Disquiet as NAHCO rejigs structure, names 3rd CEO in 2 years

Minister of Transport, Rotimi Amaechi
Minister of Transport, Rotimi Amaechi.

The Nigerian Aviation Handling Company Plc (nahco aviance) has adopted a new group structure with the appointment of a new Group Managing Director/Chief Executive Officer.

Mrs. Olatokunbo Adenike Fagbemi takes over as the new CEO, succeeding Mr. Idris Yakubu who spent a little over a year and has since resigned the appointment.

The adoption of the new group structure was approved by the board of directors with same already communicated to the Nigerian Stock Exchange (NSE), a statement from the company said.

Daily Trust reports that Mrs. Fagbemi would be the third CEO to manage the affairs of the group in less than two years after the resignation of Mr. Norbert Bilderman.

Bilderman left in August in controversial circumstances and Mrs. Folashade Ode took over in acting capacity and vacated the office on November 20.

This was after the appointment of Yakubu who has now left unceremoniously before the expiration of his contract. He took over in November last year and his appointment was only confirmed in July, 2018.

Our correspondent learnt that the immediate past MD was forced to resign over some issues with the board of the company.

Though majority of the workers of the company hailed the performance of the former MD who was reputed to have improved the financial standing of the company, a source said Yakubu’s management style did not go down well with the board.

“The fact is that he was not ready to play the ball,” a source privy to the developments in the foremost handling company said.

The allegations, claims and counter-claims bedevilling the company are currently causing disquiet with some major shareholders threatening to withdraw or sell their shares in it, it was gathered.

However, an official of NAHCO who spoke with our correspondent on condition of anonymity said the changes in the management and the group structure were designed to further boost the performance of the company and protect shareholders’ investments.

NAHCO said in a statement that Fagbemi’s appointment is to drive the new group structure announced by the company.

All NAHCOs subsidiary companies, including NAHCO Free Zone (NFZ), Nahco Energy and Power (EPI) and Mainland Cargo Options Limited (MCO), will report directly to the GMD/CEO, it said.

Fagbemi, an aviation management professional and a management turnaround expert with IATA, ACI and ICAO certifications, will bring on board her wealth of experience in championing the strategic transformation plan of NAHCO following a board and management retreat with inputs from KMPG.

She will implement the new strategic plan, operationalise a seamless and harmonised group structure which will transform NAHCO into one of the best companies in the world.

The new GMD will focus on improving customer experience, drive stakeholder value, enhance shareholders’ investment in the company, integrate and closely monitor the activities of the subsidiaries to create synergies and better returns on capital.

Fagbemi would, in the immediate, have the task of repositioning the company, maintaining industrial harmony, energising the staff and improving stakeholder relationships and values.

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