Citing liabilities, zero profits, Kwara cabinet okays returns of public properties as Harmony Holdings winds down

•House to debate, ratify council approval

Following their numerous financial crises, liabilities, and non-profitability since 2012, Kwara State Executive Council on Tuesday resolved to revert all public properties in Harmony Holdings and its wobbling subsidiaries back to the Ministry of Finance Incorporated for better management and reduced liabilities.

At a meeting in Ilorin presided over by Governor AbdulRahman AbdulRazaq, the council received briefings from Commissioner for Finance Dr. Hauwa Nuru on the status of the companies and the best way to stop their continuous losses, in spite of several bailouts and loans that did not yield anything in the public interest.

The Commissioner recalled that huge public funds had been sunk into Harmony Holdings and its subsidiaries like Harmony Transport Services, Harmony Insurance Brokers, and Harmony Investment and Property Development Company, among others, with no penny as returns on investment to the state since 2012.

Nuru said the only profitable one is the Harmony Securities Limited, while Harmony Transport, Harmony Insurance Brokers, Harmony Investment and Property Development Company have remained unprofitable.

“The state government has come to the aid of some of these companies to stay afloat many times through bailouts, grants, and loans to meet their obligations. Despite all the financial assistance, they are still struggling to generate enough revenue to meet their obligations,” she said.

“The application of the quick ratio on these companies indicates a ratio below the industry ratio of 1:1 based on audited financial statements of 2022 and 2023, which suggests that the concerned companies are not in a strong financial position to meet their short-term obligations.”

Nuru requested the council to approve the dissolution of the firms and reversion of public properties in their care to the Ministry of Finance Incorporated as an investment vehicle to manage the government’s interests, estates, and rights in a sustainable way that follows due process.

“This option is desirable because of its cost effectiveness, elimination of growing liabilities," she said.

Council members approved the proposal, which will then be sent to the House of Assembly for consideration and ratification.

The council was also briefed about the outstanding obligations and liabilities of the firms as part of the due process for the reforms.

Bolanle Olukoju
Commissioner for Communications
24 June 2025

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#isentesiwaju: Buka-Adena Bridge Construction By Governor AbdulRazaq Nears Completion

The Bukka Adena bridge along Jebba-Kaiama road in Moro Local Government Area of the State, being constructed by Governor AbdulRahman AbdulRazaq-led Kwara State Government is nearing completion.

Governor AbdulRazaq began constructing the bridge along the Bukka-Adena Road in Moro following residents’ complaints about its deplorable conditions and his understanding of its importance to growth of local economy.

When the bridge is completed, it will link the remote villages and towns in the region, improve agricultural trade as farmers can transport their goods to the markets and enable the residents to access essential services.

The Governor has continued to demonstrate his commitment to fixing deplorable roads across the state. This development plan aims to enhance transportation networks and boost the local economy.

Chief Olayinka Fafoluyi
Senior Special Assistant, New Media to Kwara State Governor.
May 12, 2025

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