…Unprofitable Subsidiaries to Revert to Finance Ministry

Kwara State Executive Council has ordered the winding down of Harmony Holdings and its subsidiaries following years of financial losses and mounting liabilities. The decision, reached during Tuesday’s cabinet meeting presided over by Governor AbdulRahman AbdulRazaq, will see all public properties under the conglomerate returned to the Ministry of Finance Incorporated.

Finance Commissioner Dr. Hauwa Nuru presented damning findings showing consistent losses across most subsidiaries since 2012, despite multiple government bailouts. Only Harmony Securities Limited remained profitable, while Harmony Transport Services, Harmony Insurance Brokers, and Harmony Investment and Property Development Company continued draining public resources.

“Audited statements reveal these companies cannot meet short-term obligations, with quick ratios below the 1:1 industry standard,” Nuru disclosed. She noted repeated financial interventions failed to yield returns, prompting the recommendation for dissolution.

The cabinet approved transferring assets to the Ministry of Finance Incorporated for more cost-effective management. The proposal now moves to the State House of Assembly for legislative ratification, alongside documentation of outstanding liabilities.

This move concludes the state’s efforts to salvage the conglomerate after 13 years of operational deficits and marks a significant shift in Kwara’s public asset management strategy.