Travel/Tourism
H1’20: NAHCO Suffers N143.2m Loss on Rising Selling, Admin Costs
By Dipo Olowookere
One of the main aircraft, cargo and passenger handling companies at the nation’s airports, the Nigerian Aviation Handling Company (NAHCO) Plc, suffered a N143.2 million loss in the first half of 2020.
This was against the net profit of N467.3 million the firm declared in the corresponding period of last year.
This loss was mainly impacted by the COVID-19 pandemic, which wrecked the aviation industry worldwide especially in the second quarter of the year.
Business Post observed that NAHCO recorded a loss in the period under review despite receiving a tax credit of N36.8 million.
In the period, it had a loss before tax of N180.0 million versus the profit before tax of N580.0 million in the first six months of 2019, while its earnings per share (EPS) closed at -9 kobo in contrast to 28 kobo in H1’19.
A look at the top line of the financial statements for the period ended June 30, 2020, showed that the revenue generated declined to N3.6 billion from N4.8 billion due to a decline in the passenger/aircraft handling to N1.4 billion from N2.6 billion and reduction in the leasing to N78.9 million from N123.8 million.
However, there was an improvement in the revenue generated from cargo handling to N2.0 billion from N1.9 billion.
According to the results, the operating costs were pruned to N2.7 billion from N3.2 billion majorly from payroll costs, concession, diesel, electricity and spares as well as licence renewal and at the close of business on June 30, 2020, the company’s gross profit went down to N931.9 million from N1.6 billion.
With an almost flat other income of N105.9 million and higher selling and administrative expenses of N1.3 billion versus N1.1 billion in H1 2019, NAHCO was left with a loss from operations of N282.8 million in contrast to a profit of N591.7 million a year earlier.
The increase in the selling and administrative costs was caused by the higher directors’ remuneration, laundry & cleaning, repair & maintenance, board expenses, entertainment, medical costs, audit fee, depreciation/amortization and others.
Furthermore, the company said it grew its finance income to N146.7 million from N86.5 million, while the finance costs dropped to N43.8 million from N73.6 million.
On its balance sheet, the total assets reduced to N14.6 billion from N14.7 billion in FY 2019, while the total liabilities were flat year-to-date at N8.1 billion.
In the period under review, the loans and borrowings reduced year-to-date to N229.7 million from N440.1 million, while the retained earnings dropped to N3.9 billion from N4.0 billion in FY’19.
Travel/Tourism
Customs Tackles Airport Delays With Smart Declaration Platform
By Modupe Gbadeyanka
In a move aimed at improving passenger clearance, compliance and customs operations, the Nigeria Customs Service (NCS) has introduced the Simplified Customs Advanced Declaration System (SCADS).
This platform was launched at the International Wing of the Nnamdi Azikiwe International Airport, Abuja, on Monday, May 18, 2026.
This initiative will simplify baggage declaration for inbound international passengers and reduce manual bottlenecks, improve transparency in revenue assessment and enhance operational efficiency at Nigeria’s international airports.
It allows passengers to declare items before arrival, thereby reducing clearance time while improving compliance and operational integrity.
The introduction of this scheme became necessary following operational challenges encountered on the Service’s previous passenger declaration platform earlier this year, and rather than allow the setbacks to slow operations, customs chose to develop a stronger and more efficient alternative.
“When the earlier platform experienced operational challenges, we chose not to see it as a setback. We saw it as an opportunity to build something better, stronger and more efficient.
“For passengers, this system creates the opportunity for advance declaration before arrival. It means faster clearance, easier compliance and smoother movement through our airports,” the Deputy Comptroller-General of Customs in charge of ICT/Modernisation, Ms Oluyomi Adebakin, said yesterday.
She noted that the system will eliminate subjective revenue assessment by ensuring that duties are automatically generated based on declared items, their quantities, and their actual values.
“When we talk about revenue collection, it is not about collecting more or less. It is about collecting the right revenue. With this system, assessment will now be more objective, accurate and driven by data,” she stated.
