Sometimes in 2012, a company named Harmony Holdings Limited took over many companies and corporations belonging to the Kwara State government.
From that moment till date, all activities of the company and
After defeat of the former ruling government in Kwara and the assumption of office of Governor Abdulrahman Abdulrazaq,as the new Executive Governor of Kwara State,
The committee was headed by Senator Makanjuola Ajadi and Chief Akogun Iyiola served as its Secretary.
The Sen Ajadi led committee, after proper findings and review discovered
In addition to the N2.5billion given to the company,
According to available records, all companies and corporations transferred to Harmony Holdings for management have 99% shares,
Some of the companies transferred to Harmony
Surprisingly, many properties of subsidiary companies transferred to Harmony Holdings have been sold off, some leased out and the
More worrisome is the fact that, those properties were not only sold out without the consent of the subsidiaries who own 99% shares, they were actually sold at ridiculous prices to officials of Harmony Holdings and same goes for
Additionally, It was observed that, in addition to the N2.5billion given to Harmony Holdings as capital base, Kwara State government also
Furthermore, Government also transferred the sum of N184,369,818 from the business share of Shonga
The company also received another N474,694,999 from Shonga Farm within the same period.
However, having received all of the above from government, it was expected that Harmony Holdings will be remitting huge sums of money to the purse
Since 2012 till date, there was no evidence of payment, whatsoever to the Kwara State government.
During the course of its findings, Sen Ajadi led committee were informed that
It is hereby established that, Kwara State government had given Harmony Holdings over N3billion in cash, then handed over 20 companies and
It beats anyone's imagination that a company, which received over N3billion and
The conclusion of the committee is that, Harmony Holdings is a draining pipe without any form of benefits to the state.
In view of the
*Kwara Must Change*