The Kwara State Executive Council has approved the closure of Harmony Holdings and its struggling subsidiaries due to years of financial crisis and poor performance.
In a statement on Tuesday, the Commissioner for Communications, Mrs. Bolanle Olukoju, said all public assets managed by Harmony Holdings will now be transferred to the Ministry of Finance Incorporated for better oversight.
At a council meeting presided over by Governor AbdulRahman AbdulRazaq in Ilorin, the Commissioner for Finance, Dr. Hauwa Nuru, explained that Harmony Holdings and companies like Harmony Transport, Harmony Insurance Brokers and Harmony Investment and Property Development Company have remained unprofitable since 2012, despite multiple bailouts and loans.
She added that only Harmony Securities Limited has shown any sign of profitability.
Dr. Nuru revealed that the financial condition of the firms, based on audited reports for 2022 and 2023, shows they are unable to meet short-term obligations. She recommended their closure and the transfer of their assets to the Ministry of Finance Incorporated for proper management.
The council approved the recommendation and said the proposal would be sent to the Kwara State House of Assembly for consideration.
The government said the decision aims to reduce growing liabilities and ensure better use of public resources.