Business
NAHCO soars to record profits, targets ₦300bn revenue by 2029
NAHCO reports a record-breaking financial year, doubling pre-tax profits and outlining an ambitious ₦300bn revenue target, showcasing exceptional NAHCO financial performance.
NAHCO reports a record-breaking financial year, doubling pre-tax profits and outlining an ambitious ₦300bn revenue target, showcasing exceptional NAHCO financial performance
The Nigerian Aviation Handling Company (NAHCO) has announced a landmark financial performance, achieving its highest profits to date.
Also read: Festus Keyamo: Rescuing Nigeria’s Aviation Sector from the Brink of Collapse
The company’s audited results, filed with the Nigerian Exchange Limited, reveal a doubling of pre-tax profit to ₦18.70bn and an 88.5 per cent surge in revenue to ₦53.54bn for the 2024 fiscal year.
Driven by this exceptional performance, NAHCO’s board of directors, led by Dr. Seinde Fadeni, has recommended a 134 per cent increase in dividend payouts to shareholders.
The company will distribute ₦11.58bn in cash dividends, translating to ₦5.94 per share, significantly exceeding the ₦4.95bn paid out in 2023.
After taxes, NAHCO’s net profit climbed by 132 per cent from ₦5.54bn to ₦12.86bn, with earnings per share also rising by 132 per cent from ₦2.84 to ₦6.60.
NAHCO has also outlined an ambitious five-year growth plan, aiming to achieve a revenue target of ₦300bn by 2029. The company’s 2024 revenue of ₦53.54bn already surpasses its projected revenue of ₦38.49bn, indicating strong early progress.
The five-year plan, presented to investors in December 2024, projects a steady increase in turnover, reaching ₦71.12bn in 2025 and ₦300bn by 2029.
The ₦300bn target is broken down across NAHCO’s diverse business segments: ₦120bn from ground handling, ₦40bn from cargo handling, ₦36bn from logistics services, and contributions from its free zone, commodities, travel, and aviation academy subsidiaries.
Dr. Seinde Fadeni, Chairman of NAHCO, expressed confidence in the company’s ability to achieve its targets, citing ongoing investments and emerging opportunities. “This is the beginning of bumper returns to investors,” he stated, emphasising the company’s commitment to increasing profitability and shareholder dividends.
Group Executive Director, International Business and Corporate Services, Dr. Sola Obabori, detailed the company’s strategic transformation plan, centred on four pillars: accelerating business growth, operational excellence, digital leadership, and a transformed people and culture.
NAHCO’s diverse portfolio includes aviation ground handling, airport management, aviation training, free trade zones, commodities export, and energy solutions.
The company’s subsidiaries include Mainland Cargo Options Limited, NAHCO Free Trade Zone Limited, NAHCO Power Solutions Limited, NAHCO Management Services, NAHCO Travels & Hospitality Limited, NAHCO Aviation Academy, and NAHCO Commodities Limited.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
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