Nacho Updates Regulators and Stakeholders on EFCC's Visit

Proshare

Monday August 08, 2016 1:00pm/ NSE

At about 1400 hours on Thursday, July 28, 2016, officials of Economic and Financial Crimes Commission (EFCC) visited the headquarters of the Nigerian Aviation Handling Company Plc, on a fact finding mission, in response to a petition. Management of NAHCO Plc fully co-operated with the agents of the Commission.

As a Publicly Quoted Company, NAHCO is guided by its Apex Regulator, The Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) and the listing rules.

We are also aware of our shareholder rights as enshrined in the Constitution of the Federal Republic of Nigeria, extant rules and the mutual investment protection treaty covering European strategic investors on our Board. As such, this information update has become necessary.

As a regulated and listed business entity with strong international Corporate Governance credentials, we believe that SEC and NSE should be aware of any petition and are in the best position to provide guidance, proper feedback and/or even sanctions regarding any alleged infractions by a regulated entity.

We still await details from the investigating authorities. Such is the practice world wide so as to ensure the protection of both local and international investors’ interests. NAHCO Plc is a fully privatized Company, and maintaining a status one of the most successful privatization track records for eleven years with zero Government interests.

NAHCO’s Management continues to ensure that the visit of the EFCC operatives and the invitation of top managers and some Directors to their offices have minimal impact on operations and business continuity. We will continue to cooperate with all government agencies in their lawful discharge of statutory responsibilities.

NAHCOAVIANCE wishes to assure its numerous customers, shareholders and its European Union strategic investors that core operations of the Company will be sustained under the current difficult situation. The Managing Director who was on a short vacation has since cut short his vacation and is back at the helm of affairs at the Company. Management will provide updates as and when available 

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