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Kwara Govt Denies Corruption at Harmony Holdings Ltd

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By Dipo Olowookere

The Kwara State Government has denied social media claims purportedly attributed to the former Managing Director of Harmony Holdings Limited, (HHL), Dr Shehu Kuranga Mohammed, alleging corrupt practices concerning state government properties managed by the company.

In a statement, the state government said the claims of corruption at HHL involving management of state-owned property are creations of the fertile imagination of its authors.

It also absolved Governor Abdulfatah Ahmed and the Senate President, Dr Bukola Saraki of any involvement in the planned lease of a prime state-owned property located in Lagos or in any illegal transaction involving other state-owned assets.

Rather, the government maintained that transactions relating to the proposed lease followed due process and involved relevant state agencies.

The statement also denied the claim that Dr Mohammed resigned due to pressures from Government House to engage a particular company to manage the Victoria Island, Lagos property and to financially disadvantage the state in favour of a private company or individuals.

Instead, the government said Dr Mohammed was asked to review the companies shortlisted for managing the property, recommend one or come up with an alternative company but resigned before the process was completed.

The government stressed that Dr Mohammed was personally head-hunted by Governor Abdulfatah Ahmed based on the former incumbent’s corporate finance experience and capacity and not at the request of the Ilorin Emirate Descendants Progressive Union (IEDPU) as wrongly claimed.

It, therefore, urged the public to ignore the lies about HHL and warned those bent on playing politics with government-owned entities to have a rethink and be mindful of the long-term impact on the image of Kwara State as investors may be reluctant to partner the state if the negative atmosphere of needless controversy is allowed to persist.

The full statement reads thus:
“We have become aware of a social media post alleging corrupt practices at Harmony Holdings Limited, a company fully-owned by the Kwara State Government. For the avoidance of doubt and in the interest of the people of Kwara State who are the ultimate owners of HHL and the assets it is managing, we wish to state clearly that the allegations in the said post are lies concocted in a futile bid to embarrass the administration of Governor Abdulfatah Ahmed.

To restate, Harmony Holdings Limited is a product of the administration’s quest to innovate new funding sources for government programs in the light of a fragile global economy and unstable federal allocation.

To insulate the state from these uncertainties and keep it on a firm pedestal for the benefit of its people, reforms were necessary. One of them was HHL, especially given the existence of state assets which were constituting a drain on state resources rather than augmenting them.

In the light of the vast investment and revenue potentials of these state-owned assets, it was decided to recruit for HHL only those with the capacity and pedigree to successfully attract private partners to invest funds in the dormant assets, and significantly boost the state government’s revenue.

An essential skill in this regard was previous Corporate Finance and related management experience which was deemed necessary for the task of making HHL achieve its target of N50b in annual revenues and ranking as one of the top holding companies in the country. It is also reflected in the capacity, experience and pedigree of the previous board which was headed by a Professor of Public Finance and included credentialed individuals with a strong finance, business and academic backgrounds.

It remains the government’s understanding and resolve that the task of turning these state-owned assets to revenue generating ventures can only be achieved by management manned by technocrats with the necessary capacities.

This need for a Chief Executive with relevant requisite capacity for HHL was the spirit behind Dr Mohammed’s recruitment by the state government when the previous board’s tenure expired.

His mandate was to focus not on HHL’s ongoing concerns that were already contributing revenue but on turning high value but dormant assets into income generating ventures for the government. One of the assets was a state government-owned commercial property located at Victoria Island, Lagos. Before Dr Mohammed’s appointment, the said property was the subject of litigation.

Subsequently, the property was tied up for the duration of the court case which the state government eventually won. HHL was then instructed to review a shortlist of companies bidding for the lease, to recommend one or make new recommendations. Dr Mohammed resigned before the ongoing process to choose a preferred bidder with the required competence and capacity to manage the property, which followed necessary processes and involved other state agencies, was completed.

It is therefore untrue that Governor Abdulfatah Ahmed is involved in any corrupt deals at HHL or any effort to influence the selection of any company to manage government assets.

The state government also exonerates the former state governor and Senate President, His Excellency, Dr Abubakar Bukola Saraki of any involvement in any aspect of HHL’s operations, including the management and sale of any state government asset assigned to the company or indeed any other government property.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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How We Rescued Ex-Lagos CP’s Wife from Kidnappers, Recovered N10m Ransom, Others—Police

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hakeem odumosu

By Modupe Gbadeyanka

The wife of a former Commissioner of Police (CP) in Lagos, Mr Hakeem Odumosu, Mrs Folashade Odumosu, has been rescued from the kidnappers’ den.

Mrs Odumosu, whose husband retired as an Assistant Inspector General of Police (AIG), regained freedom in the earlier hours of Thursday, January 23, 2025, after some police detective launched an attack on her abductors.

She was forcefully picked up by the suspects on Thursday, January 16, 2025, at about 9:45 pm from her car outside her residence in the Arepo area of Ogun State allegedly by four masked gunmen.

Immediately after the incident, police operatives attached to the Ogun State Command began surveillance for her rescue, which finally happened a week later.

