NAHCO announces N3.8bn PAT for 2022
…As Chairman charges govt on release of $802m airlines’ trapped funds
The Nigerian Aviation Handling Company Plc has declared a Profit After Tax (PAT) of N3.842 billion for the Year End 2022, an increase of 315.4 percent over the N924.86million declared for the same period in 2021.
This is just as the Chairman of the Board of ground handling company, Dr. Seinde Fadeni, has asked the Federal Government to release funds belonging to foreign airlines trapped in the vaults of the Central Bank of Nigeria (CBN) amounting to $802million as at April 2023.
The PAT figures were released at the 42nd Annual General Meeting (AGM) of the Company in Lagos at the weekend where Dr Fadeni who addressed stakeholders spoke on the blocked funds issue stating that it was only fair that those who had worked hard for their money should be allowed access to the money worked for.
Recall, global airlines body, International Air Transport Association (IATA), disclosed that airlines trapped funds in Nigeria is slightly over half the total amount of trapped airlines funds in Africa which stood at $1.6Billion within the same period.
According to Fadeni, the Federal Government should “speedily resolve the issue of funds belonging to the airlines. It is only fair that monies legitimately earned should be released to the operators who earn such funds.”
Continuing, the NAHCO Chairman said, “NAHCO stands with the airlines and calls on the Federal Government and the Central Bank of Nigeria to release these funds. This would give the government more credibility as well as increase foreign investors’ confidence in our nation.”
Referring to these funds interchangeably as both trapped and blocked, IATA said Africa’s Central Bank vaults holds 66 per cent of such funds.
Fadeni pointed out that government should be an enabler, providing the needed environment for legitimate businesses to thrive.
Sharing his views on the incoming Tinubu administration, he believes that there is a burst of new optimism in the country arising out of fresh hope that a new regime brings with it.
“NAHCO shares this hope as also expressed by majority of local and international businesses. We are poised to take advantage of business – enhancing policies of the in-coming administration,” he stated.
The Group Managing Director/CEO of the Company, Mr. Indranil Gupta, said the Company achieved quite a number of milestones in the Year 2022 including the ISAGO recertification of its operations in Lagos, Kano and Abuja.
He said, “This certification is a testament of our commitment to safety and our adherence to highest industry standards. It also positions us to better serve our clients, particularly international airlines who require the best of ground handlers who are ISAGO – certified.”
