Lufthansa Commercial Holdings GmBH has sold its 6% equity in the Nigerian Aviation Handling Company (NAHCO Aviance) to local startup Godsmart Nigeria Limited.

In a filing to the Nigerian Stock Exchange (NSE), NAHCO confirmed Godsmart Nigeria Limited had become its majority shareholder.

"NACHO Aviance informs its esteemed shareholders, the general public and the Nigerian Stock Exchange (NSE) that Lufthansa Commercial Holding GmBH has transferred all of its 97,453,125 ordinary shares at the Nigerian Aviation Handling Company Plc, (6% shareholding) to Godsmart Nigeria Limited. Consequently, Godsmart Nigeria has become a holder of 26.95% of the issued and paid-up share capital, and a major shareholder of the company," it said.

Set up in 1979 as a government entity, NAHCO was privatised in 2005. It has continued to operate vast interests in aviation cargo, aircraft handling, passenger facilitation, crew transportation and aviation training. The company services more than 35 airlines at nine airports across Nigeria.

In 2018, the company posted impressive results which showed its profit-before-tax doubling from NGN336 million naira (USD921,000) in 3Q17 to NGN731 million (USD2 million) in 3Q18. Its pre-tax profits doubled from NGN287.4 million (USD788,000) in 2017 to NGN601 million (USD1.6 million) by the end of 2018.

Lufthansa Commercial Holding GmBH is a diversified business unit of Lufthansa Group. It has interests in transport, aviation training, re-fuelling, infrastructure management and logistics, aircraft leasing and the leisure travel sector.