Home » Nigerian insurance tycoon Wole Oshin’s Custodian Investment posts $25 million in profit in 2023

Nigerian insurance tycoon Wole Oshin’s Custodian Investment posts $25 million in profit in 2023

by Omokolade Ajayi
Wole Oshin

Custodian Investment, a Lagos-based investment group led by Nigerian insurance tycoon and multimillionaire businessman Wole Oshin, demonstrated impressive financial resilience in the face of challenging operating conditions, delivering a profit of over $25 million at the close of its 2022 fiscal year.

Founded by Oshin in 1991, Custodian Investment is a prominent player in the Nigerian financial services sector with active operations through its insurance subsidiaries, as well as investments in the country’s real estate market.

The group now manages total assets worth over $450 million and is dedicated to continuously enhancing its operations while creating and protecting wealth for its stakeholders.

With a 26.81-percent stake translating to 1,576,662,503 ordinary shares, Oshin is the Custodian’s largest shareholder, reflecting his unwavering commitment to the group’s success.

According to figures contained in the group’s recently published financial results for the year ending Dec. 31, 2022, the Lagos-based investment group reported a 9.7-percent increase in its profit from N10.17 billion ($22.1 million) in 2021 to N11.16 billion ($25.2 million).

This growth was driven by cost optimization strategies, which helped curb the surge in operating costs beyond sustainable levels, as well as strong top-line performance, with revenue increasing from N85.74 billion ($186.3 million) to N103.1 billion ($224 million).

Wole Oshin to pocket $1.88 million in dividends from Custodian Investment

As a result of its robust financial performance, the group’s total assets surged from N184.47 billion ($400.7 million) to N213.2 billion ($463.2 million), while retained earnings increased from N31.6 billion ($68.7 million) to N39.1 billion ($85 million).

This remarkable financial performance enabled the group’s board of directors to recommend a cash dividend distribution of N0.55 ($0.00119) per share, amounting to a total dividend payout of N0.65 ($0.0014) for the 2022 fiscal year.

This substantial dividend is expected to bring Oshin a total of N867.16 million ($1.88 million) from his Custodian Investment holdings.

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