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.

Inside Kwara     Taofeek Sanusi     Egbewole     Ibrahim Akaje     Modibbo Kawu     Maryam Nurudeen     College Of Education     Yakubu Shaaba     Christopher Tunji Ayeni     Suleiman Rotimi Iliasu     Bashirat Bola Bello     Babatunde Ajeigbe     Iyabo Adisa Ibiyeye     Communication Network Support Services     Abdulquawiy Olododo     Oba Abdulrahim     Tanke     Aisha Abodunrin Ibrahim     Omotoso Musa     Issa Oloruntogun     Abdullahi Adisa Akodudu     Tsado Manman     Saidu Yaro Musa     Flights To Ilorin     ER-KANG Mining Nigeria Company Limited     Amule     Ilorin Likeminds Foundation     Ajikobi     Alabi Olayemi Abdulrazak     Saidu Kawu     Nigeria Association Of Women Journalists     Women Radio     Na\'Allah     Abegunde Goke     Elerin Of Erin-Ile     Suleman Abubakar     Ahmad Fatima Bisola     Yusuf Lanre Badmus     Mahmud Ayinla Giwa     Ibrahim Mashood     Simeon Sule Ajibola     Sobi FM     Yashikira     Razak Atunwa     Emir Of Ilorin     Facebook     Saliu Ajia     Tope Daramola     Elerin Of Adanla     Yahaya Oloriegbe     Omoniyi     James Kolo     Isiaq Khadeejah     Muhammad Fawaz Abubakar     Wahab Agbaje     AbdulGaniyu Kareem     Kwara 2015     Abdullahi Imam Abdullahi     Salary     Yakubu Dogara     Ministry Of Women Affairs And Social Development     Niguel Gallando Marcias     Samuel Adedoyin     Khairat Gwadabe     Dagbalodo     08001000100     Olatinwo     SDP     Dunmade     Aro Yahaya     Chief Imam Of Lafiagi     Modibo Kawu     Prince Sunday Fagbemi     Share/Tsaragi     Saba Mamman Daniel     Kwara State Geographic Information Service     Umar Yakubu Jaja    

Cloud Tag: What's trending

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

Haliru Dantoro     Plat Technologies Limited     Yusuf Badmus     Tunde Idiagbon Road     Aremu Odolaye     Benin Republic     Lateef Alagbonsi     Dan Iya Of Ilorin     Kulende     RTEAN     Bamikole Omishore     Rueben Parejo     Fatima Abolore Jimoh     Oye Tinuoye     Danladi     Mogaji Aare     Yetunde Balogun     Owo Arugbo     Bayo Ojo     Osuwa     Aliyu Alhassan     Makama Of Ilorin     Abdulmalik Bashir Mopelola Risikatullahi     Segun Abifarin     Jeunkunu-Malete-Bani     KFA     Ile Arugbo     Neuropsychiatric Hospital     Abdulkadir Orire     Isa Aremu     Kulende-UITH     Ibrahim Bio     Kayode Issa     Smart School     Ayo Adeyemi     Ita-Ore     Iyabo Adisa Ibiyeye     Suleiman Rotimi Iliasu     Patience Jonathan     Adeleke Ogungbe     Wahab Issa     Ilorin West     Gambari     Abegunde Goke     Baba-Isale     Aasiyat Bello Oyedepo     Samuel Adedoyin     GGDSS Pakata     Arinola Lawal     Garba Dogo     Saka Abimbola Isau     Saba Mamman Daniel     Oya State     Read With Me     Kale Bayero     Bayo Onimago     Joseph Offorjama     Samari     Elewu     Alaiye     Isiaka AbdulRazaq     Unilorin     YAKOOYO     Emmanuel Bello     Ajibola Saliu Ajia     Students Union Government     Radio Kwara     Apado     Balogun Fulani     Ridhwanullah Al-Ilory     Ojuekun Sarumi     Moro     Maryam Ado Bayero     Rabiu Kwankwaso     AbdulRazaq AbduMajeed Alaro     Societe Generale Bank Of Nigeria     Ibrahim Kayode Adeyemi