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Business News

Godsmart Nigeria Limited takes up 16.7% stake in NAHCO Plc

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NAHCO appoints acting GMD

Nigerian Aviation Handling Company (NAHCO) Aviance sent a notice to the Nigerian Stock Exchange (NSE) today, informing it and the investing community of a change in its shareholding structure and directorship.

Godsmart Nigeria Limited has purchased a 16.7% stake in the firm from some shareholders, making it the largest single shareholder.

Companies are expected to notify the NSE when trades equating to 5% or more of their issued share capital changes hands.

Nairametrics last week reported that a key investor had sold its  stake in the firm. 271.848 million shares valued at N1.787 billion exchanged hands in four deals. The shares were traded at an average price of N6.52, a 73.4% premium over the company’s closing price of N3.76 per share.

NAHCO’s board will hold an emergency board meeting on Thursday 19th of July 2018 to consider the following resignations and appointments.

Messrs Femi Olubanwo and Christopher Oshaffi who represented the investors that sold their stake have tendered a notice of resignation to the board. Olubanwo was appointed in 2017.

The new shareholders have subsequently nominated Engineer Mohammed Umar and Akinwunmi Godson Fanimokun as Non-Executive Directors.

The firm also announced the resignation of Folashade Ode an Executive Director effective 13th of July 2018. Ode was briefly Acting Managing Director, when Nobert Bielderman, then MD resigned.

The company, however, stated that her resignation is unconnected with Godsmart Nigeria Limited taking a stake in NAHCO.

NAHCO PLc closed at N3.99 in today’s trading session on the NSE, unchanged from yesterday. Year to date, the stock is up 0.25%.

Results for the first quarter ended March 2018 show revenue increased from N1.7 billion in 2017 to N2.1 billion in 2018. Profit before tax jumped massively from N1 million in 2017 to N111 million in 2018. Profit after tax also spiked from N1 million in 2017 to N97 million in 2018.

NAHCO Aviance commenced operations on April 4, 1979, with operations at the Muritala Mohammed International Airport (MMIA), but currently operates across 35 airports in the country.

The Federal Government initially held a 60% stake in the company but sold its stake through an Initial Public Offer (IPO). The company’s shares were listed on the Nigerian Stock Exchange in November 2006. The company is a member of Aviance, an international alliance of airport service providers.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Corporate Press Releases

Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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Facebook

Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

Plan an initiative

Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

How to apply

Hotflex

This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics

President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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