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Caverton Eyes Positive Returns for Shareholders

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Caverton

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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Travel/Tourism

Moving to France After Retirement: What You Need to Know First

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The idea of spending retirement in France comes up often — sometimes because of the climate, sometimes because of the healthcare system, and sometimes simply because of the way everyday life is organised there. But once the initial appeal fades, a practical question usually follows: under what conditions can a retiree actually live in France legally?

The short answer is: it’s possible.
The longer answer requires a closer look.

No “retirement visa,” but a workable solution

Unlike some countries, France does not offer a dedicated retirement visa. This often comes as a surprise. In practice, however, most retired foreigners settle in France under the long-stay visitor visa — a residence status that is not tied to age or professional background.

The logic behind it is straightforward: France allows people to live in the country if they do not intend to work and can support themselves financially. For this reason, the visitor visa is used not only by retirees, but by other financially independent residents as well.

Income matters more than age

When an application is reviewed, age itself is rarely decisive. Financial stability is.

French authorities do not publish a fixed minimum income requirement. What they assess instead is whether the applicant has sufficient and reliable resources to live in France without relying on public assistance. This usually includes:

  • a state or private pension;
  • additional regular income;
  • personal savings.

In practice, the clearer and more predictable the income, the stronger the application.

Paris

Housing is not a formality

Relocation is not possible without a confirmed place to live. A hotel booking or short-term accommodation is usually not enough.

Applicants are expected to show that they:

  • have secured long-term rental housing;
  • own property in France;
  • or will legally reside with a host who can provide accommodation.

This is one of the most closely examined aspects of the application — and one of the most common reasons for refusal.

Healthcare: private coverage first

At the time of application, retirees must hold private health insurance valid in France and covering essential medical risks. This requirement is non-negotiable.

Access to France’s public healthcare system may become possible after a period of legal residence, but this depends on individual circumstances, length of stay, and administrative status. It is not automatic.

What the process usually looks like

Moving to France is rarely a single step. More often, it unfolds as a sequence:

  • applying for a long-stay visa in the country of residence;
  • entering France;
  • completing administrative registration;
  • residing legally for the duration of the visa;
  • applying for renewal.

The initial status is typically granted for up to one year. Continued residence depends on meeting the same conditions.

Restrictions people often overlook

Living in France under a visitor visa comes with clear limitations:

  • working in France is prohibited;
  • income from French sources is not allowed;
  • social benefits are not part of this status.

These are not temporary inconveniences, but core conditions of residence.

Looking further ahead

Long-term legal residence can, over time, open the door to a more permanent status, such as long-term residency. In theory, citizenship may also be possible, though it requires meeting additional criteria, including language proficiency and integration.

For many retirees, however, the goal is simpler: to live quietly and legally, without having to change status every few months.

Moving to France after retirement is not about a special programme or age-based privilege. It is a question of preparation, financial resources, and understanding the rules. For those with stable income and no intention to work, France offers a lawful and relatively predictable way to settle long-term.

No promises of shortcuts — but no closed doors either.

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Trump Slams Partial Travel Ban on Nigeria, Others Over Security Concerns

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By Adedapo Adesanya

The United States President Donald Trump has imposed a partial travel restriction on Nigeria, as part of a series of new actions, citing security concerns.

The latest travel restriction will affect new Nigerians hoping to travel to the US, as it cites security concerns and difficulties in vetting nationals.

The travel restrictions also affect citizens of other African as well as Black-majority Caribbean nations.

This development comes months after the American President threatened to invade the country over perceived persecution against Christians.

President Trump had already fully banned the entry of Somalis as well as citizens of Afghanistan, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Myanmar, Sudan, and Yemen.

The countries newly subject to partial restrictions, besides Nigeria, are Angola, Antigua and Barbuda, Benin, Dominica, Gabon, The Gambia, Ivory Coast, Malawi, Mauritania, Senegal, Tanzania, Tonga, Zambia and Zimbabwe.

Angola, Senegal and Zambia have all been prominent US partners in Africa, with former president Joe Biden hailing the three for their commitment to democracy.

In the proclamation, the White House alleged high crime rates from some countries on the blacklist and problems with routine record-keeping for passports.

The White House acknowledged “significant progress” by one initially targeted country, Turkmenistan.

The Central Asian country’s nations will once again be able to secure US visas, but only as non-immigrants.

The US president, who has long campaigned to restrict immigration and has spoken in increasingly strident terms, moved to ban foreigners who “intend to threaten” Americans, the White House said.

He also wants to prevent foreigners in the United States who would “undermine or destabilize its culture, government, institutions or founding principles,” a White House proclamation said.

Other countries newly subjected to the full travel ban came from some of Africa’s poorest countries — Burkina Faso, Mali, Niger, Sierra Leone and South Sudan — as well as Laos in southeast Asia.

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Detty December: FCCPC Investigates Possible Exploitative Air Fares

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By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has commenced an investigation into pricing templates behind high ticket rates charge by some airlines on some domestic routes.

A statement issued by the Director of Corporate Affairs of the commission, Mr Ondaje Ijagwu, in Abuja said the investigation was to establish possible violations of the provisions of the law.

Mr Ijagwu said that concerns had been expressed widely in the past few days over what appeared to be coordinated manipulation or exploitation in the pricing of airline tickets by some airlines on certain routes, adding that the routes where concerns had been raised included the South-East and South-South, as the festive season began.

According to him, the ongoing investigation targets operators on the identified routes.

He said the commission would apply appropriate enforcement measures where evidence showed any violation of the Federal Competition and Consumer Protection Act (FCCPA).

Mr Ijagwu explained that Air Peace, had instituted a court action seeking to restrain the agency from examining its pricing mechanisms, following the commencement of an investigation into its pricing model after widespread complaints from members of the public.

He said the ongoing inquiry was without prejudice to the case instituted against the Commission by Air Peace.

The director quoted the vice chairman of FCCPC, Mr Tunji Bello, as saying “the commission would not hesitate to act where evidence showed that consumers welfare or market competitiveness were being undermined.

”For the avoidance of doubt, we are not a price control board but the FCCP Act 2018 empowers us to check the exploitation of consumers.

”When we receive petitions or where we find cogent evidence, we will not stand by and watch Nigerian consumers being exploited under any guise.

”Given the arbitrary spike in airfares, the Commission is extending its review of pricing patterns, the basis for the increases reported by consumers, and any practices that could undermine fair competition.

”Where evidence confirms a breach of the Act, FCCPC will apply appropriate enforcement measures,” Mr Bello said, promising that the organisation will continue to provide updates on the ongoing investigations in the aviation industry.

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