Speech delivered by Rt. Hon. Dr. Ali Ahmad at the Inauguration of the Ad-hoc Committee to investigate the activities of Harmony Holdings Limited

Date: 2017-09-07

BEING THE SPEECH AT THE AD-HOC COMMITTEE INAUGURATION ON "ALLEGATIONS OF MISAPPROPRIATION RELATING TO GOVERNMENT ASSETS UNDER HARMONY HOLDINGS LIMITED" DELIVERED BY THE RT. HON. SPEAKER DR. ALI AHAMD ON TUESDAY SEPTEMBER 6, 2017. Courtesy,

At its sitting on Thursday August 17th, 2017, the Kwara State House of Assembly adopted a Resolution on a Motion titled: "Allegation of Misappropriation Relating to Government Assets under Harmony Holdings Limited". The Honourable House directed the setting up of an Ad-Hoc Committee to conduct a thorough investigation of all allegations concerning operations of Harmony Holdings, including its predecessor, Kwara Properties Limited. Accordingly, a seven-man committee was set up to carry out the investigation and report back its findings and recommendations to the whole Honourable.

The history of the Harmony Holdings Ltd. began when the Administration of Governor Abdulfatah Ahmed was busy thinking about how best to diversify Kwara economy. He had the foresight of reinventing and redirecting all potential income-yielding and revenue-generating agencies and parastatals of government.

This was at a time when many other governors were oblivious of the then impending dwindling federal allocation and looming recession. His vision gave birth to incorporation of Harmony Holdings Ltd., a conglomerate or holding company that oversees other smaller and industry-specific entities. The hope of Kwarans, do doubt, was that this set of entities and their Holding company would be better managed, reducing cost of operation and increasing profits due to lack of government interference or other bureaucratic drawbacks.

However, the House has long been inundated with several stories, petitions and reports of mismanagement and alleged fraud. The allegations are weighty: that the company, its subsidiary or some of its staff converted or sold choice properties to themselves or their acquaintances and allegedly failed to show evidence of payment of commercially competitive prices into appropriate company accounts, that directors' breach of fiduciary duties to the company has been widespread, and other sundry allegations inconsistent with running of a purely commercial, profit-driven conglomerate.

I do implore all Kwarans to give everyone, both the Committee and the Holdings, the benefit of the doubt. The purpose of this exercise is to establish facts, proffer recommendations and ensure that Harmony Holdings Limited, the repository of our collective wealth, is salvaged and returned back to the path of profitability. What you are expected to do is follow and trace properties, funds and assets sitting elsewhere that should belong to Kwarans. Do not allow yourselves to be compromised or threatened. However, do not victimise or witch hunt.

I should also mention that an indication that this House is not out to witch hunt anyone can be seen in an earlier inquiry of activities of Harmony Holdings. It would be recalled that 17th March, 2016, the House mandated its Committees on Public Account to investigate affairs of Harmony Holdings. However, shortly after the Resolution was adopted, the management, directorate and board of the company swung into action and the House resolved to defer to existing internal mechanism of the corporation to resolve all issues and put the company in the path of probity and profitability.

Ladies and gentlemen, let me appeal to everyone with useful information not to hesitate to share with the Committee. I also implore those that will appear before the Committee to endeavor to present only the truth and nothing but the truth.

Almighty Allah is watching on all of us, you should ensure you discharge this responsibility honoruably in accordance with the salient provisions of Section 128 of the Constitution of the Federal Republic of Nigeria.

On this note, it is my pleasure this morning to inaugurate this important Committee and wish you the best in this assignment in the service of our dear State.

Thank you

 

Cloud Tag: What's trending

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

IEDPU     Dauda Adesola     Simeon Sayomi     Wole Oke     Abubakar Abdulraheem     Sheu Ndanusa Usman     Kaiama     Mukhtar Shagaya     Hamidu Olowo     Mahmud Ajeigbe     Iyabo Dupe Adekeye     Habeeb Saidu     Centre For Peace And Strategic Studies     Saidu Yaro Musa     Saliu Ajibola Ajia     David Adesina     Ahman Patigi     SWAN     Aliyu Muhammed     Saadu Gbogbo Iwe     Onikijipa     BIR     Kwara-SAPZ Project     Muhammed Mahe Abdulkadir     Kwha.gov.ng     AGF Abdulrazaq     Issa Memunat Moyosore     First Lady     Sa\'adu Gambari     National Pilot     RTEAN     Temitope Ogunbanke     Elections     Muslim Media Watch Group Of Nigeria     Muritala Awodun     Tunji Olawuyi     Obasanjo     Countryside Emerging Leaders Fellowship     Y.A. Abdulkareem     LEAH Charity Foundation     Umaru Saro     Saka Isau     Okala Baba     Yusuf Zulu-Gambari     Makama     Tinubu     MATTA Girls Foundation     Dele Belgore     Clara Nwachukwu     Adedayo Yusuf Abdulkareem     Monkey Pox     Halidu Danbaba     Kale Bayero     Lawan     Damilola Yusuf     Abubakar Baba     Ayedun     Abdulahi Abubakar Bata     Photo News     Musa Alhassan Buge     Adedeji Onimago     Jimba Babatunde     Raliat Islamic Foundation     Lawal Arinola Kudirat     Micheal Imoudu     Firdaos Amasa     Pakata     David Oyerinola Adedunmoye     Yusuf Arowosaye     Erubu     Saliu Shola Taofeek     Abdulrahman Onikijipa     AbdulQowiy Olododo     Olokoba Sulyman     Hussein Olokooba     Goodluck Jonathan     Lola Ashiru    

Cloud Tag: What's trending

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

Twitter     Okedare     T And K FOODS     Saba Mamman Daniel     Pakata Development Association     Henry Makinwa     SUBEB     Umaru Saro     Ahman Pategi University     Mahfouz Adedimeji     Bello Oyebanji     Oluwole Dupe     Sobi Specialist Hospital     Ajikobi     Alliance For Democracy     Olosi Of Osi     Salman Alada     Obayomi Azeez     IESA     Code Of Conduct     Ilorin Like-Minds     Hamza Usman     Alimi     Ibrahim Taiwo Road     Ganmo     Benin Republic     Goodluck Jonathan     Habeeb Abdullahi Al-Ilory     Ayoade Akinnibosun     Mustapha AbdulGaniyu     Sulyman Age AbdulKareem     Ishak Mohammed Sabi     Hassanat Bello     GGDSS Pakata     TESCOM 2025     Samuel Olusegun Adedayo     Kisira     Tosho Yaqub     Hamidat Sulyman-Yusuf     Ridwan Agboola     Binta Sulyman     National Association Of Nigerian Students     NIPOGA     Florence Saraki     Iqra Books     Mike Omotosho     Hikmah AbdulKareem     Kwara State Internal Revenue Service     Aso-ofi     Zainab Abass     Folorunsho Alao     Suleiman Ajadi     Suleiman Alege Kuranga     Laduba     Shururat Olatinwo     Bankole Omishore     Kunle Akogun     Abdulraheem Olesin     Mohammed Lawal     Abdullahi Imam Abdullahi     Adebara     Abdulraufu Mustapha     Ayinde Oki     Innocent Okoye     Jani Ibrahim     Ope Saraki     Obasanjo     Emir Of Shonga     Adewuyi Funmilayo     John Mayokun Dada     Sunday Popo-Ola     John Dara     Lukman Adeloyin     Code Of Conduct Bureau     Alikinla     Volunteers Of Ilorin Community And The Emirate     JAAC