Group Managing Director, Nahcoaviance, Mrs. Tokunbo Fagbemi
  • GMD says no clandestine story behind former MD’s resignation

NAHCOAVIANCE PLC is looking at investing at least, N3.6 billion to procure state of the art equipment and technology to enable it drive its vision of improving the business.

Group Managing Director of the handling company, Olatokunbo Fagbemi who made this known at the weekend in a chat with reporters said the company is already expecting N1.9billion worth of equipment investment before the end of the first quarter of the year.

This is just as the new nahcoaviance boss explained the exit of her predecessor stating that it just happened due to certain reasons and that there was no controversy or hidden agenda behind the exit.

Mrs Fagbemi said,”In terms of investment, in the last couple of months we have invested over N1.9billion in equipment which will be doubled by the end of the year, but you will begin to see the equipment by the end of the first quarter, the first set. ”

“The next set, by the end of the year, we would have spent about N3.6billion in equipment so we also believe that by September, we would have the next set of equipment , so that’s what we are doing in terms of equipment.”

Explaining the change of three chief executives in the last three years, Mrs. Fagbemi said there was nothing clandestine and that everything was done fairly.

She said Norbert Bielderman served out his tenure while there were stop gaps till it finally got to Mr. Idris Yakubu who resigned after the structure had changed stating that these changes have not affected the company’s growth negatively.

She said, “Norbert had a full term, Folasade Ode was on acting capacity, Idris Yakubu was here and then there was the restructure and so those are the reasons for the change to the best of my knowledge .”

“Sade stood a gap between Norbert leaving and Yakubu, there could be no vacuum. Yakubu spent a year of his three-year term and was appointed as md, we changed the structure and he left, in essence his employment was no longer valid and actually he resigned. So I have come now.”

“Idris left because the corporate structure had changed. There was no controversy or issues, every company has issues but this is just perception and we are open about it all. I can’t tell you much of the past but what I can tell you is what we intend to do. We let the public know to show that nothing is happening, it is as we choose to see it.”

On the companies new core values and plans Fagbemi stated earlier that it may not have changed much but a major focus will be synergising all the companies subsidiaries for effective management.

She said,”We have new core statements , new core values and we decided that we will work as a group structure because when you look at the audited financial statement in nahcoaviance, you will realize there is a consolidated account and we have three subsidiaries.”

“We have NAHCO energy, NAHCO free trade zone, the Mainland cargo options, we have the energy power and infrastructure company and all these companies are being run and what we want to do is put them together to get synergy so we can get the full benefit of the business.”


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