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.

Nigerian Correctional Service     George Funsho Adebayo     Sheikh Hamzat Yusuf Ariyibi     Bukola Ajikobi     Lawyers Unite Against Corruption     Olota Of Odo-Owa     Lawan     Gwanara     First Lady     Yoonus Kola Olatinwo     Bayer AG     Ramadhan     Makama Of Kaiama     Aremu Bose Deborah     Egbewole     Saadatu Modibbo-Kawu     Oke-Ero     Danhawa     Olumide Daniel Ibitoye     Mamatu Abdullahi     Ibrahim Kayode Adeyemi     Muritala Awodun     Vasolar     KSIRS     Daud Adeshola     Abdulrazaq Magaji     Read With Me     Sulaiman Gado     Abiodun Abdulkareem     Federal Polytechnic Offa     Kudirat Arinola Lawal     Fatai Adeniyi Garba     Yusuf Olaolu Ali     Tsaragi-Share     Femi Agbaje     Ilorin East/South Federal Constituency     Olufolake Abdulrazaq     Oja-Oba     Old Oyo     Saidu Yaro Musa     Teachers Specific Allowance     Khairat Gwadabe     Yakub Lai Gobir     Bayo Ajia     Babata     Gbugbu International Market     11th Galadima     Oasis Muslim Care Foundation     Abubakar Bature Sulu-Gambari     School Of Nursing     Senate     Sunday Popo-Ola     Tescom.kwarastate.gov.ng     Lanre Olosunde     Salihu Yahaya     Lucky Omoluwa     Adijat Adebiyi     Yakubu Dogara     Dele Momodu     Olabanji Orilonishe     07039448763     Ajakaye     Seed Technologies     Matthew Babaoye     Kwara Pdp     Salau Kabiru Abdullahi     Www.Kwarareports.com     Asa LGEA School     Halidu Danbaba     Al-Hikmah University     Sheikh Ariyibi     Taofik Abdulkareem Babaita     Junior Secondary School Certificate Examinations     Reuben Paraje     Ayodele Olaosebikan     Ilorin South Constituency     Salman Suleiman    

Cloud Tag: What's trending

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

SSA Youth Engagement     Elesie Of Esie     Ezekiel Yissa Benjamin     Magaji Erubu     Salmon Babatunde Salmon     Iqra Books     Atiku     Yaman     Folajimi Aleshinloye     Garba Dogo     Oke-Kura     Buhari     Jalala     Akume     Makama Of Ilorin     Osi     UNIFEMGA     SDP     Yusuf Amuda Gobir     Sulyman Abdulkareem     Kwara State Geographic Information Service     IF-K     Countryside Emerging Leaders Fellowship     Afolasade Opeyemi Kemi     Aisha Gobir     Nurudeen Mohammed     Nigerian Correctional Service     Idiagbon     Hajj     Isiaka Saka Opobiyi     GRA     Adamu Attah     Kunle Okeowo     Oluranti Idowu     Hussein Olokooba     A.O. Belgore     Oladimeji Thompson     Emmanuel Olatunji Adesoye     Alaiye     Talaka Parapo     Oyeyemi Olasumbo Florence     Tunde Yusuf     Presidential Election     Public Holiday     Folaranmi Aro     Kisira     Alao Ayotunde     Iponrin     Mohammed Abduraheem     Igbomina     Razaq Ayobami Akanbi     Iyabo Adewuyi     Bello Taoheed Abubakar     Soffiyyallah Kamaldeen     Olosi Of Osi     Afusat Nike Ibrahim     Akeem Olatunji     Ilorin South Constituency     Bolakale Kawu     Towobola Abdulrahman Toyin     Amule     Sulyman Tejidini     Afolabi-Oshatimehin     Kumbi Titiloye     Habeeb Saidu     Modupe Oluwole     KWSUED     Mumeen Lah     Adekunle David Dunmade     Dar-Al-Handasah Consultants     Muhammadu Gobir     CCT     Habeeb Abdullahi Al-Ilory     Idris Garba     Jumoke Monsura Gafar     Yusuf Amuda Abubakar     Kwara Consultative Forum