Makanjuola-Linked Entity Sells ₦10.5m Stake in Caverton Offshore

A company linked to Caverton Offshore Support Group’s top brass has sold a significant block of shares in the aviation and marine logistics firm, according to a regulatory filing that raises fresh questions about insider activity in Nigeria’s listed corporates.

Molar Vessels Supplies Limited, whose directors include Rotimi Makanjuola, managing director of Caverton Helicopters, and Yoyinsola Makanjuola, wife of the Caverton Offshore chairman, disposed of 2,670,000 ordinary shares on June 2. The shares were sold on the Lagos exchange at ₦3.92 apiece, yielding a total value of approximately ₦10.46 million.

Also named as a director of Molar Vessels is Lolade Abiola, a board member at Caverton Helicopters, a subsidiary of Caverton Offshore. The parent company’s board is chaired by Mr. Aderemi Makanjuola, with Mr. Olabode Makanjuola as chief executive.

The sale was disclosed on June 3 in a filing signed by Company Secretary Amaka Pamela Obiora and comes amid growing scrutiny of insider share dealings in Nigeria’s equities market. While such transactions are not illegal, they must be transparently reported to the Nigerian Exchange under prevailing disclosure rules.

Caverton Offshore has yet to comment publicly on the rationale for the share disposal. The group, which provides marine and aviation logistics services primarily to the oil and gas sector, has faced revenue and profitability pressures in recent quarters, as the Nigerian upstream environment adjusts to post-pandemic investment patterns and policy reforms.

Molar Vessels’ disposal represents a small fraction of Caverton’s total shares outstanding, but the familial and executive ties are likely to keep investor attention focused on the governance standards of the group.