HARMONY HOLDINGS LTD IS WHOLLY OWNED (100%) BY KWARA STATE GOVERNMENT.

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The attention of Harmony Holdings Ltd, the investments holding company of Kwara State has been drawn to certain misguided and false allegations being circulated in the media to the effect that certain Government companies, including Harmony Holdings Ltd “have been converted to private property” for the exclusive benefit of certain individuals in the State.

While stating that such allegations are blatantly false and totally far-fetched, we feel it is necessary to set the records straight and keep the good people of Kwara State and the general public informed about the true state of affairs as regards the ownership of referenced government entities.

For the umpteenth time, we affirm that Harmony Holdings Ltd is wholly owned (100 per cent), by Kwara State Government. Apart from registration documents (which are readily available for verification at the Corporate Affairs Commission), the Kwara State House of Assembly has since 2018 passed a resolution attesting to the ownership of Harmony Holdings by Kwara State.

Some other companies mentioned in the mischievous publication such as Kwara Cashew Processing Company Ltd, Patigi Regatta, International Cargo Terminal, are the shareholders of Harmony Holdings Ltd, on the basis of their being wholly owned by Kwara State. These companies are under the supervision of Harmony Holdings Ltd, representing the interest of the State.

Kwara State holds and continues to hold minority shares in Shonga Farms Holding Ltd (between 10% and 25%) and Kwara Mall Development Company Ltd (30%). These are held in the form of land provided for the businesses. Harmony Holdings supervises the minority interest of Kwara State in these two companies.

The attached documents (which bears the names of the immediate past directors of Harmony Holdings Ltd), attests to the ownership of Harmony Holdings Ltd and other referenced entities contrary to the falsehood being peddled.

Tunde Abodunde
Harmony Holdings Ltd.

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