A statement by Tayo Ajakaye, spokesman of NAHCO during the weekend, disclosed Yakubu's resignation and announced the appointment of Mrs. Olatokunbo Fagbemi as the new Group Managing Director.
Idris Yakubu, Managing Director of the Nigerian Aviation Handling Company (NAHCO) Plc, has resigned his position.
A statement by Tayo Ajakaye, spokesman of NAHCO during the weekend, disclosed Yakubu's resignation and announced the appointment of Mrs. Olatokunbo Fagbemi as the new Group Managing Director.
Ajakaye noted that Fagbemi's appointment was announced in a notice to the Nigerian Stock Exchange (NSE) by the Board of Directors of the company.
By the new appointment, NAHCO has had four Managing Directors in 16 months.
Yakubu was appointed in November 2018. Before his appointment, the ground handling company had two Managing Directors in 2017 alone. Its German Managing Director, Norbert Biederman, was given the boot on August 31, 2017, after a protracted crisis.
The company immediately announced the appointment of one Mrs. Folashade Ode in acting capacity, following the exit of Bielderman. However, 10 weeks after Ode's appointment in acting capacity, the board of the ground handling company replaced her with Yakubu in November. Yakubu, a former banker, was recently confirmed as a subsisting Managing Director in July 2018, after eight months in the saddle.
However, five months after his confirmation, Yakubu was reportedly sacked by the board due to internal politics among top management staff. At the time of filing this report, the reason for his leaving his appointment was not immediately known, but sources close to the company said it may not be unconnected with the dwindling fortune of the company whose shares in the Nigeria Stock Exchange (NSE) had nosedived in recent months.
As at last Monday, its shares had dropped to N3:65k per unit, compared to Skyway Aviation Handling Company (SAHCO), its competitor in the ground handling business whose shares are currently selling at N4:65k. SAHCO has also absorbed most of NAHCO's clients in the past one year.
According to Ajakaye, Fagbemi's appointment became effective December 20, 2018 and was aimed at driving the new group structure announced by the company.
All NAHCO’s subsidiary companies, including NAHCO Free Zone (NFZ), Nahco Energy and Power (EPI) and Mainland Cargo Options Limited (MCO), would report directly to the GMD.
The statement described Fagbemi as a thoroughbred Aviation Management Professional and a management turnaround expert with International Air Transport Association (IATA), Airports Council International (ACI) and the International Civil Aviation Organisation (ICAO) Certifications.
The statement read: “The new GMD will focus on improving customer experience, drive stakeholder value, enhance shareholders’ investment in the Company, integrate and close monitoring of 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. She is also expected to coordinate and drive the new audacious, bold and challenging initiatives that will establish NAHCO Plc as the leading ground handling company in West and Central Africa in the shortest possible time.
“Fagbemi is one of the few African women to have achieved the highly rigorous standards for expertise in the field of airport management including aviation ground handling and facilitation. In addition to the IAP Certification, Fagbemi holds a Master’s Degree in Business Administration from IESE ("Instituto de Estudios Superiores de la Empresa") University of Nevara, Spain. She also holds a Bachelor’s Degree in Pharmacy from the University of Ibadan. She also attended Maryhill Convent School Ibadan, Queens School Ibadan, International School Ibadan, Harvard University USA and Cranfield University, UK.
"Fagbemi holds Certificates in Air Transport Management, Airport Commercial Revenue Development, from the Cranfield University, UK. She is a holder of Certificate in Leaders in Development Infrastructure in an Emerging Economy from Kennedy School of Government (KSG), Harvard University. She has facilitated several training programmes for Airport Council International (ACI), several airlines, ground handling companies and the Nigerian Civil Aviation Authority (NCAA), etc.
"An alumnus of the Lagos Business School, Fagbemi has had the privilege of working and training in various aspects of Airport Management, Passenger Handling, Ramp Handling and Cargo Handling at; Dubai International Airport, Changi Airport Singapore, Murtala Muhammed International Airport Ikeja, Hartsfield Jackson Airport, Atlanta and Dallas Fort Worth Airport amongst others. She has hands-on Consulting, Business Advisory and Financing expertise having worked with several ground handling companies, Civil Aviation Authority in Nigeria, Gambia and Sierra Leone.
She has attended several International Civil Aviation Organization (ICAO), International Air Transport Association (IATA), IATA Ground Handling Council (IGHC), Airports Council International (ACI) courses and seminars. Before her appointment as GMD NAHCO, she has hands on consulting, Business Advisory and Financing expertise, having worked with several ground handling companies, Civil Aviation Authority in Nigeria, Gambia and Sierra Leone.
"Fagbemi has attended several International Civil Aviation Organisation (ICAO), International Air Transportation Association (IATA) Ground Handling Council (IGHC), Airports Council International (ACI) courses and seminars. She served as an Executive Director with Springfountain Infrastructure Limited and the Managing Director of the African Aircraft Leasing Company (AALC)."