Lufthansa sells 97.5% stake in NAHCO to Godsmart

German air giant, Lufthansa Group, has sold its 6% stake in Nigerian Aviation Handling Company (NAHCO) to an indigenous stake-holding company, Godsmart.

The Lagos-based company said in a Jan. 7 statement to the Nigerian Stock Exchange that Lufthansa had transferred all its 97.5 million shares, representing a 6% stake, to local firm Godsmart Nigeria Ltd. The value of the deal was not disclosed.

Godsmart was already a NAHCO shareholder and this latest transaction increases its stake in the company to 26.95%, making it the largest single investor.

NAHCO provides aircraft handling services at nine airports across Nigeria and has ambitions to expand into other African countries. It also provides aviation training services.

A Lufthansa spokesperson confirmed the stake sale but said that “due to confidentiality reasons, we cannot disclose further details on this transaction.”