NAHCO declares N12.18bn dividend, approves share capital increase at AGM

May 19, 2026 By Chisom Moghalu

SHAREHOLDERS of Nigerian Aviation Handling Company Plc (NAHCO Aviance) approved a total dividend payout of N12.18 billion alongside major corporate restructuring decisions at its 45th Annual General Meeting (AGM) held electronically on May 15, 2026.

The meeting, which convened shareholders at 11:00 a.m., passed a series of ordinary resolutions covering dividend declaration, board composition, auditor appointment, capital restructuring, and governance matters.

Dividend declaration

Shareholders approved a dividend of N6.25 per share, amounting to a total payout of N12.182 billion for the financial year ended 31 December 2025.

Board and audit decisions

The AGM also ratified the re-election of Abdulhamid Aliyu, Rev. Victor Abimbola Olaiya, and Ms Adebisi Oluwayemisi Bakare as directors of the company.

PricewaterhouseCoopers (PwC) was appointed as external auditor effective from the 2026 financial year, with directors authorized to determine its remuneration.

An Audit Committee was also constituted, comprising both shareholder and board representatives, to serve until the next AGM.

Directors’ remuneration and governance approvals

Non-executive directors’ remuneration for the year ending December 31, 2026 was fixed at N150 million, subject to applicable taxes. Shareholders also renewed the company’s general mandate to engage in related-party transactions under normal commercial terms, in line with Nigerian Exchange Limited (NGX) rules.

Share capital expansion and bonus issue

In a major capital restructuring move, shareholders approved an increase in the company’s share capital from N974.53 million to N1.11375 billion through the creation of 278.44 million additional ordinary shares of N0.50 each.

They also approved a bonus share issuance on the basis of one new share for every 7 existing shares held as at May 1, 2026. A total of N139.22 million will be transferred from retained earnings to fully pay up the new shares.

Where fractional shares arise, the board was authorised to round them down at its discretion.

Amendments and regulatory compliance

The company’s Memorandum of Association (MOU) was amended to reflect the new share capital structure. Directors were further empowered to execute all necessary documents and take regulatory actions required to implement the resolutions.

Corporate filings indicate that the resolutions reinforce NAHCO’s capital base, shareholder returns, and governance structure as it positions for further growth in Nigeria’s aviation services sector.