Nigerian insurance tycoon Wole Oshin’s stake in Custodian now worth $18.9 million

Nigerian insurance tycoon and multimillionaire businessman Wole Oshin’s stake in Custodian Investment Plc, one of the country’s leading investment groups, is now worth N8.35 billion ($18.9 million), according to recent data compiled by Billionaires.Africa.

Custodian Investment, a Lagos-based investment group founded by Oshin in 1991, has active operations in the Nigerian financial services sector, particularly through its insurance subsidiaries, and also investments in the country’s real estate sector.

The group, which is 26.54-percent owned by Oshin, presently has total assets under management (AUM) in excess of $1.1 billion as it remains committed to the steady improvement of its operations while creating and safeguarding wealth for its stakeholders.

It has substantial assets in companies such as Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees, Crusader Sterling Pensions Limited, and UPDC Plc.

As of press time on Nov. 15, the Custodian’s shares were trading at N5.35 ($0.0121) a share, unchanged from their opening price this morning, as investors continue to closely monitor both economic and financial data, as well as the market sentiment on the Nigerian Exchange (NGX).

At the current price level, Custodian is now the 40th most valuable company on the NGX, with a market value of N31.5 billion ($71.3 million), accounting for around 0.132 percent of the overall market capitalization of the local exchange.

With the investment group’s total shares valued at N31.5 billion ($71.3 million), Oshin’s holding is valued at N8.35 billion ($18.9 million), making him one of the wealthiest investors on the local exchange.

His stake in the investment group is now worth $9 million less than it was on Jan. 4, exactly 314 days ago, when the group’s share price soared above N7.9 ($0.017) per share, boosting the market value of his stake to nearly $28 million.

Since Jan. 4, the market value of Oshin’s stake in Custodian has declined by more than 32 percent, to N8.35 billion ($18.9 million).