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Edo Line: How Economic Team Headed By Obaseki Mismanaged Edo Business Fortunes- By Major Oloye

Edo Line remains one of the socio-economic hubs of Edo State, that’s under Ministry of Transport supervise under Edo State.

The name, as an identity of the Parastatal, decided the existence of Edo Race.

When in the year 2015, I resumed Office as Permanent Secretary, Ministry of Transport with supervisory functions over some Agencies, which Edo Line was one of the Units) Parastatals.

At the period of my assumption of duty was when the DEBT RECOVERY & MANAGEMENT OFFICE in Lagos inching to auction some Edo Line properties.

Edo Line was indebted to the sum that’s over N1.3Billion Naira. I and the Commissioner started negotiations with Debt office and we successfully renegotiated the debt below N500Million at the end, with monthly repayment package of about N6Million Naira after securing the debt relieves for Edo Line.

Inside the Edo Line official file, I discovered that investors have been showing interest in taking over the operation of the Transport Company. One of such was a prominent Princess that came with foreign Business investors, which I learned became frustrated.

We tried several times to get the team but to no avail!

During this period, I immediately contacted Mr Maduka, the Chairman- PEACE MASS TRANSIT COMPANY in Enugu, since most Transporters we contacted in Edo State were only interested in outright sales of the Edo Line. Mr Maduka jumped to my invitation and I briefed my Commissioner, who was equally interested in the initiatives.

Mr Maduka came to my office on the scheduled date and I led him to Commissioner’s office with other Directors for proper analysis and negotiations, which we eventually agreed with Chairman- Peace Mass Transit and members of Peace Company. The main agreement stated below….

√ Agreement for Peace Mass Transit to take over the Assets, DEBTS & Liabilities of Edo Line for about 10years.

√ That EDO LINE identity will be used for any business Transactions….
√ Immediate Injection of about 200 new Buses to Edo Line fleets, with set-up of Assembly Plant not later than 2years after Commencement of Operations.

√ Payment of N10Million monthly revenue to Edo IGR and the amount renewable after 2years of Operations.

√ Some other conditions contained in the letter of Provisional/conditional OFFERs from PEACE MASS TRANSIT COMPANY, which were subject to Executive Council of Edo State approval….

It was at this point that the ministry was mandated to forward the file and Executives of PEACE MASS TRANSIT to Edo State Economic Team CHAIRMAN Office for further actions…… That was the end of the revitalization efforts over Edo Line!

It will interest any Edo Elites to know that Edo Line assets as at the time under review remained as…

**Landed Property Terminal and workshop owned by Edo State value at N1.8Billion alone.
**Landed Property Terminal at Lagos
**Landed Property Terminal at Kano
**Landed Property Terminal at Jos
**Landed Property Terminal at Aba
**Landed Property Terminal at Onisha
**Landed Property Terminal at Abuja
***Lot of Landed Property Terminals across other major cities a s state capitals in Nigeria.

Hope you guys can now be guided based on above facts.

You can seek to read more about Edo Line inside the file under the custody of Economic Team Office ……..!

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