Home » Nigerian tycoon Wole Oshin to pocket $379,000 dividend from Custodian

Nigerian tycoon Wole Oshin to pocket $379,000 dividend from Custodian

by Omokolade Ajayi

Nigerian businessman Wole Oshin will pocket $379,634 (N156.1 million) in dividends from his stake in the leading investment company, Custodian Investment Plc. 

The dividend will be paid from the company’s profit in the first half of the year.

Oshin founded the company in 1991 and holds a 26.54-percent equity stake. He is also the group managing director of Custodian Investment Group.

His ownership interest in the company qualified him to earn an interim dividend of N156.1 million ($379,634) from Custodian’s H1 2021* profit.

Since its incorporation 30 years ago, the investment company has grown its assets base to N173 billion ($420 million), while its market capitalization on the Nigerian Exchange is valued at N36.5 billion ($88.9 million) as of the time of the drafting of this report.

The company has significant holdings in Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees and Crusader Sterling Pensions Limited, making it an industry leader in the insurance industry and a key player in the financial services sector.

As a majority shareholder in UACN Property Development Company Plc, it recently launched a mandatory-takeover offer to acquire up to a 3.02-percent additional stake in the Nigeria-based property development company from minority shareholders.

The company declared N4.63 billion ($11.3 million) in profits for H1 2021, which is two-percent higher than last year’s figure.

Profit in H1 2021 was pressured by a 22.1-billion loss caused by the devaluation of its financial assets during the period. This led to a single digit rise in profits despite a 20.5-percent growth in revenue.

In reaction, the board of directors resolved to pay shareholders in the company an interim dividend of N0.10 per share on Sept. 1.

Oshin, who holds 1,561,037,503 shares in the company, is expected to pocket an interim dividend of N156.1 million ($379,634).

*H1 2021 means the first half of the 2021 year.

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