Caverton Seeks Injection of Capital from Investors, to Diversify Business

Nume Ekeghe

Caverton Offshore Support Group Plc, has unveiled plans to further boost its business through diversification within the aviation and marine sectors while exploring other more profitable areas for investments and business development.

Chairman of Caverton Group, Aderemi Makanjuola, who made the disclosure during the 14th Annual General Meeting (AGM) held in Lagos, noted that the operational year ended December 31, 2022, marked the coming to fruition of a key component of the company’s diversification strategy with its training arm becoming operational.

“A total of 22 personnel of the Nigeria Air Force were trained on various aviation enrichment courses at the Caverton Training Centre being the first of many planned short courses which will continue, “he said.

Besides the training business, Makanjuola disclosed that the company is increasing its operation in the marine sector with the construction of 40-seater waterbuses, which will improve revenue and profit in the years ahead. The waterbus business is expected to come into operation by the end of the ongoing financial year.

He informed shareholders that the boats are locally made and are wholly-financed internally without securing debt.

Speaking, Chief Executive Officer, Caverton Plc, Mr. Olabode Makanjuola, disclosed that the board of directors are working towards attracting foreign investments into the company. 

He noted that it’s Cameroon partner, COTCO, signed a new contract with Caverton in May 2023.

Also speaking, the company’s shareholder, Mr. Nona Awoh, expressed displeasure about the rising indebtedness of the company to banks. “We paid N12billion debt this year and about N32billion is still pending. I want to know the other funding models that our company seeks to adopt?,”Awoh had inquired. 

Another shareholder, Sir Sunny Nwosu, was not pleased that shareholders did not receive dividend in the last two financial years and asked if the trend will change in the new financial year ongoing. 

Responding, the CEO of Caverton assures that the dividend draught being experienced by the shareholders will soon end. He disclosed that 2023 is expected to produce a more impressive result than the preceding two years.