Nigeria's Railway Corporation is hemorrhaging money and taking loans just to keep trains running. Managing Director Kayode Opeifa made this stark admission during a staff meeting in Lagos on Friday.
Diesel costs have crippled operations, he told workers at the corporation's second quarterly town hall gathering. "We are running at a loss and we had to resort to borrowings to keep our operations," Opeifa said.
Despite the grim financial picture, he promised staff that welfare remains a priority. Management won't abandon workers even as the corporation battles mounting debts, he assured them.
Opeifa acknowledged the workforce's sacrifices over recent months. Staff resilience had been crucial in keeping the NRC afloat during this difficult period, he noted.
Better pay packages will come once finances stabilize, the boss pledged. Workers shouldn't expect immediate improvements, but relief was coming down the line.
Labour peace matters too, according to Opeifa. He committed to resolving disputes with unions through talks, not strikes or confrontation.
He instructed the Human Resources Department to engage staff immediately. Outstanding grievances need urgent attention, management decided.
On the expansion front, NRC plans a high-speed rail service between Lagos and Abuja soon. Additional land and modern worker housing will be required for the ambitious project.
A new national headquarters is also in the works. Location: Murtala Muhammed Way in Ebute-Meta, Lagos.
Railway vandalism remains a serious headache. Opeifa revealed that collaboration with security agencies and communities has intensified to combat the problem.
Enhanced security measures now protect corridors, facilities, and personnel. Passengers should feel safer traveling, management hopes.
"We provided updates on the strides we have made in tackling the persistent challenge of vandalism through stronger collaboration with security agencies, host communities and other critical stakeholders," Opeifa posted on X after the meeting.
Union leaders gave thumbs up to recent reforms. Innocent Ajiji, President of Nigeria Union of Railwaymen, praised management's direction.
Marcel Okeke, heading the Senior Staff Association of Statutory Corporations and Government-Owned Companies, also commended the initiatives. Both urged continued momentum on improvements.
Still, the underlying crisis is real and immediate. Without solving the diesel cost problem, borrowing will only deepen the hole.
Staff morale hangs in balance between optimism and worry. Opeifa's promises sound good, but workers watch the books closely.
