NAHCO Explains why CEO Adetokunbo A. Fagbemi was Suspended and Recalled within a Month

Earlier this month, the Chief Executive Officer of Nigerian Aviation Handling Company Plc (NAHCO), Mrs Adetokunbo A. Fagbemi, was suspended by the company’s Board of Directors. However, not a lot of people knew about this until now when the company issued a statement explaining why.

In the press statement which was seen by Business Elites Africa, NAHCO informed the Nigerian Stock Exchange and other stakeholders that Mrs Fagbemi was suspended due to a ‘managerial failure’ on her part.

Here’s what had happened; the company recently purchased an equipment but failed to take delivery of it within the stipulated contractual period. To make things worse, NAHCO’s management failed to offer a plausible explanation to the Board as to why the equipment was not delivered to the company on time.

Consequently, in line with an earlier decision by the Board regarding the purchase of the undisclosed equipment, Mrs Adetokunbo A. Fagbemi was suspended and was to receive only half her pay during the duration of the suspension. She was also to remain on suspension until the equipment was finally delivered by the vendor.

“The GMD/CEO was suspended by the Board at the meeting held on 27th January 2021. The suspension was due to management’s failure to diligently secure the delivery of a purchased equipment from the vendor within the contracted period and management’s inability to provide satisfactory/acceptable reason for the unreasonably very long delay. The suspension was in line with the Board’s earlier decision that if a certified bill of lading for the equipment was not received by 2nd of February 2021, the GMD/CEO shall proceed on suspension with half pay until receipt of acceptable evidence of equipment shipment from the manufacturer. The suspension commenced from 3rd February 2021 and the Group Executive Director – Corporate Services, Mr Olamuyiwa A Oyimekun acted as the Group Managing Director/Chief Executive Officer,” part of the statement by the company explained.

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Interestingly, on the 24th of February 2021, a satisfactory evidence of equipment shipment (with expected date of arrival) was finally presented to the company. To this end, the company’s Board held an emergency meeting on the same day and reached a decision to reinstate Mrs Adetokunbo A. Fagbemi to her position. She resumed work today.