Strategic listing of Medview Airlines

(L-R) Tinu Awe, General Counsel & Head Regulation, Nigerian Stock Exchange (NSE); Haruna Jalo-Waziri, Executive Director, Capital Markets Division, NSE; Sheik Abdul Moshen Rahman Al-Thunayan, Chairman, Medview Airline Plc; Oscar Onyema, CEO, NSE; Muneer Bankole, Managing Director/CEO, Medview Airline Plc; Minister of State for Aviation, Senator Hadi Sirika; Ade Bajomo, Executive Director, Market Operations and Technology, NSE and Pai Gamde, Acting Head, Corporate Services Division, NSE at Facts Behind the Listing of Medview Airline Plc

(L-R) Tinu Awe, General Counsel & Head Regulation, Nigerian Stock Exchange (NSE); Haruna Jalo-Waziri, Executive Director, Capital Markets Division, NSE; Sheik Abdul Moshen Rahman Al-Thunayan, Chairman, Medview Airline Plc; Oscar Onyema, CEO, NSE; Muneer Bankole, Managing Director/CEO, Medview Airline Plc; Minister of State for Aviation, Senator Hadi Sirika; Ade Bajomo, Executive Director, Market Operations and Technology, NSE and Pai Gamde, Acting Head, Corporate Services Division, NSE at Facts Behind the Listing of Medview Airline Plc

(L-R) Tinu Awe, General Counsel & Head Regulation, Nigerian Stock Exchange (NSE); Haruna Jalo-Waziri, Executive Director, Capital Markets Division, NSE; Sheik Abdul Moshen Rahman Al-Thunayan, Chairman, Medview Airline Plc; Oscar Onyema, CEO, NSE; Muneer Bankole, Managing Director/CEO, Medview Airline Plc; Minister of State for Aviation, Senator Hadi Sirika; Ade Bajomo, Executive Director, Market Operations and Technology, NSE and Pai Gamde, Acting Head, Corporate Services Division, NSE at Facts Behind the Listing of Medview Airline Plc

The Medview Airlines took a strategic step on January 31 to join the prestigious club of quoted companies in Nigeria with its listing of 9,750,649,400 units of 50 kobo ordinary shares at N1.50 per share at main board of the Nigerian Stock Exchange (NSE).This listing has added N14.65billion (N14, 625,974,100) to the market capitalization of the Exchange and further deepened the Nigerian capital market. It will also increase the visibility of Medview Airline Plc and differentiate it as a professionally run airline with high corporate governance standards, having met the NSE’s listing criteria.
Medview Airline Plc is one of Nigeria’s foremost airlines, airlifting more than three million passengers and 46 million tons of cargo (annually) to local and 14 regional and international destinations, including London, Accra, Jeddah, Abuja and Lagos, among others.

The listing, according to Oscar Onyema, Chief Executive Officer of the NSE, reaffirmed the belief that in spite of several policy and economic challenges facing the country, the capital market still “remains one of the best avenues for raising capital and enabling sustainable growth for national development. I commend Medview for this bold and strategic step.” Onyeama urged investors to latch on the shares of Medview Airlines as the future of air transport industry in Africa, and Nigeria in particular, is bright. The aviation industry contributes about $10 billion to Gross Domestic Product (GDP) of African countries and boasts the capacity to support close to six million jobs over the next 20 years. In Nigeria, “the aviation industry supports over 255,000 jobs and contributes more than $1billion (N304.25 billion) to GDP. Of this sum, 49 percent is a direct output of the aviation sector via airports, airlines and ground services; while 51 percent is contributed indirectly by the aviation supply chain. Notably, an additional $464 million is derived from tourism,” he said.

Despite the ups and down in the Nigerian aviation industry that forced patronage to decline from over 15 million passengers in 2014 to six million in 2016 as well as the decline in number of operators, Medview Airline distinguished itself as the major success story of the Nigerian aviation industry.

The airline was incorporated on August 11, 2004, as private limited liability company by the cream of the staff of the defunct Nigeria Airways and the support of Sheik Abdul Moshen Rahman Al-Thunavan, a Saudi Arabia national. Al-Thunavan is the chairman of Medview Airlines which commenced business on January 2, 2007, with two leased aircraft it used to lift pilgrims on Hajj operations as a litmus test that succeeded in changing the whole concept of pilgrims airlift in Nigeria. It has lifted 300,000 pilgrims since then. Its professional certifications include Air Transport License, Airline Operators Certificate, Air Carriers Permit, Air Travel Organisers’ License, NCAA Cargo Permit License and IATA Operational Safety Audit.

Muneer Bankole, Chief Executive Officer of Medview Airline, said the company started domestic flight operations in 2012. Two years later, it commenced both regional and international operations with approved routes of London, Dubai, Lisbon, Conakry, Accra, Freetown, Dakar, Monrovia and Jeddah. It became a public company in 2016. It has also grown from two leased aircraft to owing five Boeing out of seven aircraft in its operations. The passenger capacities of these aircraft are 463, 221, 150, 150 and 116. “We started with nothing. No money at anywhere. But today, we are being listed in the Nigerian Stock Exchange. We grew from N3.6 billion in 2007 to a N26 billion business,” Bankole said.

Isiaq Suyuti Na’Allah, Executive Director, Business Development, who presented the Facts Behind the Listing at the NSE, said Medview has lifted two million passengers since its inception. It has also flown over 46 million tons of cargo in partnership with a Saudi cargo airline annually. Their domestic flights are available in Enugu, Lagos, Owerri, Yola, Maiduguri, Port Harcourt and Kaduna. It has 14 international destinations.

The airline went through a rigorous process before it was allowed to list on the Exchange. “With this listing, the company is showing its commitment to a culture of strong corporate governance, excellence, professionalism and efficient services to its passengers, as well as providing increased returns to its shareholders,” Onyema said.

By Dike Onwuamaeze

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