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.
Senior Staff Union Of Colleges Of Education Muslimah Entrepreneurship Forum Sunday Popo-Ola Issa Memunat Moyosore Earlyon Technologies Onilupeju Of Ilupeju Kwara Muslim Pilgrims Welfare Board Akande Idowu Ayoola Muhammed Bukola Ajikobi Apaola Salihu S. Yaru Imodoye Writer’s Enclave Jelili Yusuf Seni Saraki Christopher Ayeni Ethical College Wahab Kunle Shittu Abdullah Janet Amudat Fatai Adeniyi Garba A.E. Afolabi Curfew Convocation Ceremonies Kwara 2023 James Kolo Sulyman Atolagbe Alege Sidikat Alaya Kale Belgore Aliyu Sabi Niyi Ogundiran Jimoh Akani Roheemat Hammed Col. Adedipe Baruten Ilorin Innovation Hub Kamaldeen Ajibade Bareke Okedare Abdulrasheed Na\'Allah Garuba Alikinla Shittu Valsolar Consortium Sheriff Shagaya Paul Olawoore Iyabo Adisa Ibiyeye SDP Public Holiday Adisa Logun Dan Iya Patience Jonathan Alaaya Vasolar Consortium Royal FM Okin High School Olabanji Orilonishe Samuel Adedoyin ARMTI Maryam A. Garuba Bamidele Aluko Kwara Volleyball Association Unilorin Iyabo Adewuyi Ijagbo Suraj Tunji Oyewale Kehinde Baale Saeedat Aliyu Iqra Books Hydro-electric Power Producing Areas Development Commission Erubu Rafiu Olasile Kale Ayo Babatunde Ishola Babaita LAK Jimoh Ahmed Ayinla Jimoh Col. Taiwo Michael Nzekwe Abdulraheem Yusuf Abdulganiy Abimbola Abdussalam Adam Abdullahi Al-Ilory

