NAHCO Shares Drops By N156m Few Hours After Workers Embarked On Indefinite Strike

The Nigerian Aviation Handling Company (NAHCO) lost N156m few hours after members of staff embarked on an indefinite strike on Monday.

The company handles check-in, boarding and ramp services of 70 per cent of domestic and foreign airlines operating in Nigeria.

Analysis by THE WHISTLER reveals that the company’s share price dropped 1.27 per cent to N7.8 from N7.9 per share as of 12.42pm on Monday.

This resulted in a N156m loss in its market capitalisation from N15.39bn held on Friday, January 20, 2023 to N15.24bn.

The company had suffered a drop in share price to N6.8 on January 12, 2023, but the shares have been on the recovery until the recent drop triggered by the industrial action.

The strike resulted from non-compliance with the request for an upward review of NAHCO staff salary, THE WHISTLER understands.

The General Secretary of the National Union of Air Transport Employees (NUATE), Ocheme Aba and Francis Akinjole, Principal Deputy Secretary of Air Transport Senior Staff Association of Nigeria (ATSSAN) on Monday notified the public of service withdrawal by NAHCO staff.

The union said, “As you are all aware, our Unions have been in negotiations with the Management of NAHCO for the review of current salaries since June, 2022 without any headway.

“As all ultimatum issued by our Unions have gone unheeded, and the management continues to play on our intelligence through scheduling of purposeless meetings, we have come to the conclusion that the management is clearly decided against harkening to our cries for fairness and equity, despite overwhelming evidence in support of our demand.

“In view of the above, NUATE and ATSSSAN have no choice than to take definite steps to press home our demands. In the above regard, all staff of NAHCO are hereby directed to withdraw all services with effect from Monday 23′ January, 2023.”