News
KWSG winds down Harmony Holdings for non-profitability
- House to debate, ratify Council approval
Stephen Olufemi Oni, Ilorin
Following their numerous financial crises, liabilities, and the since 2012, Kwara State Executive Council has 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 the meeting in Ilorin, presided over by Governor AbdulRahman AbdulRazaq, the Council received briefings from the 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 would 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.
End
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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