By MICHAEL EBOH

Nigerian Aviation Handling Company Plc, NAHCO Aviance, has announced plans to expand its operations to other parts of the African continent.

To actualize this, shareholders of the company gave the management the go-ahead to shore up its capital base to N3 billion.

The shareholders at the 31st Annual General Meeting of the company in Abuja, authorised the Board of Directors to increase the authorized share capital of the company from N1.5 billion  to N3 billion.

The Board of the company had proposed the increase, saying it will aid the proposed expansion of the company’s business to other parts of Africa.

The shareholders, after considering the achievements of the company in the last one year and its diversification drive, considered it necessary to increase the authorized capital.

The company’s shareholders also approved the final payment of 25 kobo per share and declaration of a bonus of one ordinary share for every five ordinary shares.

The company also announced that its Chairman, Senator Ike Nwachukwu, will retire before the end of the year and would be replaced by the Vice Chairman, Alhaji Suleiman Yahyah.

According to the company, Nwachukwu joined the Board of the company in 2008, as a representative of the Rosehill Group, an indigenous company that has 9.5 per cent stake in the organization, while he was elected Chairman at the 29th AGM held in Ibadan in May 2010.

On becoming the Chairman, the company stated that Nwachukwu promised to turn around the company in two years, adding that in July 2010, he initiated a re-organisation programme which led to the recruitment of professionals to man strategic offices of the company, equipment renewal and training of staff.

Among his achievements, the company stated, includes the construction of the new warehouse which was recently commissioned, while his tenure also witnessed the opening of a new branch in Uyo as well as purchase of new Ground Support Equipment worth N2 billion.

Nwachukwu thanked stakeholders of the company for the cooperation extended to him during his tenure and called on them to give the in-coming Chairman the same co-operation.

The company stated further, “The incoming chairman, Alhaji Suleiman Yahyah is a first class graduate of Economics of Bayero University, Kano. He has been on the Board of Nahco Aviance since 2006 as vice chairman.”

Yahyah promised to take the company to the next level with the collaboration and cooperation of various stakeholders of the company.

Also speaking at the AGM, Mr. Sunny Nwosu, President, Independent Shareholders’ Association of Nigeria, ISAN, commended the board for the peaceful transition of power in Nahco Aviance.

He called on the federal government to intervene and come to the aid of the stock market, so as to save it from collapsing.