Massive Restructuring Looms at Caverton as CEO Unveils Turnaround Plan.

Caverton Offshore Support Group Plc has announced plans for a comprehensive restructuring programme designed to improve efficiency and drive profitability across all its subsidiaries. The initiative was disclosed by the Group Chief Executive Officer, Mr. Olabode Makanjuola, during the company’s 2024 virtual Annual General Meeting held on November 21, 2025.....KINDLY READ THE FULL STORY HERE▶

Makanjuola explained that the restructuring will extend from the board level to every subsidiary within the group as part of efforts to strengthen operational performance. Responding to shareholder questions on the company’s 2024 results and outlook, he noted that the year had been particularly challenging for businesses nationwide, including Caverton. He emphasized that significant cost-cutting measures are underway within the helicopter division and assured shareholders that revenue enhancement is expected.

He also highlighted ongoing growth initiatives, including the company’s drone technology partnership with the National Agency for Science and Engineering Infrastructure, as well as the planned commencement of Caverton’s fixed-wing cargo operations in the first quarter of 2026. These ventures, he said, are expected to boost the group’s future earnings.

Providing updates on the marine segment, Makanjuola revealed that Caverton has so far delivered 15 of the 25 boats ordered by the Lagos State Government, with an electric 30-seater ferry scheduled for delivery soon. He further referenced the recent collaboration that formalised UNITY Shipping Worldwide—a joint venture involving NNPCL, Caverton, and Stena Bulk of Sweden.

In a bid to strengthen gender representation, the company recently appointed Pauline Sessou-Diop, former General Manager of Euronav London, as Chief Commercial Officer of Caverton Marine Limited. She is tasked with leading commercial growth initiatives, expanding the eco-efficient fleet, and deepening the company’s presence across West Africa.

Chairman of the Group, Mr. Aderemi Makanjuola, echoed the CEO’s confidence in the restructuring efforts, assuring shareholders that the financial performance to be presented at the next AGM will surpass the 2024 results. He added that the company is adjusting its exposure to foreign-exchange headwinds by shifting more dollar-denominated activities into naira.

Shareholders expressed mixed reactions to the 2024 financial report. Some demanded improved gender balance on the board, while others commended the company for remaining resilient despite macroeconomic challenges. Suggestions ranged from revising the borrowing structure to pursuing fresh capital through rights issues or public offerings.

Caverton’s 2024 financial results showed revenue rising to N40.18 billion from N32.99 billion in 2023. Gross profit also improved, reaching N8.42 billion compared with N7.16 billion recorded the previous year.