Some of us cannot get enough of the Makanjuola brothers and their father, and this is understandable. They are all successful businessmen who are shaping Nigeria’s corporate environment, albeit silently.
But while two of the brothers- Olabode and Rotimi Makanjuola- seem to be the most visible ones, there is yet another Makanjuola brother who is equally doing great things in the business world.
His name is Adeniyi Makanjuola and he is our corporate personality of the week. Get to know him.
Adeniyi Makanjuola’ background
Born on the 16th of February, 1980, Adeniyi Ibraheem Makanjuola is a 38-year old Nigerian entrepreneur and business executive who is passionate about identifying “systemic gaps in hypercompetitive markets.”
Consequently, he has over the years developed and implemented innovative business models which are aimed at filling up identified gaps.
Adeniyi studied Financial Economics at the University of Essex, graduating in 2001 with a degree in Financial Economics. He is also an alumnus of the University College London, where he studied Urban Planning and Development Economics, graduating in 2002 with an M.Sc.
How he co-founded Caverton Helicopters
As you may already known, Caverton Helicopters is an integral part of Caverton Group which generates a lot of its revenues and profit. But not a lot of people are in the know that the company is the brainchild of Adeniyi Makanjuola.
Following his return to Nigeria upon the completion of his studies in the United Kingdom, he identified a major gap in Nigeria’s oil and gas sector and set about solving it.
While he was still a student in the UK, he learnt how to fly helicopters, and took rotary wing flight training and other aviation industry courses. This experience availed him of an understanding of the aviation industry, even as he came to the realization that he could disrupt the oil and gas sector in Nigeria using the new skill he had acquired. Note that at this time, the oil and gas industry had no active helicopter services provider.
Today, Caverton Helicopters has successfully leveraged the status of its parent company (Caverton Offshore Support Group Plc) to become one of the biggest players in the sector. The company currently has the largest fleet of ultramodern helicopters operating in Nigeria and Sub Saharan Africa.
On his professional attainments
Chairman/Co-Founder of Caverton Helicopters, 2002 to present: Since about sixteen years ago when he co-founded Caverton Helicopters, Adeniyi has worked hard to position it for success. Some of the roles he performs in the company are listed below:
- He is responsible for the corporate governance and general statutory corporate compliance issues of the company. Also, as part of his corporate governance role, he oversees the incorporation of new subsidiaries of the company.
- He is also responsible for contract management and oversight tenders; he played a major role in securing the company’s long-running contract with oil companies like Shell, Total, etc.
- He has also negotiated loans and supervised other similar transactions, including security trust documentation and debentures.
- It is also his responsibility to be on top of any impending acquisition by the company. He oversees all the pre-acquisition procedures and carries out background studies on companies that Caverton wants to acquire. In the same vein, he advices on corporate/legal compliance.
- Adeniyi also oversees employment and labour matters by providing advice and documentation pertaining to appointment and separation of employees.
Mr Makanjuola is the Chief Operating Officer at Caverton Offshore Support Group Plc. This is based on information contained in the company’s 2017 full year financial report.
He is also a Director in Visionscape, a UAE-based sanitation company in which his family has stakes. One of the company’s subsidiaries recently secured a lucrative contract with the Lagos State Government to manage waste in the city.
He is also a Director at Raven General Petroleum LLC, a UAE-based energy-trading commodity company. He has held this position since 2010.
Not much is known about Adeniyi’s personal life as he seems to be a very private person. As a matter of fact, he literarily minds his businesses, and as we can see from the foregoing, he has quite a few of them, with sizable amounts of personal investments in different public and private companies in Nigeria, the Middle East and Europe.
Caverton Offshore Support Group (COSG) Plc ‘s results for the first quarter ended March 2018 show a dip in revenue. Revenue declined by 10.66%, standing at ₦4.5 billion as against ₦5.1 billion in Q1 2017. Profit after tax for the period, however, increased 36.64%; ₦293 million compared to ₦214 million.
Caverton is currently trading at ₦1.90 in today’s NSE session.