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New Investors Acquire 16.8% Stake in NAHCO

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By Dipo Olowookere

There is a possibility of seeing a new change in the shareholding structure of a notable ground handling company in the country, Nigerian Aviation Handling Company (NAHCO) Plc.

This is because investors last week, concluded the transfer of about 16.75 percent equity stakes in the firm on the floor of the Nigerian Stock Exchange (NSE) in an off-market deal.

As off-market, negotiated cross deals, it means that the deals were not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

According to The Nation, three deals were struck to complete major transfers that started with a cross deal on Thursday, bringing total transactions through the negotiated window of the local exchange to 271.848 million shares valued at N1.787 billion in four deals.

All the deals were cross deals and were consummated through the negotiated window of the NSE.

On Friday, a total of 119.92 million shares valued at N875.42 million were swapped at N7.30 per share.

Also, a total of 5.62 million shares valued at N33.73 million were also crossed at N6 while another 22.69 million shares worth N136.134 million were exchanged in a deal at N6 per share.

A deal had been struck for 123.64 million shares valued at N741.83 million at N6 per share on Thursday.

The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

Interim report and accounts of NAHCO for the first quarter ended March 31, 2018 had indicated that the company started the 2018 business year on a strong footing. Turnover rose to N2.188 billion in first quarter 2018 as against N1.786 billion in the corresponding period of 2017.

Finance income improved from N30.916 million to N64.495 million while the company was able to reduce finance cost to N44.536 million as against N55.715 million in first quarter 2017.

With these, profit before tax jumped to N117.405 million in first quarter 2018 compared with N1.026 million in first quarter 2017 while profit after tax leapt from N1.026 million in first quarter 2017 to N97.566 million in first quarter 2018.

Key extracts of the audited report and accounts of NAHCO for the year ended December 31, 2017 had shown improved margins, despite a lull in the top-line.

Turnover stood at N7.926 billion in 2017 compared with N7.956 billion in 2016. Finance cost reduced from N545 million in 2016 to N213 million in 2017.

Profit after tax increased by 33.6 per cent to N776 million in 2017 as against N581 million in 2016. Earnings per share improved from 36 kobo to 48 kobo.

The first quarter of the year results were the first full-quarter results produced by Mr Idris Yakubu, who took over as the Managing Director of the company last November.

The company had its dividend payout by 13.6 percent to N406 million. Shareholders received a dividend per share of 25 kobo for the 2017 business year as against 22 kobo paid for the previous year.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Travel/Tourism

Emirates Showers Dubai Passengers With Exclusive Offers

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Emirates Dubai Summer Surprises

By Modupe Gbadeyanka

Emirates passengers travelling to or through Dubai will enjoy some exclusive offers, including complimentary stays at the iconic JW Marriott Marquis and hundreds of discounts through the popular My Emirates Pass, the airline operator has said.

In a statement, the company stated that from June 22 to July 12, 2026, travellers who purchase an Emirates return ticket in First Class or Business Class are invited to enjoy a two-night stay, while customers booked in Premium Economy Class or Economy Class can enjoy a complimentary one-night stay.

It was disclosed that this special offer is valid for all return tickets to or stopping over in Dubai for more than 24 hours, for customers travelling between June 25 and September 30, 2026.

In addition, passengers can enjoy over 600 offers available in the popular My Emirates Pass, which provides access to spas, restaurants, big-name retailers and much more by simply showing either a physical or digital boarding pass along with a valid ID at participating venues to enjoy the benefits.

These exclusive offers are being offered by Emirates through its Dubai Summer Surprises, which enters its 28th year in 2026.

Further, from July 2 to August 30, residents and visitors can expect an extraordinary live Beat the Heat DXB concert series, cultural events and an array of wellness and fitness activities, as well as big savings and exclusive, limited-time experiences in the city’s malls and lifestyle destinations.

“Whether visitors are seeking relaxation, adventure, entertainment, or a combination of all three, Dubai is the ideal start to any summer vacation.

