Caverton Offshore Support Group Plc has postponed the release of its 2025 audited financial statements, citing disruptions caused by the resignation of its Chief Financial Officer, regulatory clearance delays and technical issues affecting its financial reporting systems.
In a notice filed with the Nigerian Exchange Limited (NGX), the company said the delay was primarily caused by the resignation of its Chief Financial Officer during the audit process, which affected internal financial reviews and the completion of key sign-off procedures.
Caverton also disclosed that administrative delays relating to the regulatory clearance of its external auditors by the Financial Reporting Council of Nigeria (FRCN) contributed to the postponement.
In addition, temporary technical issues affecting the company’s Enterprise Resource Planning (ERP) system disrupted data extraction and financial reconciliation activities required to complete the audit.
The offshore logistics and aviation services provider acknowledged that these developments prevented it from meeting its statutory reporting deadline and accepted responsibility for the delay.
According to the company, the audit has now reached its final stage, and it expects to submit the 2025 audited financial statements to the Nigerian Exchange on or before Friday, July 10, 2026.
To strengthen its financial reporting process, Caverton said its Board has accelerated the recruitment of a substantive Group Chief Financial Officer while implementing additional measures to improve audit planning and regulatory compliance.
The company added that it is enhancing engagement with its external auditors to ensure regulatory requirements are addressed earlier in future reporting cycles.
Caverton further informed investors that the closed period, which commenced on January 1, 2026, will remain in effect until 24 hours after the publication of the 2025 audited financial statements and the outstanding unaudited financial statements.
During the closed period, directors, senior management and other insiders are prohibited from trading the company’s shares in line with NGX listing rules.
The company apologised to shareholders and other stakeholders for the delay, reiterating its commitment to transparency and timely financial reporting.
The release of the audited financial statements will provide investors with an updated assessment of Caverton’s financial position, operating performance and strategic outlook following a period marked by operational and industry challenges.
