IKEJA - The Managing Director of Skypower Aviation Handling Company
Limited (SAHCOL), Mr. Chike Ogeah, has said in Lagos that the organisation was no longer on the path of insolvency.

Ogeah noted that in contrast to what obtained two years ago, the annual revenue of the company had increased from N1.6 billion to N2.2billion annually.

Ogeah, who spoke at a news conference, said that in 2006, he inherited a debt of N350 million and N90 million in salary arrears.

He said that SAHCOL at that time, spent 68 per cent of its N1.6billion annual revenue on salaries alone, leaving the remainder on operational, administrative and maintenance costs.
“We have been able to reverse the trend as we are no longer on the path of insolvency,? he remarked.

He said that the N350 million debt profile inherited and the salary arrears had been cleared, while the organisation was now able to access facilities from banks.

Ogeah said the company currently controlled a fair share of the handling market, having contracts with all local airlines and at least 10 international ones.

He said that the Bureau for Public Enterprises might announce major decisions arrived at towards the privatisation of the company.

Ogeah said the BPE was also holding discussions with workers? unions concerning the privatisation.

The SAHCOL boss said the handling company was set for the forthcoming hajj operations but pointed out that its warehouse needed repairs.