March 19, 2025

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Alleged  N170m Fraud:   Former Harmony Holdings Top Official, Bayo Sani ,Denies Allegations…Threatens Legal Action

Alleged  N170m Fraud:   Former Harmony Holdings Top Official, Bayo Sani ,Denies Allegations…Threatens Legal Action

Former Group Executive Director, Harmony Holdings Limited, Ilorin which is owned by  Kwara state government, Otunba Bayo Sanni, has  denied involvement in the alleged misuse of a certain N170 million or funds  belonging to   Harmony Investment property Development Company(HIPDC), Harmony Holdings or any of its subsidiaries.

He also said there was nothing like indictment in respect of this during  the investigation carried out by the Economic and Financial Crimes Commission (EFCC).

Sanni  made this assertion during the press conference he presided over at the NUJ Press Center, Ilorin on Thursday which was attended by journalists including Team@orientactualmags.com .

He noted that he had done this sequel to the allegation raised against him  by the incumbent Group Managing Director of Harmony Holdings Limited, Mr Abdul Majeed Abdullahi, that the EFCC found him(Sanni) culpable with regard to the alleged misuse  of N170 million.

The former GED,  who said he had nothing to do with the missing N170m  at Harmony Holdings , explained that all the transactions of the agency were duly approved by its Board of Directors on former GMD, Tope Daramola’s watch.

Sanni  said it was surprising that the missing N170m  in 2022 could be linked to someone who had   left  the organization since 2018.

‘Recently, specifically on Wednesday, October 12, 2022, the management of Harmony Holdings joined the fray of political propagandists with a press conference at the company’s head office, this time around at a higher tempo – this had tended towards criminal defamation of my character.

In addressing the protest organized by staff of the HIPDC , the staff had demanded the whereabouts of the company’s N170 million, Abdulmajeed Abdullahi had this to say in reference to my person as quoted by several media houses in attendance;   ‘the EFCC found him wanting of corruption to the tune of N170 million.

That is what they were able to identify at that time’.

I,  Adebayo Sanni do not have , has never had and is not involved in any case that had to do with N170 million belonging  to HIPDC, Harmony Holdings or any of her subsidiaries’ he said.

Sani listed the establishment of Harmony Reservation Area, Harmony Hub Shopping Complex, the block of  flats in  Wuye residential housing project in Abuja, renovation of Stella Obasanjo Hall, Ilorin and renovation of Kwara Football Academy offices and staff quarters as some of the achievements recorded  by Harmony Holdings  which he directly supervised  as Group Executive Director.

He said the Harmony Reservation project added about five billion (N5 billion) to the state Growth Domestic Products (GDP) at initial completion, adding that it still commands the highest price per square meter in Kwara State .

While asking  Abdulmajeed to  make public what had happened to Harmony Holdings under his stewardship,  Sani also disclosed that his lawyers were putting heads together for a  possible legal action against him and others.

‘For the first full year of HIPDC (FYE 2013), we returned a profit of more than N300 million. We paid the first ever ‘13th month’  pay that year.

Finally, I wish to let Kwarans know that we paid more than N2.2 billion in salaries and allowances during our tenure at Harmony Holdings – this sum saved the state government from annual budget allocations for the entities we managed’ he said- Team@orientactualmags.com
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