Much has been said and written about the success story of Caverton Plc and the owners, but not much is known about why it is becoming practically impossible for Nigerians to trade in the stocks of the highflying company.
As the investing community in the country continues to push for corporate governance in the Nigerian capital market, their pressure has begun to impact on some listed companies forcefully.
According to an analyst in the market, Caverton is a firm that lacks corporate governance as the Chairman; Mr Aderemi Makanjuola sits on the board as the Chairman while his son, Olabode Makanjuola is the Chief Executive Officer.
Worst still, another Mr. Adeniyi Makanjuola remains the Chief Operating Officer prior to the listing and even well after.
Another investor opines further; “for a company to be listed in this contemporary market, his or her business does not have to be run by his entire household bearing in mind that the interest of investors in the stock is imperative for the price discovery of the company’s share.”
Notably, Caverton Nigeria Offshore Support Group stock recognised in the stock market with the ticker; Caverton has found it difficult to raise its head above waters, investors sentiments on the shares has since trampled the price of the shares as it has been unable to rise beyond the figure it listed in the market,
However, in what may seem a subtle succumb to pressure.
The company, which also has former NSE President, Oba Otudeko and the Oba of Lagos, HRM, Rilwan Akiolu’s external interests represented in the company has recently appointed one Ms Amaka Obiora (an igbo) as the Company Secretary replacing Ms Modupe Omojafor
According to a stockbroker, the appointment of the new secretary might indicate a gradual step towards the observance of corporate governance standards in the company.
Caverton Offshore Support Group has four main divisions; Caverton Maritime, Caverton Helicopters, Caverton RK and Caverton Aviation. Founded in 1999 and listed by introduction in the NSE aviation sector, its shares currently trades between N5 and N6.