Kwara Express to get 45 new buses
The Infrastructure Bank has approved the request of the Kwara State Transport Corporation (Kwara Express) for additional 45 buses.
The Managing Director/Chief Executive Officer of the Infrastructure Bank, Mr. Adekunle Oyinloye, stated this in Ilorin during the budget retreat for the 2015 financial year of Harmony Holding Limited.
He stated that the loan request by the transport company would be converted to buses and handed over to the firm as soon as it completed its requirements.
"We have got approval for the request by the Kwara Express. We are not looking for money to buy the company the buses; the buses are here.
"The only thing we do not do is to stock vehicles because we are supposed to be giving out loans but at the point of disbursement, we convert it to asset, which is the main focus and in this case, the vehicles. We have our suppliers waiting and they stock new vehicles," Oyinloye said.
The Group Managing Director/Chief Executive Officer, Harmony Holding Limited, Mr. Tope Daramola, said the company initially applied for 50 buses, adding that with the current devaluation of the naira, the amount requested for could only procure about 45 buses.
He stated that the 45 buses would be delivered in two batches of 20 and 25 buses
He added that the company would expand with the injection of the new buses.
According to him, Kwara Express will incorporate executive charter and executive ride with well furnished coaches that will travel within the country.
Daramola said, "We can confirm authoritatively that we have secured approval from The Infrastructure Bank. We have also secured approval for the bank guarantee that is required to back up that transaction.
"We hope that in a couple of days, we should get the delivery of those buses. At the initial time, we asked for 50 buses but with the devaluation of naira, the value of the requested amount has reduced; so we will be looking at about 45 buses.
"The future of Kwara Express can only look better. We believe that once those buses come in, they will reinvigorate the assets of the Kwara Express and the fleet will be strengthened. We will withdraw many of the old ones and replace them with new buses."
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
Afonja Sardauna Ahmed Mohammed Rifun Bolakale Kawu Agaka Akanbi-Oke Moses Salami Donatus Ejidike Sulyman Age AbdulKareem Esinniobiwa Quareeb Sam Okaula Mogaji Aare Vishvas KOZ Tractors Omoniyi Aliyu U. Tilde Wahab Olasupo Egbewole Adamu Jemilat-Baki Balogun-Ojomu David Oyerinola Adedunmoye Joseph Yemi Ajayi Stephen Fasakin Memunat Monsuma 3MTT Eghe Igbinehin LEAH Charity Foundation Gaa Olobi Dorcas Afeniforo PAACO-PCL Consortium Ramadhan Amina Susa\'a De Ahmed Balogun Fulani Taofeek Sanusi Kayode Issa Junior Secondary School Certificate Examinations Col. Taiwo Ubandawaki ASUU Senate Arinola Fatimoh Lawal Transition Implementation Committee Abdulrosheed Okiki Kamoru Kadiri Obayomi Azeez Mohammed Danjuma SSA Youth Engagement Mary Kemi Adeosun Minister Iyaloja-General Public Holiday Ayo Salami Oniwasi Agbaye Sheikh Hamzat Yusuf Ariyibi Dan Masanin Adekunle David Dunmade Yunus Oniboki Grillo Toyosi Thomas Mumeen Lah Volunteers Of Ilorin Community And The Emirate Facebook Danladi Owo Arugbo Yakubu Gobir Afin Descendants Union Of Odo-Owa Gafaru Olayiwola Olorisade Aishatu Ahmed Gobir Alabe Bashir Adigun Amina El-Imam National Information Technology Development Agency Salman Jawondo Abdulrauf Aliyu March 18 Ladi Hassan Sayomi Nigerian Correctional Service Asiwaju Bola Tinubu Atiku

