OPINION: Harmony Holdings Limited: A Monumental Fraud And Cash Cow. By Abdullahi Imam Abdullahi

Date: 2014-08-31

It will interest Kwarans that Harmony Holdings Limited designed and conceptualized by Senator Bukola Saraki and eventually established by Governor AbdulFatah Ahmed, was handed over to Temitope Adesunloye Daramola to administer as Chief Executive Officer. The same Tope Daramola that Kwarans rallied against as Director General, The Bureau of Lands, Kwara state. The same Tope Daramola that was an alleged accomplice of Bukola Saraki in the Intercontinental Bank loan scandal.

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.

Ayo Salami     Segun Ogunsola     Adeola Abraham     Quareeb     Medview Airlines     Saidu Kawu     Oladipo Akanmu Tolani     Oke-Ogun     Gbenga Awoyale     KWASIEC     COEASU     Muhammed Danjuma     Moro     Ibikunle Ogunleye     Mohammed Kamaludeen     Ramadan     COVID-19 Palliatives     Just Law Forum     Wahab Femi Agbaje     Kayode Oyin Zubair     Ayoade Akinnibosun     Basit Olatunji     Jimoh Akani     Kwara NIPR     Ajeigbe     Village Alive Development Association     Special Adviser On Digital Innovation     Sam Okaula     Folorunsho Erubu     Okoolowo     Lateef Fagbemi     Yahya Mohammed     Kwara State Government     Abdulkadir Orire     Gbajabiamila     Congress For National Consensus     Abiodun Jacob Ajiboye     Abdulrazaq Aiyelabegan     Olanrewju Okanlawon Musa     James Kolo     Vasolar     Salihu Ajibola Ajia     Twitter     Yemi Osinbajo     Okin Biscuit     Local Government Pension Board     Saraki     Busari Alabi Alausa     Aminu Ado Bayero     Facebook     Issa Baba     Yusuf Badmus     Galadima     Ilorin Airport     Oba Mogaji Abdulkadir     Ilorin Water Reticulation     ASMAU PLAZA     Isiaka Danmeromu     Ilorin.Info     Emmanuel Bello     Durosinlohun Kawu     Ilorin East     ANCOPPS     Samuel Olusegun Adedayo     Yeketi     Tafidan Kaiama     Babatunde Idiagbon     Kpotum Mohammed Baba     Umar Adelodun     Quareeb Islamic Association     Umar Ayinla Saro     Ramat Oganija     Abdulrosheed Okiki     Summit University     Hassan Saliu     Kolo     Akanji    

Cloud Tag: What's trending

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

Ahmed Alhasssan     Markaz Arabic And Islamic Training Institute, Agege     Isiaka Saka Opobiyi     JSSCE     Bluenile Associates     Lawyers Unite Against Corruption     Abdulganiyu Oladosu     Amule Elementary School     Local Government     Forgo Battery     Edret Sabi Abel     All Confederation Of Principals Of Secondary Schools     Doyin Group     Omoniyi     Bahago     Ibrahim Abdullahi     ENetSuD     Muslim Media Watch Group Of Nigeria     Fatai Garuba Labaka     Akeem Lawal     Kwara State Pension Board     Baba Issa     Bello Abubakar     Obasanjo     Egbejila     Sadiq Umar     MMWG     Ilota     Mahmud Ajeigbe     Allocation     Khairat Gwadabe     Fatimoh Lawal     Binta Abubakar-Mora     Mahe Abdulkadir     EFCC     Facemasks     Coalition Of Kwara North Groups     Women For Change And Development Initiative     Bashir Adigun     Timothy Olatunde Fadipe     N-Power     Abdulhakeem Amao     Bashiru Makama     Arinola Fatimoh Lawal     Mutawali Of Ilorin     Ophthalmological Society Of Nigeria     Rueben Parejo     Just Law Forum     Kubra Kazum     Ilorin West/Asa Federal Constituency     Ayeyemi Sulaiman     Abdulrahman Iliasu     Olabanji Orilonishe     General Tunde Idiagbon International Airport     Saka Keji     Academic Staff Union Of Universities     Smart School     Durbar Festival     Kwara NIPR     John Mayokun Dada     Iyeru Grammar School     Lola Olabayo     Ademola Kiyesola     Ibrahim Kayode Adeyemi     Ejidongari     John Olajide Adedipe     Earlyon Technologies     Veterinary Teaching Hospital     Salary     Folorunsho Erubu     Yomi Adeboye     Boko Haram     Kudirat Arinola Lawal     Oniwa     Ayinke Saka     Kwara State Fish Farmers Association     CBT