Fidelia Okafor

Med-View Airline has offered for listing by introduction 9.75 billion (9,750,649,400) ordinary shares of 50k each at N1.50 per share on the floor of the Nigerian Stock Exchange (NSE).

The chief executive of the Exchange, Mr. Oscar Onyema speaking at listing ceremony held at the Nigeria Stock Exchange said that the airline’s listing “is a culmination of several months of hard work by all parties to the transaction including the Securities and Exchange Commission and The Exchange. “

“This listing has added N14.65b (N14, 625,974,100) to the market capitalization of The Exchange, further deepening the Nigerian capital market. It will also increase the visibility of Med-View Airline Plc and differentiate it as a professionally run airline with high corporate governance standards, having met the NSE’s listing criteria,” he said.

Onyema who called on other airline operators to look towards the stock market said: We encourage other participants in the aviation industry value chain to look seriously at leveraging the opportunities that abound in the Nigerian capital market.”

He added that the listing further reaffirms the NSE’s belief that in spite of several policy and economic challenges facing the nation, the exchange remains one of the best avenues for raising capital and enabling sustainable growth for national development.

“Despite the challenging operating environment in the aviation industry globally, the air transport industry continues to contribute about $10 billion to gross domestic product of African countries, and it is projected that close to six million jobs would be supported by Africa’s air transport sector over the next 20 years.

“Despite negative growth in passenger volumes, the decline in number of operators continues to put positive pressure on the successful industry players – such as Med-View Airline – to seek sustainable funding options to support growth and meet passenger demand,” he added.

In his remarks, the managing director and chief executive officer of the airline, Alhaji Muneer Bankole said the airline achieved its present feat through commitment, hard work and dedication to its passengers who, according to him “are the key reason we have risen fast since inception of scheduled operations in 2012.”

He said the carrier “is committed to the provision of quality services that are at par with global standards by the deployment of cutting-edge technology, industry best practices and value-added services to ensure the satisfaction of their clients.”

Bankole further said that the company’s revenue had grown from N3.629 billion in 2012 to N25.852 billion in 2016.

He further stressed that gross profit grew from N847million in 2012 to N1.627 billion in 2016; administrative expense declined from N673 million in 2012 to N577 million in 2016; total assets grew from N4.879 billion in 2012 to N14.079 billion in 2016; total liabilities surged from N1365 billion in 2012 to N7.473 billion in 2016, while shareholders’ fund increased from N3.514 billion to N6.606 billion in 2016.