Kwara Govt dissolves Harmony Holdings, transfers assets to Finance Ministry

By Mosunmola Ayobami, Ilorin –

The Kwara State Executive Council has approved the return of all public properties managed by Harmony Holdings and its subsidiaries to the Ministry of Finance Incorporated, following years of poor performance and rising liabilities.

The decision was reached at the council meeting held in Ilorin on Tuesday, presided over by Governor AbdulRahman AbdulRazaq. The Commissioner for Finance, Dr. Hauwa Nuru, briefed the council on the persistent financial struggles of Harmony Holdings since 2012, despite multiple bailouts.

Nuru said the state had injected substantial public funds into subsidiaries like Harmony Transport Services, Harmony Insurance Brokers, and Harmony Investment and Property Development Company, but none had yielded returns.

She disclosed that the only profitable subsidiary is Harmony Securities Limited, while others have remained financially unsustainable.

“The state government has repeatedly supported these companies with bailouts, grants, and loans, yet they continue to struggle to meet basic obligations,” she explained.

Nuru noted that a financial analysis showed a quick ratio below the industry standard of 1:1, confirming the companies’ inability to meet short-term obligations.

She recommended the dissolution of the struggling entities and the transfer of public assets under their management to the Ministry of Finance Incorporated, which will oversee the government’s investments sustainably.

The council approved the recommendation, which will be forwarded to the Kwara State House of Assembly for legislative ratification.