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.
Okedare Okin Malt Rafiu Ibrahim Aisha Ahman-Pategi Adijat Adebiyi HICA Donatus Ejidike Ogbondoroko Raheem Adaramaja Otoge David Oyepinola Adedumoye Ado Ibrahim International Aviation College Afonja Descendants Union Abatemi-Usman Abubakar Ndakene Press Release Abdulmajeed Wahab Valsolar Sanusi Abubakar Yunus Lawal Okin Group Onilupeju Of Ilupeju Pilgrims Board Hassan A. Saliu Oja-Oba Yusuf Abdulwahab Ahmed Bayero Offorjama A.O. Belgore Kumbi Titiloye Yusuf AbdulRasheed Kemi Adeosun Arandun Ibrahim Abdulkadir Abikan Stephen Fasakin Yetunde Balogun Hussein Oloyede United Nigeria Congress Party Imam Gambari Mohammed Abdulahi Aisha Gobir Muyiwa Oladipo Kanu Olabode George Towoju Mary Kemi Adeosun Joseph Yemi Ajayi Joshua Adeyemi Adimula Tuesday Assayomo Aishatu Ahmed Gobir Academic Staff Union Of Universities Labour Party Kwara State Fish Farmers Association Titus Suberu-Ajibola Ibrahim Abdulqadir Abikan Sanitation Exercise Bola Iyabo Ibiyeye Adisa Muslim Cementary Kwara NIPR Kwara 2019 Ileloke Aisha Ahman Pategi Isiaka Alikinla Abdulazeez Arowona Federal Neuro-Psychiatric Hospital Ilorin South Constituency General Hospital Offa Poly Abubakar Baba Ganmo March 28 Christopher Ayeni Saka Asiat Ayinke Yusuf Amuda Aluko Kishira Gaa Olobi Babaloja-General Yunus Oniboki

