Harmony Holdings begins phase 2 of growth plan in Kwara

Date: 2016-02-29

Harmony Holdings is set to begin Phase Two of the strategic growth plan through the creation of more opportunities in the economy of the state with a view to generating more resources and employment opportunities for Kwarans.

This was contained in a statement issued in Ilorin and made available to The Herald by the Head of Corporate Affairs Kayode Aremu. The statement mentioned upgrading of the Patigi Regatta and Nupe Durbar into a world class tourism point as part of the second phase of strategic growth plan for the development of the state.

The statement added that plans were on-going to resuscitate the abandoned Satellite Motel Ilorin, Kwara Paper Converter Erin-Ile and Kwara Cashew Processing Company Ltd Ogbondoroko.

It noted that the resuscitation of Kwara Paper Converter Erin Ile, and Kwara Cashew Processing Company Ltd, Ogbondoroko had the potential to create 1000 jobs for Kwarans".

According to the statement "there are also plans for the provision of barges at Lafiagi to ease transportation across the River Niger and also boost economic activities in the area, thereby enhancing the capacity of the citizenry both economically and socially. "In our first year of operation 75 million naira was paid as dividend to the Kwara state government in 2013.

In the first phase, there was the repayment of N465 million out of the renegotiated loan of N600 million incurred by the Kwara state government on Mandate Three Estate. "The loan had ballooned to N824 million due to non-servicing prior to Harmony Holdings' intervention.

"The Phase one involved turning around acquired businesses and improving on productivity levels as some of these assets had become an eyesore and in terrible state of disrepair. "This necessitated the remodeling of the Adama Bola Saadu House by Harmony Holdings. The building is now wearing a new look and it is the first time it will be renovated since it was constructed 20 years ago.

"The now aesthetically appealing edifice has attracted comments from passer-by's who have seen the deteriorated state of the building over the years. 'This is beautiful and it is adding to the general facelift and development of the town', says former Kwara State Head of Service, Alhaji Mudi Gold. "A telecommunication service company which took four wings last month employed 600 graduates with plans to hire more.

Kwara Express, now Harmony Transport Service has had its operations computerised including ticketing. Loopholes and leakages have been blocked. Most of the outstanding debts to banks totaling N176 million have been settled. New destinations are now reached like Port Harcourt, Makurdi, Jos and Aba with the newly acquired 42 buses.

"Harmony Securities, a subsidiary of Harmony Holdings has begun diversification of its operation as it has secured an Issuing House licence from the Security Exchange Commission SEC. This is expected to broaden its revenue base from fund raising and underwriting activities in the capital market.

As an issuing house, HSL is qualified to render financial advisory services in the area of new share issuance, share valuation and right pricing of shares. "The Harmony Group is also set to construct an iconic edifice named 'The Hub' at fate road. The one storey complex comprises show rooms, shops and offices and suite. Apart from modern facilities and the contemporary design, one of the main features of the edifice is the aesthetics of the design, as the roof comes in different forms in terms of design, shapes and heights.

Construction is about to start and it is expected to be completed in six months. "Since its operation began in January 2013, Harmony Holdings has delivered on its mandate through strategic re-engineering and refocusing of the entities, a measure which has led to their return to profitability after posting yearly losses consistently prior to the advent of Harmony Holdings Ltd. "The direct intervention of the Company led to an impressive cumulative profit before tax of about N600Million recorded by the companies in the first two years of operation (2013-2014). This represents an impressive EPS (Earning per Share) of 3.00 over the period as per the audited account 2015".

Source

 


Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Oluwole Dupe     Yusuf Abubakar     Rafiu Ajakaye     Doyin Agbamu     Bola Shagaya     Abubakar Suleiman     Ramadan     Olayinka Olaogun     Ijagbo     S.O. Opowoye     Toun Okewale-Sonaiya     Alabe     NAWOJ     Agboola Abdulraheem     Plat Technologies Limited     Suleman Abubakar     Ahmad Uthman     Ilorin     IFK     Ajike People Support Centre     LAK Jimoh     Binta Sulyman     Aisha Buhari     Saidu Yaro Musa     Alore     Hamza Usman     Oko-Olowo     Noah Yusuf     Issa Manzuma     Sulyman Age AbdulKareem     Moses Salami     AbdulRasaq Abdulmajeed Alaro     Ishaq Abdulkarim     Ola Falade     Kwara State Printing And Publishing Corporation     Olokoba Sulyman     Alabere     Nupe     Oloje     Suraj Tunji Oyewale     Lola Olabayo     Dankaka     Balogun-Ojomu     Ronke Adeyemi     Baboko     Students Union Government     Abatemi Usman     Halimat Yusuf     Kale Bayero     Ibrahim Kayode Adeyemi     Olofa Of Offa     Amina El-Imam     Sheikh Alimi     Mubarak Oladosu     Raji AbdulRasaq     Ophthalmological Society Of Nigeria     Bashir Badawi     John Olajide Adedipe     Olateju Lukman     Abdulrasheed Na\'Allah     Tunde Akanbi     Yahya Mohammed     Abdullateef Abdussalam     Gamji Members Association     Olubukola Kifayat Adedeji     Olatunji Ibrahim     Azeez Salawu     Ariyo     Kayode Laro     FOMWAN     Memunat Monsuma     Ilorin South Constituency     Wahab Issa     Saadu Alanamu     Olusin Of Ijara Isin     Niyi Osundare     Rihanat Ajia    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Mope Dasuki Belgore     UITH     Michael Nzwekwe     Kwara 2019     Rotimi Samuel Olujide     Ilorin Metro Park     Bayo Mohammed Onimode     Peter Amogbonjaye     Yomi Adeboye     Crystal Corner Shops     Erin-ile     Ilorin Durbar     Elesie Of Esie     Donatus Ejidike     Segun Olawoyin     Dar-Al-Handasah Consultants Ltd     Saliu Tunde Bello     Ogidi-Oloje     All Peoples Party     Musa Alhassan Buge     Elelu     Alfa Modibo Belgore     Babaloja-General     Ita-Ore     Ilorin South Constituency     Abdulganiyu AbdulAzeez     Irepodun     Tafida     Ajibola Saliu Ajia     Seni Saraki     Kwara State Printing And Publishing Corporation     CCEPE     Muritala Awodun     Maigida Soludero Transit     Ijagbo Health Centre     Ilesha-Baruba-Gwanara     Kwara Primary Health Care Development Agency     Bamikole Omishore     Rafiu Ibrahim     Saliu Shola Taofeek     Alore     Mubarak Oladosu     Ahmad Olayiwola Kamaldeen     Oyeyemi Olasumbo Florence     Otoge     Abdulazeez Arowona     Ope Saraki     Lafiagi     Ahmed \'Lateef     Lanwa     Bamidele Adegoke Oladimeji     Babata     Rasheed Jimoh     Omotoso     A.O. Belgore     Babatunde Ishola Babaita     Garment Factory     Olofa Of Offa     Rihanat Ajia     Abdulwahab Oba     Olokoba     Tunji Olawuyi     Solomon Edojah     Zaratu Umar     N-Power     Laolu Saraki     Illyasu Abdullahi     Mufutau Olatinwo     Leke Ogungbe     Abdullahi G. Mohammad     Baaziki Sulaiman     Adegoke Bamidele     Obayomi Azeez     Share     Kolawole Bashirat     Ministry Of Women Affairs And Social Development     Joana Nnazua Kolo