Earlier, the Customs Area Controller for FCT Area Command, Comptroller Victoria Alibo, described the selection of the command for the pilot phase as a vote of confidence in its operational capacity.
According to her, the new platform integrates passenger baggage and e-commerce declarations into a single digital framework designed to support global Customs best practices.
“SCADS is designed to simplify declarations, reduce clearance time, eliminate manual bottlenecks and align our operations with international standards,” Ms Alibo said, adding that the pilot phase will run for five days, from Monday, May 18, to Friday, May 22, 2026, during which officers will evaluate the system in a live environment ahead of nationwide deployment.
Travel/Tourism
Dangote Refinery Slashes Jet Fuel Price to N1,650 Per Litre
By Aduragbemi Omiyale
The price of aviation fuel, also known as Jet A1, has been reduced by Dangote Petroleum Refinery and Petrochemicals to N1,650 per litre from N1,750 per litre.
The company, in a statement, said this price slash was done to ease cost pressures on airlines and ensure an uninterrupted fuel supply across the country.
This is in addition to a 30-day interest-free credit facility backed by bank guarantees (BG) for marketers and airline operators and a shift from a dollar-denominated pricing structure to a naira-based model.
The private refiner also stated that these interventions come amid growing concerns over the rising operational costs faced by domestic carriers, with aviation fuel accounting for a significant portion of airline expenses.
Industry stakeholders have repeatedly warned that escalating Jet A1 prices were placing severe financial strain on operators and threatening the sustainability of flight operations.
The refinery’s decision is expected to provide relief to airline operators by lowering fuel procurement costs, improving operational stability, and supporting efforts to moderate airfares.
Travel/Tourism
Valiente Jet Limited Loses Aircraft to FG
By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has secured a final forfeiture order for a Hawker private Jet 125 before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, over its links to fraud, corruption, and money laundering in relation to the Maiduguri Emergency Power Project (MEPP).
The aircraft, with model number 800XP, serial number 258553 and registration number 5N-AMK, was forfeited following an application by the EFCC.
Justice Nwite, ruling on the application, held that no sufficient cause was shown by Valiente Jet Limited, a company owned by Mr Abdulsalam Kachallah, an interested party, why the aircraft should not be finally forfeited to the Federal Government.
“The interested party has not demonstrated with evidence the lawful origin of the funds used to purchase the aircraft,” the judge held, stressing that the disguised manner through which the aircraft was acquired using the name of a Bureau De Change (BDC) operator who denied knowledge of the nature of the transaction further lent credence to the unlawfulness of the entire transaction.
In a statement by the anti-graft agency, it disclosed that the investigation revealed Mr Kachallah entered into unlawful agreements with China Machinery Engineering Company (CMEC) through shell companies.
The EFCC also alleged that he sold privileged bidding information relating to the project in exchange for financial inducements.
“The investigation further showed that CMEC was subsequently awarded three contracts under the project valued at $52,120,172 (Fifty Two Million One Hundred and Twenty Thousand, One Hundred and Seventy Two Dollars) and ₦20,213,956,953 (Twenty Billion, Two Hundred and Thirteen Million, Nine Hundred and Fifty Six Thousand, Nine Hundred and Fifty Three Naira),” it said.
The EFCC revealed that part of the contract funds was routed through Afuwa Integrated Services Limited, a Bureau De Change operator, under the false claim that the company was subcontracted by CMEC.
“CMEC transferred the sum of $2,070,000 (Two Million, Seventy Thousand Dollars) into the Stanbic IBTC Bank account of Afuwa Integrated Services Limited on Kachallah’s instruction,” it further revealed.
It disclosed that forged invoices were prepared in the name of Afuwa Integrated Services Limited to falsely portray that legitimate services had been rendered to CMEC.
“The funds were thereafter transferred to a Brazilian account for the purchase of the aircraft from a Brazilian company,” the EFCC revealed.
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