Nigerian tycoon Taiwo Afolabi’s stake in SAHCO gains $65 million in 2026

Nigerian business tycoon Taiwo Afolabi and his wife, Folasade Afolabi, have seen a significant jump in the market value of their stake in Skyway Aviation Handling Co. Plc (SAHCO), the leading airport and aviation service provider listed on the Nigerian Exchange Group (NGX), which nearly doubled to more than $130 million. 

The over 90% increase, fueled by strategic restructuring and strong investor sentiment, has boosted their wealth by $65 million, reinforcing their position among top shareholders in Nigeria’s aviation handling industry.

SAHCO share rally boosts Taiwo Afolabi wealth

Taiwo Afolabi, founder of Sifax Group, is also at the helm as the chairman of Skyway Aviation Handling Co. Plc, his leadership and influence wield through his over 60% stake, which includes 379.04 million direct shares and 443.33 million indirect stakes through SIFAX Shipping Ltd, continues to strengthen Skyway Aviation Handling Company (SAHCO), underpinned by operational expansion, sector diversification and improved service efficiency in Nigeria’s aviation handling industry. His wife, Folashade Afolabi, also holds a 17.86% stake equivalent to more than 241.8 million shares. This gives the entire family a controlling stake of 78.61% totalling 1,064,190,040 shares.

In the past 213 days, the value of their stake has risen by N88.06 billion ($65 million), reflecting SAHCO’s growth on the Nigerian Exchange (NGX).

SAHCO hits $170 million market cap

Over three decades, Skyway Aviation Handling Co. Plc, headquartered in Lagos, has grown into one of Nigeria’s leading ground handling service providers, supporting airlines across passenger, cargo and ramp operations. It has expanded its footprint across key Nigerian airports, building a reputation for operational reliability and service efficiency. Its evolution reflects broader growth in Nigeria’s aviation sector, positioning it as a critical player in facilitating air travel and logistics within West Africa.

The company’s shares on the NGX have increased by 93.56% in 2026, rising from N88.45 ($0.06) on Jan. 1 to N171.2 ($0.12), pushing its market capitalization to $170 million. As a result, Afolabi’s stake increased by N88.06 billion ($65 million), from N94.13 billion ($68.27 million) on Jan. 1 to N182.19 billion ($133.14 million).

SAHCO’s financial record
In terms of its financial records in Half-year 2026, the bank recorded a lower net profit declining by 52.73% to N3.85 billion ($2.81 million) from N81.36 billion ($5.95 million) recorded in the prior half-year, however revenue increased by 9.25% to N23.01 billion ($16.82 million) from N21.06 billion ($15.39 million), reflecting contributions across its core aviation and cargo handling operations

The group’s balance sheet expansion was striking, with total assets surging by 63.4% to N86.55 billion ($63.24 million) from N52.97 billion ($38.71 million), highlighting strengthened financial capacity and long-term stability. Retained earnings also jumped by 20.94% from N18.15 billion ($13.26 million) to N21.95 billion ($16.04 million).