Economy
Caverton Rules Out Fresh Capital Raising For Now
By Adedapo Adesanya
Caverton Offshore Support Group (COSG) Plc has disclosed that raising additional capital is not the current focus of the group.
This was disclosed by the Chief Executive Officer (CEO) of the company, Mr Olabode Makanjuola, during a chat with Business Post and two others after the company’s Facts Behind the Figures at the Nigerian Stock Exchange (NSE) in Lagos on Monday.
“We are not exactly coming to the market to raise additional capital. I think one of the things we realized is that we’ve been focused too much on the traditional business,” he said.
Mr Makanjuola admitted that the group’s engagement with the capital market since it joined the NSE in 2014 has been “quite weak,” stating that looking at the company’s debt profile, yesterday’s event was a good opportunity to meet with some of its stakeholders.
“We needed to engage [with the investing community] to make them know what we exactly want to do. We do intend to come to the market at some stage [to raise funds, but] today is not that day.”
Speaking further, he said, “We don’t have a timeline yet [for the capital raising]. Like the CFO (Chief Financial Officer), we’ll be assessing our various contracts and then make a decision based on our capital requirements. We are not coming to the market just because of our debt profile.”
“We are already looking at our debt profile as well as infrastructural development and our expansion drive.”
Earlier at the event, the Chief Financial Officer (CFO) of Caverton Offshore, Mrs Titi Adigun, said that the company recorded a total increase of N2.6 billion in its revenue for the nine month period that ended on September 30, 2019.
According to her, Caverton’s revenue for the period stood at N25.8 billion against the N23.3 billion, which was recorded in the same period of 2018 and this was as a result of revenue growth caused by the increase of Helicopter/Airplane contracts and agency service income.
The company also saw an increase in its profit before tax for the period to N3.9 billion from N2.6 billion in 2018 despite a seven percent increase in direct operating costs.
She noted that the administration expenses also increased by N850 million due to rise in employee benefits amounting to N735.5 million and as well as increase in salaries of ground staff.
She further said the group has improved cost efficiencies with liquidity ratio stable under the review period and also having a steady capital adequacy ratio balancing the support for growth initiatives.
Speaking on the company’s Maintenance, Repair, Overhaul (MRO) at the Murtala Muhammed Airport, Lagos, the CEO said this would be “one of its kind” and noted that the group was looking at a completion in Q4 2020.
He, however, called for a better infrastructure, which according to him, is one of the major challenges in the sector.
Caverton Offshore Support Group operates in the marine and aviation logistics sector in Nigeria and Sub-Saharan Africa, and the group is looking at extending operations into Cameroon, Ghana, Equatorial Guinea, Mozambique, and Angola.
Business Post recalls that soon after its Initial Public Offering (IPO) worth $197 million in 2014, Caverton announced plans to raise fresh funds.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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