Lufthansa dumps NAHCO shares

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Lufthansa dumps NAHCO shares 

PHOTO CREDIT: SCMP

Barely three weeks after Idris Yakubu, Managing Director of the Nigerian Aviation Handling Company (NAHCO) Plc, was eased out of office, one of its major shareholders, Lufthansa Airlines, has sold its shares in the company.

NAHCO issued a statement to the Nigerian Stock Exchange (NSE) informing the organisation of the divestment of the investment of Lufthansa Airlines in the company.

It was gathered that Lufthansa had six per cent stake in NAHCO before last week’s sales. The shares, which stood at 97.5million, were transferred to a local firm, Godsmart Nigeria Ltd, allegedly owed by one of the major shareholders in the company.

Before the acquisition, Godsmart had about 20 per cent stake in NAHCO and this latest transaction increased its shares in the company to 26.95 per cent, making it the largest single investor.

The German carrier was the only foreign airline that had shares in NAHCO. As a result of its shares, the ground handling company handles all its operations in the three airports it operates in Nigeria. The airports are the Murtala Muhammed International Airport (MMIA), Lagos; Port Harcourt International Airport (PHIA), Omegwa and the Nnamdi Azikiwe International Airport (NAIA), Abuja.

There are fears that with the divestment of its shares in NAHCO, the airline and some of its partners, including other foreign carriers, may terminate their handling contracts with the company.

When contacted the spokesman for NAHCO, Tayo Ajakaiye, declined to comment on the issue. He said that the company would issue a statement at a later date.