NAHCO chairman Seinde Fadeni set for $2.3 million dividend, 71 million bonus shares

Nigerian businessman Seinde Oladapo Fadeni, chairman of Nigerian Aviation Handling Company Plc (NAHCO), is poised to receive N3.11 billion ($2.28 million) in dividends, alongside about 71.04 million bonus shares, following a proposed 1-for-7 bonus issue ahead of the company’s Annual General Meeting scheduled for May 15, 2026, in Lagos.

The proposed payout, disclosed in a shareholder notice, also includes a final dividend of N6.25 ($0.0046) per share for the 2025 fiscal year, reinforcing NAHCO’s strategy of rewarding investors following strong earnings growth and balance sheet expansion. The move further strengthens Fadeni’s influence over one of Nigeria’s most strategic aviation services operators.

NAHCO moves to expand capital base

Under the proposal, shareholders will receive one new ordinary share for every seven existing shares held as of May 1, 2026. The bonus issuance forms part of a broader capital restructuring plan designed to increase NAHCO’s issued share capital from N974.53 million to N1.11 billion.

The expansion will create an additional 278.44 million ordinary shares of 50 kobo each, bringing the company’s total issued shares to 2.23 billion. The company plans to capitalize N139.22 million from retained earnings and transfer the amount into share capital, effectively converting accumulated profits into equity.

The newly created shares will rank pari-passu with existing shares, granting equal rights to dividends and voting participation. NAHCO’s board also proposed amendments to the company’s Memorandum of Association to reflect the enlarged capital structure, while fractional entitlements arising from the bonus issue will be rounded down at the board’s discretion.

Fadeni strengthens grip on aviation services giant

Fadeni indirectly controls roughly 497.29 million shares in NAHCO through his investment vehicle, Godsmart Nigeria Limited, representing a 25.51% stake in the company.

Based on the company’s current market valuation of N454 billion ($332.55 million), the holding is worth more than N101.42 billion ($74.29 million), reinforcing his position as one of the most influential investors in Nigeria’s aviation and logistics ecosystem. The proposed bonus allotment would increase his equity position by about 71.04 million additional shares, further consolidating his long-term ownership structure.

Another major shareholder, Nigerian cleric and oil industry veteran, Victor Abimbola Olaiya, who holds 169.81 million shares, is expected to receive N1.06 billion ($777,410) in dividends alongside approximately 24.25 million bonus shares.

Directors face shareholder vote at AGM

During the May 15 AGM in Lagos, shareholders will also vote on the re-election of several board members, including Abdulhamid Aliyu, Adebisi Oluwayemisi Bakare and Victor Abimbola Olaiya. The resolutions are expected to reinforce continuity within the company’s governance structure as NAHCO expands operations across Nigeria’s aviation infrastructure sector.

NAHCO’s capital restructuring highlights growing investor confidence in Nigeria’s aviation support services industry, a sector benefiting from rising passenger traffic, cargo demand, and airport modernization initiatives.

For investors, the move signals management’s confidence in NAHCO’s long-term earnings outlook and cash generation capacity. 

From energy investments to aviation leadership

Beyond aviation, Fadeni maintains interests across Nigeria’s energy, maritime, logistics, and infrastructure sectors. He is the founder of GMT Energy Resources Limited, an indigenous oil and gas company with investments tied to upstream and industrial energy projects.

His business portfolio also spans logistics and industrial yard development ventures linked to Nigeria’s real economy sectors, reflecting a diversified investment strategy centered on long-term infrastructure and operational assets. He is affiliated with professional organizations including the Nigerian Institute of Management and the Nigerian Institute of Credit Management. Under his leadership, NAHCO has continued to strengthen its position in ground handling, cargo logistics, and passenger support services across major Nigerian airports.