In a statement issued by the police spokesman, Mr Olumuyiwa Adejobi, narrated that the Ogun State police operatives engaged in extensive surveillance of the creeks surrounding Arepo, gathering crucial information to track down the assailants.

It was stated that their efforts culminated in a raid today after an intelligence-led operation took the police to a creek in the swampy area of Ikorodu where the kidnappers were reportedly planning their next attack.

Upon arrival, the operatives encountered the kidnappers, who opened fire. In the ensuing confrontation, two of the gunmen were neutralized, while four others fled the scene, abandoning their operational weapons.

The victim, Mrs Odumosu was rescued within the swampy creeks during the operation, unharmed. She is currently undergoing medical evaluation as a precautionary measure and has since been reunited with her family.

The police also recovered four AK-47 rifles, three locally made single barrel rifles, ammunition of various calibres, and the sum of N10 million ransom previously demanded by the kidnappers, further ensuring that justice is served.

The Inspector-General of Police (IGP), Mr Kayode Egbetokun, commended the Ogun State Commissioner of Police, Mr Lanre Ogunlowo, and his operatives for the successful operation, saying it exemplifies the dedication and resilience of police officers.

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Telco Tariffs Hike: FCCPC Promises to Ensure Compliance

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By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has said it would ensure compliance with the new telecommunications tariff adjustment.

Earlier this week, the Nigerian Communications Commission (NCC) allowed for a 50 per cent hike in tariffs for the first time since 2013.

Although stakeholders have expressed dissatisfaction with the level, the law establishing the policy will have to be followed.

While the telcos have silently expressed that the 50 per cent level was too low for the sustainability of the industry; consumers want a lower threshold with an association protecting customers saying it will approach the courts.

Speaking on how it will ensure compliance, the Director of Corporate Affairs of FCCPC, Mr Ondaje Ijagwu, said the commission was working with the NCC to ensure consumers are not infringed upon during the transition period and beyond.

He urged telecom operators to prioritise visible and measurable improvements in network reliability, speed, accessibility, and customer service as part of any tariff adjustment, saying that consumers’ interest is paramount.

According to him, it is crucial that tariff adjustments directly translate into demonstrable and tangible service enhancements for consumers, commending the NCC for adopting a deliberate and measured approach by rationalising the tariff adjustment and linking it to commensurate improvements in service quality.

”Operators are now required to disclose all key details upfront, including the cost, validity period, and the specific inclusions of a plan.

“Consumers can also expect a mandatory disclosure table from their service providers, enabling them to make informed decisions without worrying about unexpected charges or surprises,” he said.

Mr Ijagwu said the Memorandum of Understanding (MoU) signed between the FCCPC and NCC would provide a unified framework to oversee the implementation of the tariff adjustment in a manner that met the needs of consumers, encouraging consumers to report any unfair practices or concerns through the agency’s official channels to ensure effective resolution.

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Rough, Smooth Ride for Motorists, Commuters on Lagos-Abeokuta Expressway

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By Emmanuel Udom

The 81-kilometre Lagos-Abeokuta Expressway seems to be taking shape both for good and bad, as the Minister of Works, Mr Dave Umahi, works tirelessly to fix major roads and expressways in Nigeria.

Checks by Business Post in the last week revealed that from the Lagos end of the expressway, motorists and commenters seem to be having a smooth ride and rough from the Ogun State end, especially after the Toll Gate area, as pointed out by a commercial bus driver plying the Lagos-Abeokuta route, Mr Segun Abayomi.

He lamented on Thursday that from Toll Gate inward Ogun State, most of the terrible and dilapidated points and bus stops have been neglected by the government, though repairs are ongoing, according to our correspondent, who plied the road from Ewekoro in Ogun State to Iceman in Lagos State today.

It was observed that caterpillars and bulldozers, as at the time of filling this report, were busy fixing the roads at major bus stops and points from Toll Gate inward Ogun State, precisely around Joju, Corn-oil area, Omiyale, Pakoto, Vulcanizer, Bungalow, and U-Turn near Mountain of Fire Church in Ifo, Ogun State.

A female trader, returning from Oshiodi, lamented while boarding a commercial bus, of the health hazard caused by the dust raised by the workers in tiling the roads. She said the dust was affecting commuters, motorists and others.

This was confirmed by this newspaper, though efforts are being made to water the ground around Omiyale, near The Apostolic Church Convention ground and parts of Aiyede, to address this issue.

Recall that some weeks ago, Business Post that the government was doing a quick fix on the road to ease the hardship citizens playing the expressway go through daily.

The road connects Lagos to the capital of Ogun State, Abeokuta, and is one of the busiest inter-state and intra-city routes in Nigeria, covering more than 250,000 PCUs daily and constitutes one of the largest road networks in Africa, according to Wikipedia.

In 2017, the Lagos State government announced plans to put a BRT lane on the Lagos-Abeokuta Expressway in two phases, with the first from Oshodi to Abule Egba, and the second from Abule Egba to Toll Gate, the boundary area between Lagos and Ogun States.

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