EFCC Raids NAHCO Aviance

Nobert Bielderman

Operatives of the Economic and Financial Crimes Commission have raided the headquarters of the Nigerian Aviation Handling Company Plc, NAHCO.

Confirming the raid, NAHCO has issued a press release saying the commission was on ‘a fact finding mission, in response to a petition’ and that the company ‘fully co-operated with the agents of the Commission’.

The company said “As a Publicly Quoted Company, NAHCO is guided by its Apex Regulator, The Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) and the listing rules. We are also aware of our shareholder rights as enshrined in the Constitution of the Federal Republic of Nigeria, extant rules and the mutual investment protection treaty covering European strategic investors on our Board. As such, this information update has become necessary”.

“As a regulated and listed business entity with strong international Corporate Governance credentials, we believe that SEC and NSE should be aware of any petition and are in the best position to provide guidance, proper feedback and/or even sanctions regarding any alleged infractions by a regulated entity. We still await details from the investigating authorities. Such is the practice world wide so as to ensure the protection of both local and international investors’ interests. NAHCO Plc is a fully privatized Company, and maintaining a status one of the most successful privatization track records for eleven years with zero Government interests”. the statement added

NAHCO said its “Management continues to ensure that the visit of the EFCC operatives and the invitation of top managers and some Directors to their offices have minimal impact on operations and business continuity. We will continue to cooperate with all government agencies in their lawful discharge of statutory responsibilities”.

The company said “wishes to assure its numerous customers, shareholders and its European Union strategic investors that core operations of the Company will be sustained under the current difficult situation. The Managing Director who was on a short vacation has since cut short his vacation and is back at the helm of affairs at the Company. Management will provide updates as and when available”.


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