Aderemi Makanjuola’s Caverton trims losses, turns cash positive

Caverton Offshore Support Group Plc, the Nigerian aviation and marine services company founded by Aderemi Makanjuola, posted a sharply reduced loss for the nine months through September 2025, helped by cost controls and stronger cash flow despite a drop in revenue.

The Lagos-based company reported a net loss of N4.63 billion ($3.13 million), down from N41.6 billion ($28 million) a year earlier, according to its unaudited third-quarter filing. Revenue slid 40 per cent to N20.45 billion ($13.8 million) from N34.23 billion ($23 million), reflecting weaker offshore activity in Nigeria’s oil sector.

Operating cash flow turned positive at N11.7 billion ($7.9 million), compared with a negative N3.7 billion ($2.5 million) the previous year, suggesting tighter expense management and improved collections. Total assets fell 8.8 per cent to N69.4 billion ($46.5 million), while liabilities stood at N128.7 billion ($86.8 million), leaving shareholders’ equity at a negative N59.3 billion ($40 million).

Caverton, which provides helicopter transport, marine logistics and maintenance services to oil companies, continues to grapple with high debt and a subdued operating environment. The group’s balance sheet “remains under strain,” analysts said, as foreign-exchange volatility and sluggish exploration work weigh on contract renewals.

Makanjuola, a former banker and economist who founded Caverton in the early 2000s, has built the company into one of Nigeria’s leading offshore service providers. His investments in hangar facilities, aircraft maintenance and a local flight simulator centre were aimed at reducing the industry’s dependence on foreign contractors.

Makanjuola, 77, owns a 66.2% stake in Caverton which is currently worth a little over $9 million.

Beyond Caverton, Makanjuola holds interests in logistics, real estate and finance, and serves as chancellor of Edo State University. Known for advocating indigenous participation in oil and gas services, he has maintained control of the group through periods of currency instability and regulatory shifts.