Nigerian magnate Aderemi Makanjuola’s Caverton plans recovery after $36 million loss

Caverton Offshore Support Group Plc, the aviation and marine services company founded by Nigerian magnate Aderemi Makanjuola, is working to steady its operations after a difficult year marked by a loss of over $36 million. The company’s leadership says a broad restructuring, already underway across all subsidiaries, is expected to help bring the group back to profit.

Makanjuola pushes cost cuts, recovery

Group CEO Olabode Makanjuola, the eldest son of Aderemi Makanjuola, said the overhaul is aimed at tightening costs, improving service delivery and restoring confidence among clients and investors. He noted that 2024 was challenging for many Nigerian companies dealing with currency swings, high financing costs and weaker activity in the oil sector. 

He said, “2024 was a difficult year for businesses in the country, which includes Caverton. We are going through a massive overhaul in our businesses. Cost is being pruned in the helicopter business. Improved revenue is certain.” His remarks reflect a broader effort within the company to reset operations after one of its toughest years.

Caverton cuts losses, advances marine projects

Caverton’s 2024 financial statements show that revenue rose to N40.18 billion ($27.6 million), up from N33 billion ($22.65 million) in 2023. Gross profit also improved, reaching N8.42 billion ($5.78 million), compared with N7.16 billion ($4.92 million) the year before. Yet the company posted a loss before tax of N53.67 billion ($36.9 million) largely due to higher operating costs and foreign-exchange pressure.

However, the company’s latest results show clear signs of progress. Caverton reported a sharply reduced net loss of N4.63 billion ($3.13 million) for the nine months through September 2025, compared with N41.6 billion ($28 million) a year earlier. This improvement came despite a 40 percent drop in revenue following softer offshore activity and delays in contract renewals.

Beyond aviation, Caverton is also pushing forward in its marine division. According to Olabode Makanjuola, the company has delivered 15 out of 25 passenger boats being built for the Lagos State Government. A 30-seater electric ferry is also nearing completion, part of the company’s broader move into vessel construction and public-sector partnerships.

Caverton pushes forward through headwinds

Despite persistent headwinds—including high debt and uncertain offshore spending—Caverton’s management believes the group is on firmer ground. Founded in the early 2000s, the company has grown into one of Nigeria’s key offshore service providers, offering helicopter transport, marine logistics and maintenance services.

Investments in hangar facilities, aircraft maintenance and a local flight simulator center were intended to build capacity at home and reduce reliance on foreign contractors. As the company executes its restructuring, shareholders will be watching to see whether the ongoing cuts, operational changes and new partnerships can help Caverton return to profit and reclaim a stronger position in Nigeria’s offshore services market.