A non-executive director of Nigerian Aviation Handling Company (NAHCO) Plc, Akinwumi Godson Fanimokun, has sold shares worth approximately N491.2 million in a disclosed transaction on the Nigerian Exchange.
According to a notice signed by Company Secretary Bello A. Abdullahi (reference NGNAHCO00008), the director disposed of 2,413,902 shares at N203.50 per share between 18 and 22 May 2026 in Lagos.
Following the sale, his shareholding dropped from 7,031,932 units (0.36%) to 4,618,030 units (0.21%), based on the company’s updated outstanding shares of 2,227,500,000 units.
Before the transaction, he ranked as the sixth-largest shareholder on the company’s board, according to FY2025 filings.
Strong Share Rally Fuels Timing Debate as Stock More Than Doubles in 2026
The disposal comes amid a powerful rally in NAHCO’s share price on the NGX, where the stock has surged more than 115% year-to-date — rising from N94.55 at the start of 2026 to the transaction price of N203.50.
Market data shows the stock briefly dipped 4.34% on 19 May during the transaction window before recovering, climbing 2.96% to N201.90 and holding around that level through 25 May.
The sharp rise has been driven by strong investor appetite following improved earnings performance and corporate actions that expanded the company’s capital base.
Earnings Growth Supports Bullish Sentiment Despite Insider Sales
The insider transaction follows a period of solid financial performance for the ground handling company.
The firm reported Q1 2026 pre-tax profit of N6.1 billion, up from N5.7 billion in the same period last year. Revenue stood at N16.4 billion, with aircraft handling contributing N11.1 billion, cargo handling N2.8 billion, and equipment rental N1.5 billion.
Analysts note that the performance reflects steady demand recovery in aviation services and operational efficiency gains across its business segments.
Bonus Issue Expands Share Base Ahead of AGM Approval
In early May, the company announced plans to issue 278,437,500 new shares as part of a bonus distribution proposal, later approved at its Annual General Meeting on 15 May 2026 in Lagos.
Following shareholder approval, outstanding shares increased from 1,949,062,500 to 2,227,500,000 units, with the newly created shares ranking equally with existing ones and allocated on a one-for-seven basis.
The move raised issued share capital from about N974.5 million to N1.113 billion.
Pattern of Director Dealings Emerges in 2026 Trading Year
Fanimokun’s sale is the largest director transaction disclosed so far in 2026, but not the only one.
Earlier in the year, Executive Director Saheed Lasisi sold 350,094 shares valued at about N70.8 million at N202.30 per share, marking the first recorded insider trade of the year.
Combined, the activity suggests increased board-level liquidity-taking during a period of strong market appreciation.
So far in 2026, more than 235 million NAHCO shares have been traded on the Nigerian Exchange, underscoring heightened investor interest in the stock amid strong earnings momentum and corporate restructuring activity.