Business
Party Rejects N150m Loan For Transport Outfit
The Peoples Demo
cratic Party (PDP) in Kwara State has kicked against the decision of the management of Harmony Holdings to obtain N150 million loan for Kwara State Transport Corporation, owners of Kwara Express.
The Tide source reports that Harmony Holdings was established by the Kwara Government to manage all state-owned companies including Kwara Express.
In a statement issued in Ilorin, last Wednesday, the PDP Caretaker Committee Chairman in the state, Mr Solomon Edoja described the attempt by Harmony Holdings to obtain the loan as “dubious.’’
He described Kwara Express as a ‘leading and viable’ transport corporation with huge annual turnover.
Edoja said that the corporation was also a standard transport company that was generating revenues for the government.
“There is no justification for the loan being sought for by Harmony Holdings Limited,’’ Edoja said in the statement made available to newsmen.
He alleged that the decision was part of efforts to cripple Kwara Express.
The PDP caretaker committee chairmen also alleged that the decision was aimed at incapacitating Kwara Express and facilitate the emergence of ‘Harmony Express.’
He called on the Managing Director, Harmony Express, Mr Tope Daramola, to explain how more than N540 million generated by Kwara Express from 2012 to date was spent.
“We warn them not to obtain the loan and urge the public to reject the facility
“The loan is nothing, but an attempt to make Kwara Express indebted and insolvent and curtail its ability to exist as a corporation,” Edoja said.