation because of its strategic importance to socio-economic development.

He stated this while presenting a paper at the Kwara State House of Assembly.

He also said that efficient transportation would boost industrialisation, agricultural development and investment.

He stated that Hamony Holdings had commenced the process of acquiring 50 buses for the Kwara State Transport Corporation, adding that the process had reached 80 per cent completion.

He stated that the Holdings had facilitated the payment of arrears of third parties (partners) that kept their vehicles with the corporation.

Daramola said the total of liabilities of the KSTC had been reduced from N176m to N85m.

He added that Harmony Holdings had restructured the debt that KSTC was owing to Infrastructure Bank.

He stated that payment had been seamless with the debt profile reduced from N86m to N38m.

According to him, the N7.5m KSTC owed to Sterling Bank has been cleared by Harmony Holdings while N17.5m had been paid to the KSTC workers to offset the backlog of arrears, their cooperative contributions and leave bonuses owed the workers since 2008.

Daramola stated that there had been injection of N36m into the company.

He stated that there was a plan to establish modernised terminals, comfortable and secure lounges across some cities in Nigeria for the corporation.

He added that plans were underway to expand the KSTC’s transportation service to the West African sub-region as well as procure additional operational vehicles.

The GMD said there would be an enhancement of the tracking and monitoring devices on operational vehicles as well as rebranding of the company to make it more universally appealing.

He also stated that there would be continuous education and training of drivers with the objective of attaining the status of safest means of road transportation in Nigeria.

Posted From iProdigy Group Nigeria(Dabibi Ori-ibim’s Blog).

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