“We’re inviting passengers to enjoy even more of the city with a complimentary hotel stay to take advantage of the exceptional range of shopping, entertainment, dining and family-friendly experiences that define the Dubai summer experience, when stopping over as part of your journey or visiting Dubai as your final destination,” the Deputy President and Chief Commercial Officer of Emirates, Mr Adnan Kazim, said.

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Akida Hills to Transform Jabi Lake Waterfront to Tourism Destination

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Akida Hills Jabi Lake Waterfront

By Modupe Gbadeyanka

The popular Jabi Lake waterfront in Abuja is set to become a major leisure and tourism hub in the country, thanks to Akida Hills, which is making efforts to enable visitors to enjoy the transformation from December 2026.

The Nigerian mixed-use real estate and destination development company has been allocated a 3.36-hectare development site within the approximately 14-hectare waterfront district, where it will deliver a phased mix of recreational, entertainment, and public leisure experiences.

According to the deal, the first phase of the development will introduce the destination’s first operational attractions, including dining and leisure experiences, water-based activities, structured weekly programming, a seasonal lights festival, and the dancing musical fountain as its signature attraction.

Additional experiences and amenities will be introduced in subsequent phases as the destination evolves.

Designed as a central landmark within the waterfront experience, the dancing musical fountain will combine choreographed water displays, synchronised lighting, and music to create a distinctive evening attraction and focal point for visitor engagement.

Upon completion, the development is expected to serve as a major hub for tourism, recreation, entertainment, and community engagement, further strengthening Abuja’s position as a leading leisure and lifestyle destination.

Construction and implementation activities will progress in phases, with additional announcements on attractions, programming, and commercial partnerships expected ahead of the December 2026 launch.

“Jabi Lake represents one of the most significant opportunities to create a world-class waterfront destination in Africa.

“Through this development, we aim to deliver experiences that attract residents, visitors, and tourists year-round while contributing to economic growth, job creation, and Nigeria’s tourism appeal.

“Our vision is to establish Jabi as a defining waterfront destination for the continent – one that demonstrates the transformative power of destination-led development and reimagines how people experience a city,” the founder of Akida Hills, Mr Kayode Bamisile, said.

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FAAN Mulls New October Deadline for Airport Taxi Upgrade Policy

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Airport Taxi Upgrade

By Adedapo Adesanya

The Federal Airports Authority of Nigeria (FAAN) is considering extending the deadline for its airport taxi upgrade policy to October, following concerns raised by the Nigeria Union of Private Cab Operators.

The development was disclosed on Monday in Lagos by Mr Henry Agbebire, Director of Public Affairs and Consumer Protection at FAAN, saying that the possible extension followed complaints and concerns from airport cab operators, even as the authority maintained that the policy was designed to improve service standards across Nigerian airports.

“The policy aligns with international best practices and seeks to elevate service quality,” Mr Agbebire said.

He added that passengers deserved “clean, safe, comfortable and professionally maintained vehicles” within airport transport systems.

The FAAN spokesman dismissed claims that the authority had failed to engage operators on the policy, insisting that consultations had been ongoing.

He said FAAN maintained regular discussions with licensed transport providers operating within airport premises, stressing that engagement was conducted directly with corporate entities rather than unions or associations.

“Engagements on operational matters are conducted directly with affected corporate entities,” he said.

Mr Agbebire explained that discussions on the upgrade requirement began in July 2024, giving operators time to comply.

He noted that the original compliance deadline had already been extended twice—from January 2026 to June 2026—citing economic realities and the need to give operators adequate preparation time.

According to him, the policy was not intended to punish operators or restrict their participation in airport transport services.

“Operators have been afforded ample opportunity to prepare for compliance,” he stated.

However, he warned that further extensions beyond the proposed October deadline may not be granted.

Mr Agbebire acknowledged the role of airport cab operators in passenger movement, urging them to support the initiative aimed at improving service delivery.

He added that FAAN remains committed to passenger-focused reforms across Nigeria’s aviation sector.

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