Economy
SAHCOL Aims to Reward Shareholders With Double-Digit Growth
By Modupe Gbadeyanka
Few months ago, Skyway Aviation Handling Company (SAHCOL) Plc became the first company under the Bureau of Public Enterprises (BPE) privatization programme to successfully finalize an Initial Public Offering (IPO).
During the exercise, the company sold part of its shares to the Nigerian public and it eventually listed 1.35 billion shares worth N6.29 billion on the Nigerian Stock Exchange (NSE) at N4.65 per unit.
Last week, the management of SAHCOL were at the NSE to inform investors why they listed the firm on the local bourse. They also used the occasion to unveil their plans for the company in the next five year.
Speaking at company’s Fact behind Listing on the NSE, Managing Director/CEO of SAHCOL, Mr Basil Agboarumi, said the firm plans to achieve a double digit growth in the next five years by expanding its operations beyond the shores of Nigeria to other West African markets.
According to Mr Agboarumi, this will enable the company add value to shareholders in a consistent manner through payment of attractive dividends.
He explained the listing on the stock exchange was to give Nigerians opportunity to benefit from the company’s success story as well as make it more feasible.
“SAHCOL’s future strategy seeks to create long term shareholder value through profitable operation and expansion of its business beyond Nigeria into other West African markets with a vision to become the leading provider of passenger, ramp and cargo handling services in the West African region,” he said.
“We have a plan in place for strategic alliance of partnership, expansion of our offerings and increasing our visibility in Nigeria and beyond.
“We will begin to look at cost management and we are projecting 15 percent growth within the next five years,” he added.
Mr Agboarumi noted that SAHCOL was strategically positioned to take advantage of growth opportunities in the Nigerian aviation industry, leveraging its established brand and reputation, strategic alliances, technical capacity, state of the art technology and equipment, and fully-trained and experienced staff.
Also speaking at the event, CEO of NSE, Mr Oscar Onyema, who was represented by Ms Tinuade Awe, Executive Director in charge of Regulation at NSE, described the listing as a promising development in the country, being that SAHCOL is the first company under the BPE privatization programme to successfully finalize an IPO and list its shares on a securities exchange.
The NSE chief said the listing would not only showcase the company as an established player in the aviation sector, but will enable the firm to actualize its strategic vision of becoming the leading provider of passenger, ramp and cargo handling services in West African.
Recall that following the federal government’s decision to identify key state-owned enterprises from which to extract value and open to private sector expertise, SAHCOL was 100 percent privatized by the Bureau of Public Enterprises (BPE) and transferred to the Sifax Group in 2009.
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
