Yahyah replaces Nwachukwu as ChairmanSHAREHOLDERS of Nigerian Aviation Handling Company Plc (NAHCO aviance), yesterday, approved proposal by the board of the company to raise fresh capital to fund ongoing expansion and diversification scheme.Under the approval secured during the company's 31st yearly general meeting, the board is totake all steps necessary for the company or any of its subsidiaries to raise additional capital fordiversification, power needs and any other projects in line with the company's African expansion and diversification objectives.Also yesterday, theboard announced the electionof its Vice-Chairman, Alhaji Suleiman Yahyah asChairman. He succeeded General Ike Nwachukwu, who has occupied the position for two years.Nwachukwu in his address to shareholders, described Yahyah as a committed and highly dedicated member of the board.Nwachukwusaid Yahyah is ina sound position to direct affairs of the board in the interestof shareholders and other stakeholders.Yahyah used the opportunity to thank the board for giving him the opportunity to serve the company, adding that hewas looking forward to 'more collaboration with shareholders and regulators'.During the meeting, shareholdersapproved the quest by the board to pay 25 kobo final dividend, making a total of 40 kobo and a bonus of one for five, amounting to N307.6 million for the year ended December 31, 2011.Within the period under review, the company recorded N7.1 billion compared to N6.3 billion attained in 2010.According to Nwachukwu, the board was able to effectively use some of the proceeds from the bond issued to fund equipment purchase programme.Explaining further, Nwachukwu said: 'We funded the construction of the new warehouse from internally generated revenue, delivery greater levels of efficiency and savings. The fruits of these investments are already being seen this year, but will be fully realised next year'.While commending Nwachukwu for his contributions to the growth of the company, shareholders pledged their support for the incoming chairman of the board.National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu explained that the company is strategically positioned to make impact in the sector.In his submission, National Coordinator, Proactive Shareholders Association of Nigeria, Taiwo Oderinde said the board and management of the company should be commended for its diversification scheme.The company isto invest $100 million in the first phase of its expansion across Africa between now and 2014.Yahyah explained that the company invested $70 million in its transformation programme in the last six years.He noted that the next step was to expand to other parts of Africa so as to consolidateits leadership position in the industry.'Having invested over $70 million in our restructuring and transformation programme in the past six years and achieving equipment self-sufficiency for the next five years, our board has approved $100 million for investment across Africa in the first phase beginning this year to 2014,' said Yahyah.He added: 'We have the right governance and have identified 11 Africa opportunities that we are focusing on. We will go outside Nigeria to replicate our cargo warehouse and passenger handling experience starting from this year through 2014.'Despite various challenges, the board assured shareholders yesterday that the company's outlook remains positive 'as we expect the transformation and modernisation programme to show increased results in the second quarter of 2012 and beyond.'Nwachukwu told shareholders that the board's projection is that 'our results will exceed previous years' performance especially with our building significant value in the company and remaining the market leader. We will be enjoying the fruits of our transformation programme with fuller year effects in 2013 and beyond.'We are again delighted to report that we have now established the NAHCO Group made up of NAHCO Aviance, NAHCO Energy and Power Limited and NAHCO FTZ Limited.'2012 is the year for concluding the transformation programme and consolidating our gains. More than ever we are determined to maintain our leadership position in the industry and in the region', Nwachukwu added.In his report, Managing Director/Chief Executive Officer, Kayode T. Oluwasegun, said the company has acquired Ground Support Equipment (GSE) worth N2 billion.He explained that GSE will be fully delivered by the end of the first half of 2012, adding that the equipment is made up of both motorised and non-motorised units.
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