Nigerian clergyman Victor Olaiya to receive N1 billion, 24.3 million bonus shares from NAHCO

Nigerian cleric and oil industry veteran Victor Abimbola Olaiya is poised to receive N1 billion in dividends, alongside about 24.25 million bonus shares in Nigerian Aviation Handling Company Plc (NAHCO), 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.

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.

Olaiya to gain big as NAHCO moves to reward shareholders

As a veteran of Nigeria’s oil and gas sector, Abimbola Olaiya has built a distinguished career spanning over three decades with Mobil Producing Nigeria and ExxonMobil. His stake in NAHCO, comprising a direct 0.06% holding of 1,170,142 shares and an indirect 8.65% via White Cowry (168,643,862 shares), is valued at N32.04 billion ($23.03 million), reflecting his long-standing influence in Nigeria’s energy and logistics industries.

Based on the company’s current market valuation of over $330 million, Olaiya’s stake is worth more than N36.85 billion ($27 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 24.25 million additional shares, further consolidating his long-term ownership structure.

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 Victor Abimbola Olaiya, Abdulhamid Aliyu, and Adebisi Oluwayemisi Bakare. 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. 

Beyond his influential presence on corporate boards, Victor Abimbola Olaiya’s extensive three‑decade career in the oil and gas industry, spanning engineering, operations, and senior management roles with Mobil Producing Nigeria and ExxonMobil affiliates, reflects deep industry expertise that has bolstered strategic governance within key sectors of the Nigerian economy.