The Nigerian Aviation Handling Company (NAHCO) Plc has emerged as one of the most rewarding investments on the Nigerian Exchange (NGX), delivering a cumulative capital gain of 2,048 per cent over the past 12 years, more than six times higher than the market’s benchmark return of 287.23 per cent.
Between August 2013 and August 2025, NAHCO’s share price surged from ₦6.30 to ₦102.50 per share, a straight-line appreciation of 1,527 per cent. When adjusted for two bonus issues during the period, investors enjoyed an average annual return of 170.64 per cent, excluding cash dividends. This means a ₦1 million investment in 2013 would now be worth ₦21.5 million.
Market experts say the performance reflects NAHCO’s fundamentals. “A stock like NAHCO has appreciated heavily over the years because of its strong fundamentals, high dividend yield, and consistent payout. Over time, there is always a correlation between a company’s fundamentals and growth in its market value,” said Mr. David Adonri, Managing Director of HighCap Securities.
The company, which has more than 72,000 shareholders, is now setting its sights on a bolder future. Chairman, Dr. Seinde Fadeni, told shareholders at the May 2025 AGM that NAHCO has the capacity to hit a five-year revenue target of ₦300 billion. “We are focused on implementing our strategic blueprint, which enhances existing businesses while diversifying into emerging opportunities,” Fadeni said.
Under the plan, the group projects ₦120 billion from ground handling, ₦40 billion from cargo, ₦36 billion from logistics services, ₦80 billion from commodities, ₦15 billion from its Free Trade Zone, ₦7 billion from travel and hospitality, and ₦2 billion from the Aviation Academy.
Group Managing Director, Olumuyiwa Olumekun, stressed that investment in modern equipment and human capital will drive the next phase of growth. “We are expanding into specialised services such as radioactive shipments handling, a first in the Nigerian aviation sector, while also investing in digital transformation and operational efficiency,” he said.
The Group Executive Director, Commercial and Business Development, Prince Saheed Lasisi, also highlighted NAHCO’s strong brand equity. “Recent contract renewals with leading international airlines show the trust our clients have in us. We intend to deepen that trust while creating more value for shareholders,” he noted.
With consistent dividends, solid fundamentals, and a clear roadmap for growth, NAHCO has positioned itself as both a stock market outperformer and a diversified African aviation and logistics leader.
