Managing Director of MOFI - Housing TV Africa

Kwara Government Shuts Down Harmony Holdings Over Persistent Financial Losses

housingtv — Wed, 25 Jun 2025 12:10:35 +0000

The Kwara State Government has ordered the closure of Harmony Holdings Limited and its struggling subsidiaries following years of financial losses and non-performance.

This decision was reached at the State Executive Council meeting held on Tuesday in Ilorin, presided over by Governor AbdulRahman AbdulRazaq. The council resolved to dissolve the company and revert all state-owned assets under its control to the Ministry of Finance Incorporated (MOFI) for more efficient management.

In a statement signed by the Commissioner for Communications, Mrs. Bolanle Olukoju, the government said the move was necessary to stop the financial hemorrhaging and restore value to state investments.

The Commissioner for Finance, Dr. Hauwa Nuru, who presented the review, revealed that despite multiple bailouts, loans, and grants extended to Harmony Holdings since its inception in 2012, the state had not received any returns on its investment.

“Huge public funds were pumped into the company and its subsidiaries like Harmony Transport Services, Harmony Insurance Brokers, and Harmony Investment and Property Development Company, yet none has yielded profit,” Nuru stated.

Only Harmony Securities Limited was reported to have made any profit, while the rest have remained liabilities to the state, with their financial positions falling below acceptable industry standards. According to the commissioner, a financial analysis showed that the companies’ quick ratios—a key measure of liquidity—were below 1:1, indicating they could not meet their short-term obligations.

The government emphasized that continuing to fund these entities was no longer sustainable. Dr. Nuru proposed transferring the management of their assets and liabilities to MOFI, a state-owned investment vehicle, to reduce recurring losses and ensure better oversight.

The council approved the recommendation, which will now be forwarded to the Kwara State House of Assembly for legislative ratification.

Officials said the move aligns with broader public sector reforms aimed at improving transparency, minimizing waste, and ensuring prudent management of government resources.

The post Kwara Government Shuts Down Harmony Holdings Over Persistent Financial Losses appeared first on Housing TV Africa.

Federal Government Launches ₦10 Billion Fund to Support CNG Vehicle Conversions and Solar Home Systems

housingtv — Wed, 16 Oct 2024 17:07:38 +0000

The Federal Government has introduced a ₦10 billion initiative aimed at providing financial access to Nigerians for converting vehicles to Compressed Natural Gas (CNG) and installing solar home systems.

The program, titled Credit Access for Light and Mobility (CALM), was unveiled in Abuja on Wednesday in collaboration with the Ministry of Finance Incorporated (MOFI), the Presidential Initiative on CNG (Pi-CNG Ltd), and the Nigerian Consumer Credit Corporation (CREDICORP).

The ₦10 billion CALM Fund was established in response to rising energy and transportation costs, providing a solution for Nigerians facing financial strain due to the removal of fuel subsidies. The fund offers credit for CNG vehicle conversions and solar energy installations, enabling individuals and businesses to reduce dependency on costly fuels and high electricity bills.

Speaking at the launch event, Dr. Armstrong Takang, Managing Director of MOFI, emphasized that the fund is designed to ease the financial burden caused by the increase in transportation costs, driven by the removal of fuel subsidies. “These reforms are necessary, but they come with unintended consequences,” he noted. “The high cost of transportation is one of these, and this initiative offers a practical solution to mitigate those costs.”

BUY HOUSE NAIJA

Michael Oluwagbemi, CEO of Pi-CNG, highlighted the potential impact on mobility and local manufacturing. He stated, “This initiative not only promotes competition in the transportation sector but also supports the domestic production of CNG conversion kits, driving job creation and lowering energy costs for Nigerians.”

Uzoma Nwagba, Managing Director of CREDICORP, explained that the CALM Fund will enable Nigerians to access credit for vehicle conversions and solar energy adoption without the upfront financial burden. The program will offer loans through Participating Financial Institutions (PFIs) with the goal of making sustainable energy solutions more accessible.

The partnership between MOFI, Pi-CNG, and CREDICORP aims to expand the initial ₦10 billion fund by attracting additional private and institutional investors. CREDICORP will manage loan disbursements and offer credit guarantees, while Pi-CNG will facilitate vehicle conversions through authorized centers, offering discounted conversion packages.

With flexible financing options, the CALM Fund provides a lifeline for households and businesses seeking to manage their high energy and transportation costs, promoting a transition to cleaner, more affordable energy sources.

The post Federal Government Launches ₦10 Billion Fund to Support CNG Vehicle Conversions and Solar Home Systems appeared first on Housing TV Africa.