Caverton chairman, brother sell 2.76m shares in logistic firm amid dispute with Chevron

A major investor in Caverton Offshore Group, Adeniyi Makanjuola, and his brother, Aderemi Makanjuola, have offloaded 2.76 million shares from the company amid a contractual dispute with Chevron Nigeria Limited.

The oil and gas logistics firm lost the contract with Chevron to its rival, Bristow Helicopter, due to maintenance failure.

CNL terminated the contract after Caverton failed to meet the demand to airlift its personnel from onshore to offshore.

Ripples Nigeria had previously reported that due to Caverton’s inability to maintain its aircraft, Chevron ended the contract in a bid to prevent it from affecting their operation.

With Chevron handing the contract to Bristow, this is expected to affect Caverton’s revenue for Q2 2022, and following this projection, the chairman sold 2.56 million shares to take out N3.03 million from the company.

He sold the shares on six different days.

READ ALSO: Caverton loses Chevron contract to Bristow, amid poor maintenance, unpaid salaries and dwindling earnings

Makanjuola sold 1.15 million shares on June 3 and another set of 258,000 shares three days later.

He dispensed with 268,469 on June 9 before selling 49,454 shares on June 10, 832,195 shares four days later, and 5,733 on June 15.

His brother, who is the chairman of the group, represents Molar Vessels Supply Limited and sold 200,000 shares on June 7.

The firm has been selling off shares since 2021 and ended the year with 245.34 million shares.

However, this was below the 251.05 million shares the company held in 2020.

It currently holds 245.16 million shares valued at N257.42 million.

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