Harmony Holdings acquires Kwara Express

The Kwara State Government has repealed the Kwara State Transport Corporation Law Cap. K54, Laws of Kwara State, which set up the transport corporation popularly known as “Kwara Express”. The repeal followed the State Governor, Alhaji Abdulfatah Ahmed's approval of the law repealing the edict, which was earlier passed by the Kwara State House of Assembly.

A statement signed on behalf of the Holdings by Head of Corporate Affairs, Mr. Tunde Abodunde on Wednesday, said that by the repeal of the edict, the State Government has transferred all the assets and liabilities of the defunct Kwara State Transport Corporation to Harmony Holdings Ltd, (the investments holding company of Kwara State Government). According to him, the new entity will now operate as Harmony Transport Service Limited. The statement further noted that the repeal of the edict was informed by the need to run the company in accordance with private sector creed, which is expected to strengthen the transport company for greater efficiency and effectiveness, under the control of Harmony Holdings Ltd. It will be recalled that Kwara Express had been under the management-supervision of Harmony Holdings Ltd since September 2012, a position which had led to salvaging the entity from near total collapse pre-take over to the position of profitability and improved fortune. While reacting to the repeal of the edict, the Group Managing Director/CEO, Harmony Holdings Limited, Mr. Tope Daramola, welcome the development and stated that the company remains committed to the renewal agenda at Kwara Express as envisaged by the state government. He said “Harmony Holdings has demonstrated its commitment to Kwara Express in many instances". "Some of the steps taken by Harmony Holdings to reposition the company since September 2012, include the total payment of indebtedness of Kwara Express to the Infrastructure Bank to the tune of over N86million, payment of arrears of salaries, allowances, cooperative contribution owed staff of the Corporation since 2008 ". "Others are implementation of minimum wage since July 2013, automation of ticketing system, among others”. Daramola stressed that in further strengthening the operational fleet of the company, Harmony Holdings Ltd has acquired 42 brand new buses, which are due for commissioning soon. He said " the injection of these new buses into the transport scheme is to improve the operational efficiency of the transport company." The GMD reiterated that they have plans for Kwara Express as restructuring the company into a world-class transport business that is functional and effective. According to him, Kwara Express will compete favourably with its peers in the private sector. He said "The brand name is strong, we have requisite knowledge and experience to leverage on with other competences from outside to ensure that this company becomes one of the best in Nigeria” "Under the new dispensation, plans have reached advanced stage to grow the company through enhancement of staff training and welfarism; strengthening the ticketing system, opening more loading bays across Nigeria, re-orientation and commercialisation of the mechanical workshop.