Shareholders of Nigerian Aviation Handling Company Plc (Nahco, Aviance) have commended the Board and Management of the company for remaining on the part of growth and profitability despite various challenges.
Speaking during the Company’s Annual General Meeting (AGM) in Abuja, the shareholders also approved payment of 25kobo dividend, amounting to N406million for the year 2017.
Under the aegis of Progressive, as well as Independent Shareholders, the group described as very impressive the scorecard for 2017 while urging the Directors and management not to rest on the positive forecast for 2018.
Addressing Journalists on the sidelines of the meeting, the new Managing Director/CEO, Idris Yakubu said despite the harsh operating climate, the company remained strong and even more focused in 2018.
Mr. Yakubu revealed that aside from the new acquisitions and the facility upgrade undertaken in the Export warehouse to facilitate export of perishables and other goods, there is huge improvement in the service levels across the country to the delight of the airlines, adding that NAHCO’s subsidiaries should begin to contribute hugely to the company’s performance in 2018 and beyond.
He said the proposed Nigeria Air will, without doubt, provide an opportunity to bolsters the revenue of NAHCO, adding that its diversification and pan-Africanization plans would be revisited later in the year.
NAHCO Chairman, Arc. Usman Arabi Bello told shareholders at the AGM that: “It is on the basis of this result that we have proposed to you, dear shareholders, of the payment of N406million dividend, at 25 kobo per each ordinary share.
He said during the period under review the company also grossed N7.93billion.
According to him, as part of management’s motivation strategy, 846 staffs were promoted in 2017, while increasing their salaries at the same time.
The Chairman said following the resignation, last year, of the former MD/CEO, Mr. Norbert Bielderman, Mr. Idris Yakubu was appointed as the new MD,
On the outlook for 2018, the Chairman said it intends to take advantage of the country’s expected higher agricultural yield for its NAHCO Cargo export division, even as he announced that the diversification ventures were on track with the NAHCO Free Trade Zone moving to the second phase of development.
He also announced the appointment of Mallam Baba Yusuf as the new MD/CEO of NAHCO Free Trade Zone, stressing that 2018 begun on a bright note as the published Q1 result had been very good.
On their part, shareholders of the company were thrilled with the payment of 25kobo, saying few companies pay dividend given Nigeria’s economic challenges.
Representative of the Independent Shareholders Association of Nigeria, Igbrude Moses, said within a short time the Chairman and the new Managing Director have stabilized the company and placed it on the diversification trajectory.
In the same vein, Mr. Okezie Boniface, who represented the Progressive Shareholders
Association of Nigeria, said he was surprised that, despite the unfavourable business environment, the company was able to pay 25kobo dividend to shareholders.
He said the key to increased revenue yield was to diversify and as well strengthen Nahco’s subsidiaries.
Another shareholder, Dr Faruk Umar, suggested that there was the need to increase the numbers of women on the Board, even as he commended the new MD on the FTZ diversification strides.
–Caption: From right: The Chairman of nahco aviance,Arc. Usman Arabi Bello, the MD/CEO Idris Yakubu, Directors Hadiza Aliko Muhammed and Director, Sir Sunday Nnamdi Nwosu, at the Company’s 37th AGM in Abuja
