Kwara Winds-down Harmony Holdings Citing Liabilities, Others 

Hammed Shittu in Ilorin 

Kwara state executive council has closed-up all public properties in Harmony Holdings and its wobbling subsidiaries with immediate effect.

The affected companies are, Harmony Transport Services, Harmony Insurance Brokers, and Harmony Investment and Property Development Company.

Consequently, the council has returned the close-up  public properties to  the Ministry of Finance Incorporated for better management and reduced liabilities. 

A statement issued by the state commissioner for Communications, Mrs. Bolanle Olukoju stated that, the decision was taken due to non performance of the Harmony Holding since its establishment in 2012 despite huge financial commitments made to the company.

The state executive council  meeting was  presided over by Governor AbdulRahman AbdulRazaq.

The statement said that, “the  council received briefings from Commissioner for Finance Dr. Hauwa Nuru on the status of the companies and the best way to stop their continuous losses, in spite of several bailouts and loans that did not yield anything in the public interest

“Following their numerous financial crises, liabilities, and non-profitability since 2012, Kwara State Executive Council on Tuesday resolved to revert all public properties in Harmony Holdings and its wobbling subsidiaries back to the Ministry of Finance Incorporated for better management and reduced liabilities”. 

The Commissioner recalled that huge public funds had been sunk into Harmony Holdings and its subsidiaries like Harmony Transport Services, Harmony Insurance Brokers, and Harmony Investment and Property Development Company, among others, with no penny as returns on investment to the state since 2012.