The Bureau of Public Enterprises (BPE) has completed the payment of N563, 828,449 which is for the terminal benefits of active/disengaged staff of Skypower Aviation Handling Company (SAHCOL) and other staff related liabilities.

The payments for the beneficiaries were effected in Abuja on Wednesday, September 8, 2010 and last week in Lagos.
It would be recalled that the National Council on Privatisation (NCP) approved the payments at its third meeting for 2010 which held on Thursday, August 19, 2010.

Skyway Aviation Handling Company Limited emerged the winner of Skypower Aviation Handling Company (SAHCOL) under the “willing seller willing buyer” core investor sale exercise conducted on 23rd September, 2009 with a bid offer of N5,522,100,000 (Five Billion, Five Hundred and Twenty_two Million and One Hundred Thousand Naira Only).
The Technical Committee of the NCP approved the result of the sale at its meeting held on Thursday, 29th October 2009.

The National Council on Privatisation (NCP) approved the transaction and the hand\ over of SAHCOL to the core investor at its 25th meeting held on 30th November, 2009.

The technical and administrative hand over were performed by the BPE and Federal Ministry of Aviation on 22nd and 23rd December, 2009 respectively.

The privatization exercise of SAHCOL was jointly handled by both BPE and Babington Ashaye & Co., the liquidator of Nigeria Airways Limited (NAL), on the directive of NCP. SAHCOL was a 100% subsidiary of NAL.

Prior to its hand over to its core investor, the sum of N1, 068,685,578 (One Billion, Sixty-eight Million, Six Hundred and Eighty-five Thousand, Five Hundred and Seventy eight Naira) was paid to the active staff of SAHCOL to pave way for the hand over.