Kwara Govt to Dissolve Harmony Holdings, Subsidiaries
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Kwara Govt to Dissolve Harmony Holdings, Subsidiaries
By Alabidun Shuaib AbdulRahman
The Kwara State Executive Council has resolved to dissolve Harmony Holdings and its subsidiaries, citing financial crises, liabilities, and non-profitability since 2012.
The decision was made on Tuesday during a meeting presided over by Governor AbdulRahman AbdulRazaq, after a briefing by Commissioner for Finance, Dr. Hauwa Nuru, on the status of the companies.
Dr. Nuru revealed that huge public funds had been sunk into Harmony Holdings and its subsidiaries, including Harmony Transport Services, Harmony Insurance Brokers, and Harmony Investment and Property Development Company, with no returns on investment.
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She said only Harmony Securities Limited was profitable, while the others remained unprofitable despite several bailouts and loans.
INCNews247 reoprts that the council approved the proposal to dissolve the firms and revert public properties to the Ministry of Finance Incorporated for better management and reduced liabilities.
This decision, it was gathered, aims to eliminate growing liabilities and ensure sustainable management of government interests, estates, and rights.
The proposal will be sent to the House of Assembly for consideration and ratification.
The council was briefed on the outstanding obligations and liabilities of the firms as part of the due process for the reforms.
