Primero Transport Services (PTS) Ltd, the owners of BRT Buses have lost over N100 million in 6 days due to the #ENDSARS protest which has ravaged Nigeria’s economic capital of Lagos in the last 10 days.
According to a report from the News Agency of Nigeria, PTS Head, Corporate Communications, Mr. Mutiu Yekeen, said that the company made a lot of losses between Oct. 16 and Oct. 21.
“We are hoping something better will come out of the situation because, presently, the situation has impacted negatively on our business in terms of revenue generation. We have lost over N100 million in the last six days but we decided to stop operations to avoid damage to our vehicles and also for the safety of commuters as an organization. We value our customers more importantly; that is why we stopped operation due to the volatility of the state especially in Ikorodu. If you listen to the news this morning, you will discover that people cannot travel from Ikorodu to any part of Lagos,” Yekeen said.
Things got worse for BRT on Wednesday after suspected hoodlums burnt several buses at the Oyingbo/Iddo terminal in Lagos. According to NAN, a large number of new BRT buses yet to be deployed to routes but parked in the terminus situated behind the railway line in Oyingbo, have all been consumed by the raging fire.
Several government-owned buildings and assets were torched by protesters across Lagos including Police Stations. The suspected hoodlums also set ablaze buildings belonging to private businesses while several shopping malls were looted.
What this means: Following the curfew imposed across the state and the subsequent arson of the company’s buses and terminals, it is unlikely that they will return to business anytime soon. The losses will likely continue and could lead to a request for a bailout if the company is to sustain operations.
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