OPINION: Harmony Holdings Limited: A Monumental Fraud And Cash Cow. By Abdullahi Imam Abdullahi
Other members of the board include Professor Halidu Ibrahim Abubakar who serves as the Chairman. The rest of the board are other Bukola Saraki's cronies and allies. Mr. Adebayo Sanni, Ladi Hassan, Ibraheem Yinka Yahaya, and Hamzat Balogun.
It is noteworthy to point out that the Ilorin Emirate Descendants Progressive Union in 2012 launched a fierce battle to have the present GMD/CEO of Harmony Holdings Limited, Tope Daramola removed as Director General, Bureau of Lands only for Bukola Saraki to elevate him to the position of Group Managing Director/Chief Executive Officer of Harmony Holdings Limited, a holding company whose subsidiary includes the Bureau of Lands. Welcome to Bukola's Kwara; where impunity is the norm.
Now, two years after its establishment, Tope Daramola and crew have declared a profit of 308 million Naira on an investment spanning 21 subsidiaries. Some of these subsidiaries includes; Kwara Advanced Diagnostic Centre, now Harmony Advanced Diagnostic Centre, Kwara Transport Corporation – owners of Kwara Express – Kwara Football Academy, Kwara Hotels Limited, Kwara Ethnix Furniture company, Kwara Mall Development Company, Shonga Farms Holding Limited, Kwara Insurance Brokers Limited, Kwara Investment & Property Development Company, Harmony Securities Limited, Aviation College, etc.
The question that begs for an answer is: How can a holding company with twenty one (21) subsidiary companies declare a profit of a paltry 308 million naira? The bureau of lands alone can comfortably churn out a profit in excess of 500 million Naira annually. And the bureau is just one out of the 21 companies. You also have the three star Kwara Hotels Limited and the nationally acclaimed Harmony Advanced Diagnostic Centre in the mix and yet you declare a profit of 308 million for 21 companies? Have you no shame?
The primary reason advanced by Gov. AbdulFatah Ahmed in establishing Harmony Holdings Limited was to increase innovation and boost competition amongst state owned enterprises. Now, where is the innovation? Where is the value addition?
For starters, to place the bureau of lands under a holding company is not only an aberration but it is equally fraudulent. Where else would you encounter this nefarious decision other than Kwara?
We at the Kwara Restoration Project are demanding answers from Harmony Holdings Limited and the Kwara state government.
We demand that Harmony Holdings Limited's 2012 and 2013 financial details be published within seven days from today to afford all Kwarans the opportunity to see how their commonwealth is being managed.
We also demand full disclosure on Harmony Holdings Limited's debt profile, liabilities and its current investments if any.
If Harmony Holdings Limited and by extension the Kwara state government fails to heed this commonsense requests, the Kwara Restoration Project will employ all legal means to bring the management of Harmony Holdings Limited and the Kwara state government to justice.
Abdullahi Imam Abdullahi, PhD, writes from Ilorin
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
Kpotum Mohammed Baba Shao Jaiz Bank Dan-Kazeem Abubakar Aliagan Sulu Babaita Isiaka Olaiya Zuberu Kisra Shehu Adaramaja Saheed Alakoso Waheed Ibrahim Issa Manzuma Amusement Park Olatunji Abdulmumeen Abdulrasaq Alaro Zubair Folorunsho Erubu Ilota Local Government Abdulrahman Abdulrazak Quarry Royal Valley Elerinjare All Confederation Of Principals Of Secondary Schools Senior Special Assistant On Student Affairs Obuh Ademola Kiyesola Islamic Development Bank Mohammed Ibrahim Ayegbeni Fola Consultant Sulyman Atolagbe Alege UITH Garba Ado Sanni Musa Yeketi Oladipo Akanmu Tolani Alanamu BIR Ahmed Bolaji Nagode Pacify Labs Owode Market ASKOMP Igbomina Oniyangi Mumini Ishola Hanafi Olaiya Victor Mobolaji Special Adviser On Digital Innovation Maimunat Oloriegbe Galadima Barakat Community Secondary School Adesina Simon Sodiya Sebastine Obasi Abdulrahman Abdulrasaq Kola Olota Crystal Corner Shops Ilofa Emir Of Yashikira March 18 Garba Ayodele Wahab Bamidele Adegoke Aso Ofi Aro Yahaya Mope Dasuki Belgore Tafida Zara Umar Musa Alhassan Buge Wahab Agbaje Isiaka Saka Opobiyi Adamu Ibrahim Sabi Ilorin Emirate SAPZ Project S.O. Opowoye Freshvine Nigeria Limited Ojuekun Shuaibu Yaman Abdullahi Apado Ahmad Belgore Abdullahi Saadudeen Alikinla Gbemi Saraki

