Nigerian tycoon Taiwo Afolabi will pocket N984 million from SAHCO as his aviation company approves its biggest ever dividend

Skyway Aviation Handling Company Plc has formally approved a total dividend payout of N1.62 billion ($1.18 million) to shareholders for the 2025 financial year, following the board's recommendation at its 16th Annual General Meeting, with SIFAX Group founder Taiwo Afolabi standing to receive approximately N984 million ($717,000) from his 60.76 percent controlling stake in the company.

The dividend approval was disclosed in a statement dated June 23, 2026, confirming the board's recommendation that shareholders receive N1.20 per share for the year ended December 31, 2025. The total payout of N1.62 billion ($1.18 million) is distributed across the company's 1.35 billion ordinary shares. Afolabi's Sifax Group stake, representing approximately 819.3 million shares at the N1.20 per share rate, translates to a dividend receipt of approximately N983 million ($717,000).

The dividend follows one of the most transformative financial years in SAHCO's history. Revenue surged 54 percent to N44.46 billion ($32.4 million) from N28.9 billion ($21.1 million) in 2024, driven by increased passenger and cargo handling activity across SAHCO's airport network, improved operational efficiency and sustained investment in ground support equipment and workforce development. Profit before tax rose to N12.3 billion ($8.97 million) from N6.5 billion ($4.74 million), while profit after tax stood at N9.74 billion ($7.1 million). Earnings per share nearly doubled from N3.57 to N7.20, shareholders' equity grew to N62.21 billion ($45.4 million) and total assets reached N82.69 billion ($60.3 million).

Afolabi announced at the same AGM that SAHCO would pursue international expansion into the UAE and other African aviation hubs, describing the record 2025 results as providing the financial foundation for a growth phase that extends significantly beyond Nigeria's domestic aviation market. SAHCO provides comprehensive ground handling services including passenger processing, cargo management, ramp operations and aviation security at major Nigerian airports including Murtala Muhammed International Airport in Lagos.

Afolabi founded SIFAX Group in 1988 as a small freight forwarding company and built it over nearly four decades into a diversified conglomerate spanning maritime, aviation, haulage and logistics, oil and gas, financial services and hospitality, with operations across Nigeria, Ghana, South Africa, the United States, Belgium and the United Kingdom. He is the Honorary Consul of the Republic of Djibouti in Nigeria and holds national honour Commander of the Order of the Niger.