Disquiet in SAHCOL over ‘refusal to go public 9 years after privatization’
There is disquiet in the Skyway Aviation Handling Company of Nigeria (SAHCOL), one of the country's leading ground handling companies, over the failure to enlist the company into the Nigeria Stock Exchange (NSE) nine years after its privatization.
Already, a leading aviation union, the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), has petitioned the Bureau of Public Enterprises (BPE) alleging "willful infractions" in the management of the company.
SAHCOL was an arm of the defunct Nigerian Airways which was privatized to SIFAX Group in 2009.
The union is accusing the management of SAHCOL of contravening the Public Enterprises (Privatisation and Commercialisation) Act 1999 with its refusal to be enlisted on the Nigerian bourse eight years after privatisation.
According to the Public Enterprises Act 1999, SAHCOL like any other privatised company ought to have been enlisted on NSE five years after privatization.
In a petition dated July 31, 2017 written to BPE titled: ‘Appeal to Redress Wilful Infractions by SAHCOL’, and signed by the Deputy General Secretary, ATSSSAN, Mr. Frances Akinjole, the union also accused the management of the ground handling company of denying it its statutory 10 per cent equity shareholding in the organisation, as against the Public Enterprise Act of 1999.
The petition was copied to the Chairman, National Council on Privatisation and Vice President, Prof. Yemi Osinbajo; Minister of State for Aviation, Sen. Hadi Sirika; and Minister of Labour and Productivity, Dr. Chris Ngige.
The petition read in part: “We may recall that SAHCOL was privatised in 2009 pursuant to the Public Enterprises Act 1999. It is appalling that several years after, SAHCOL still finds it comfortable to deny staff of the company their statutory 10 per cent equity shareholding in the company despite the immense sacrifices the workers continue to make for the success of the organisation.
“The infraction is contrary to Section 5(3) of the Public Enterprises Act 1999, which provides that: ‘No less than 10 per cent of the shares to be offered for sale to Nigerians shall be reserved for the staff of the public enterprises to be privatised and the shares shall be held in trust by the public enterprises for its employees.’”
The union also recalled that BPE was a party to an agreement reached with SAHCOL on August 22, 2007 on the mode of divesture of the Federal Government of Nigeria from the entity.
The petition urged the bureau to immediately intervene on the issue, warning that it might be compelled to result to self-help to address the issue.
Sources said the petition might have informed the decision of the Director-General of BPE to visit the ground handling company recently for first-hand-assessment of the company.
When contacted on the development, the Manager Corporate Communications of SAHCOL, Mr. Basil Agboarumi, said the company is still under monitoring of BPE, adding however that it is not the duty of the company to enlist into the NSE.
He also said he was not aware of the petition, adding that when the time comes, SAHCOL would be enlisted in the stock exchange.
"We have a duty and the duty is what we are performing now to ensure that we make SAHCOL a success story and we have been fulfilling that obligation.
"I am not so sure that it is our duty to take that step (go to stock market). This petition you are talking about, I don't have a copy of it, I am not aware of it. That is why the petition was not sent to us. If it is our duty we would have gotten the petition," he stated.