Aderemi Makanjuola’s Caverton unveils Nigeria’s first electric ferry

Caverton Offshore Support Group Plc, the aviation and marine services firm founded by Nigerian businessman Aderemi Makanjuola, has introduced Nigeria’s first electric passenger ferries as it expands its marine operations. The launch, led by its subsidiary Caverton Marine, signals an early move toward electric vessel use on Lagos waterways.

Last week, Caverton Marine began public demonstrations of the new vessel, called the Electric Omibus, giving regulators, partners and government officials a firsthand look at what the company says is the first fully electric ferry to operate on Lagos waters. It signals Caverton’s attempt to build a long-term presence in the cleaner-energy segment of marine transport.

The Electric Omibus operates on battery propulsion rather than diesel engines. Company officials say the ferry cuts emissions, lowers noise levels and reduces maintenance costs because its system does not rely on gearboxes, exhaust units or conventional marine engines. The vessel was built for local routes and is designed to withstand daily commercial use.

A quiet new ride for Lagos

The prototype pairs a Caverton-built fiberglass passenger hull with an electric propulsion system. It runs on dual electric motors powered by a modular lithium battery pack equipped with a protective management and inverter system. Engineers involved in the project say the vessel delivers steady acceleration and efficient performance suitable for busy Lagos terminals.

Olabode Makanjuola, chief executive of Caverton Offshore Support Group, said the rollout reflects the company’s confidence in Nigeria’s ability to build and deploy new technology. “When you get on the Omibus, you hear almost nothing. That quiet movement is part of what the future of transport should feel like,” he said during the demonstration. “This is a Nigerian project supported by partners in China, and we are proud of the work that has gone into it.”

Caverton built the vessel in partnership with the Lagos State Government and ExploMar Energy Technology Co. Ltd of China, following an agreement signed in August 2024. Preliminary modelling from the partners shows sizeable reductions in operating expenses and carbon output when compared with petrol-powered ferries.

Caverton cuts losses, backs clean energy

The unveiling comes at a time when Caverton is working to rebuild earnings after a tough period. The group reported a loss of over $36 million in 2024, triggered by higher operating costs and persistent foreign-exchange pressure. Still, revenue improved rising to N40.18 billion ($27.6 million) from N33 billion ($22.65 million) in 2023 while gross profit also increased.

More recent numbers point to a company finding firmer footing. Caverton’s net loss for the nine months ended September 2025 dropped sharply to N4.63 billion ($3.13 million), compared with N41.6 billion ($28 million) in the same period a year earlier. The improvement came despite a slowdown in offshore activity and delays in contract renewals.

Caverton Marine sees the Electric Omibus as a step toward proving that local firms can produce viable clean-energy vessels. The company says wider use on Nigeria’s waterways will depend on costs, regulatory backing and uptake by operators. It adds that the first vessel provides a base for what could become a new phase in commercial transport.