Travel/Tourism
Caverton Eyes Positive Returns for Shareholders

By Dipo Olowookere
Leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, Caverton Offshore Support Group (COSG) Plc, has said it intends to deliver good yields to its shareholders in the present financial year.
In order to achieve this goal, the company wants to continue to provide the quality of service its clients have become accustomed to over the years.
Chief Executive Officer of Caverton, Mr Bode Makanjuola, expressed confidence that the company, which offered chartered chopper to Vice President Yemi Osinbajo during the campaign for the 2019 general elections, would excite shareholders with a impressive performance.
“As we move into the 3rd quarter of 2019, our commitment is to continue to provide the quality of service our clients have become accustomed to, as well as positive returns for our shareholders,” Mr Makanjuola assured.
In the first half of this year, Caverton achieved a profit before tax of N2.6 billion and an after-tax profit of N1.7 billion. During the period, revenue increased by 19 percent to N16.9 billion from N14.2 billion recorded in the same period of 2018, while the direct operating costs also increased by 15 percent, supporting the earnings per share which also increased by 78 percent when compared with same period in 2018.
A further analysis of the results showed that operating profit, excluding other income, rose to N3.2 billion from N2.7 billion June 2018, while the EBITDA for the period increased to N6.3 billion from N3.6 billion in June 2018.
The EPS grew to 51 kobo from 29 kobo in June 2018, while the profitability ratios gross margin appreciated by 36 percent against 34 percent in June 2018, with the EBITDA margin standing at 37 billion in H1 2019 versus 25 percent in H1 2018, and the net profit margin at 10 percent in contrast to 7 percent in June 2018.
Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services.
Caverton Marine Limited, one of the fastest growing indigenous shipping companies commenced operations in 1999, while Caverton Helicopters Limited is a helicopter charter, sales and maintenance company established in 2002. Both companies were consolidated to form Caverton Offshore Support Group on June 2, 2008.
The group’s focus and primary business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services.
Caverton has a young and growing fleet of vessels and aircraft operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others.
Travel/Tourism
End of Greece’s Golden Visa Could Curb Increasing Migrant Population

The latest analysis from Astons, reveals that Greece has seen a 14.6% increase in migrants settlers over the past 10 years, with almost 25,000 Americans settling in the Mediterranean paradise in 2024 alone. However, this trend could soon reverse, with rumours that Greece is set to call time on its Golden Visa offering.
Astons has analysed International Migrant data from the United Nations* and found that, in 2024, more than 1.4m migrants settled in Greece, marking a ten-year increase of 14.6% since 2015.
The largest proportion of migrants arrived from the European continent (913,652), followed by Asia (372,146), Africa (68,690), and North America (38,416).
On a national level, Greece welcomed the largest number of people from Albania (474,441), followed by Germany (123,912), Georgia (90,365), Bulgaria (90,365), and Russia (78,992).
Meanwhile, 24,748 migrants resettled in Greece from the USA, and 19,156 arrived from the UK, marking a ten-year increase of 8.6% in both instances.
Many migrants looking to settle in Greece opt for the nation’s Golden Visa as a pathway to gaining residency and figures from Astons show that an estimated 8,837 applications were made in 2024 – the highest number seen since 2019.
However, this could be about to change, as Astons has seen a sharp increase in activity so far this year, driven by investor urgency around rumours that Greece is set to withdraw its Golden Visa offering.
Citizenship, residence permit, and real estate investment expert for Astons, Alena Lesina, said, “Greece has become one of Europe’s most in-demand destinations for migrants from all over the world, but residency in the country is certainly most desirable for the ultra-wealthy due to its investment potential and favourable expat tax rules, which explains why almost 25,000 Americans have chosen to settle there in the past year alone.
“There are some rumors, but no official confirmation. However, we understand that the situation in any country with a Golden Visa program can always change. The European Commission is putting significant pressure on countries offering Golden Visas, and internally, there is growing tension related to the need to address housing issues.
“History shows a clear trend – Ireland’s Golden Visa was discontinued, Spain’s program will officially end on April 3 this year. Last year, Portugal removed the real estate investment option from its program. In 2022, the UK also shut down its Tier 1 investor program.
“For now, Greece is maintaining its program and we can reasonably expect that it will remain in place for at least another year. However, it’s best not to delay making a decision for too long in case they decision is made to call time on Greece’s Golden visa.”
Travel/Tourism
Mutfwang Renews Support for Strom Infrastructure’s Revamp of Hill Station Resort

