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BPE visits SAHCOL over failure to list on NSE

BPE visits SAHCOL over failure to list on NSE

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Maureen Ihua-Maduenyi

Officials of the Bureau of Public Enterprises visited the office of Skyway Aviation Handling Company of Nigeria Limited at the Murtala Muhammed International Airport, Lagos, on Friday, over the firm’s delay in listing on the Nigerian Stock Exchange, nine years after its privatisation.

The Director-General, BPE, Mr. Alex Okoh, had visited SAHCOL in December over the same issue and had requested on-the-spot information on the process.

Sources told journalists on Monday that the BPE officials visited the ground handling company on Friday to express displeasure over the continued contravention of the Public Enterprises (Privatisation and Commercialisation) Act, 1999.

SAHCOL, which was an arm of the defunct national carrier, Nigeria Airways, was privatised in 2009 and sold to the SIFAX Group.

The ground handling company was supposed to have been listed on the NSE with shares offered to the public since 2014.

Officials of the BPE were led by the Director of Post Privatisation, Mr. Ibrahim Babato, to the SAHCOL office on Friday.

The Acting Managing Director, SAHCOL, Mr. Basil Agboarumi, was said to have led the management team of his organisation and both parties went for a closed-door meeting after the BPE officials had toured the facilities of the company.

Agboarumi, who confirmed the visit, said the company was waiting for the BPE to come up with the procedure and timetable for the listing.

He added, “The BPE came in to see if the time has come for them to sign up and in signing up, it means we have to shed a percentage of the shares to the public. The ball is now in their court.

“We are favourably disposed to it. Our board has agreed; we are now waiting for the bureau to come up with a timetable.”

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