The Governor of Plateau State, Mr Caleb Mutfwang, has assured full government support for the N8.5 billion Hill Station Resort revitalization project, embarked on by Hillside Hospitality Limited, an investee company of Strom Infrastructure Investments and Management Limited. The renewed commitment came during a high-level stakeholder engagement meeting aimed at accelerating the historic resort’s transformation.
Speaking through the Secretary to the State Government, in Jos, Plateau State, on Monday, Mr Samuel Jatau, Governor Mutfwang emphasized the project’s significance to Plateau’s development agenda.
“The people of Plateau are diligent, hardworking, and committed. We will support and patronise this development to ensure its success,” he said.
The ambitious project, set to commence construction in March 2025, represents a strategic partnership between the Plateau State Government and Hillside Hospitality Limited. Following the signing of the Heads of Terms Agreement in July 2024, the initiative aims to restore the 1938 structure while introducing modern amenities and luxury facilities.
Speaking on the project’s vision, the Director of Hillside Hospitality Limited, Mr Kolapo Joseph, described the Hill Station project as a groundbreaking initiative that seeks to transform hospitality and tourism in Plateau State.
“This project is about more than just revitalisation, it is a dedicated effort to honour Hill Station’s rich heritage while introducing world-class hospitality standards.
“Our vision is to create a destination that seamlessly integrates luxury, culture, and nature, ensuring an exceptional experience for visitors in the heart of Jos.
“We recognise that Plateau State holds immense potential as a hospitality hub, and we are committed to working closely with all stakeholders to ensure this transformation drives economic growth, generates employment, and instils a renewed sense of pride in the community.
“Through collaboration and strategic investment, we aim to develop Hill Station Resort into a landmark destination that reflects the very best of Nigerian tourism,” he stated.
Mr Joseph expressed gratitude for the continued support from the Plateau State Government and private sector partners, adding: “This is not just an investment in infrastructure; it is an investment in Plateau’s future. We are creating a resort that will attract business and leisure travelers alike, unlocking new opportunities for the local economy while preserving the unique identity of this historic site.
“With the right partnerships, we will position Plateau State as a premier global tourism destination, one that showcases its rich cultural heritage and natural beauty to the world.”
In his remarks, another Director of Hillside Hospitality, Mr Hakeem Condotti, highlighted Strom Infrastructure’s deep connection to Plateau State through its involvement with NESCO Nigeria.
“This investment demonstrates our commitment to preserving and enhancing historical landmarks while driving economic growth in the region,” he said.
The revitalized resort, scheduled for commissioning in the fourth quarter of 2025, will feature state-of-the-art conference facilities, premium accommodations, and leisure amenities, positioning Jos as a premier destination for business and leisure travel.
Travel/Tourism
Emirates, Air Peace Seal Interline Deal for Frictionless Single-Ticket Travel

By Aduragbemi Omiyale
Two major airlines operating in the Nigerian airspace, Emirates and Air Peace, have signed an interline agreement to allow passengers enjoy frictionless single-ticket travel and simplified baggage throughput.
This deal will enable passengers flying from the United Arab Emirates (UAE) to Nigeria enjoy onward connections to Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna and Owerri, Abuja, Kano, Uyo, Port Harcourt and Warri.
Emirates operates the Dubai-Lagos route with a Boeing 777-300ER and some of its passengers continue their journeys to the above cities through other airlines, but with this interline agreement, when they land in Lagos, Air Peace will move them to the other cities with ease,
“Emirates is a steadfast partner of Nigeria’s tourism, trade and aviation sectors. This partnership with Air Peace is the next step on this journey, bolstering our connectivity and introducing more travel options for corporate leisure, and travellers visiting friends and family to and from Nigeria.
“We look forward to deepening our strategic partnership with Air Peace in the future to enhance the benefits for our mutual customers,” the Deputy President and Chief Commercial Officer for Emirates, Adnan Kazim, said.
Also commenting, the Chief Operating Officer of Air Peace, Ms Oluwatoyin Olajide, said, “We are excited about this strategic interline partnership between Air Peace and Emirates, which is a significant step towards enhancing global connectivity for Nigerian travellers.
“It aligns with our mission to provide seamless, world-class travel experiences while expanding our route network and international reach.
“This collaboration not only expands Air Peace’s international reach but also offers Nigerians arriving from Dubai seamless access to key domestic destinations, including Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna, and Owerri.
“By improving ease of travel, we are boosting business, tourism, and trade opportunities, further strengthening economic ties between Nigeria and the UAE.
“This partnership also reinforces Nigeria’s aviation sector by enhancing connectivity, efficiency and positioning our country as a critical hub for regional and global travel. At Air Peace, we remain committed to providing greater connectivity, convenience, and world-class service for our passengers.”
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