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Nigerian insurance tycoon and prominent businessman Wole Oshin has experienced a substantial decline in his net worth, losing $1.2 million in the past week due to a sharp drop in the shares of Custodian Investment, his Lagos-based investment group.
According to data tracked by Billionaires.Africa, Oshin, who holds a significant position in Nigeria’s insurance industry, has witnessed the market value of his stake in Custodian Investment plummet by more than $1 million in just one week.
Founded in 1991, Custodian Investment is a key player in Nigeria’s financial services sector, with significant investments in insurance subsidiaries and the country’s real estate sector. As the company’s largest shareholder, Wole Oshin holds a 26.81-percent stake, representing 1,576,662,503 ordinary shares.
In the past week, Custodian Investment’s share price on the Nigerian Exchange has suffered an 8 percent decline, falling from N7.50 ($0.0095) on July 12 to N6.90 ($0.0088) on July 19.
The significant drop has resulted in substantial financial losses for shareholders, including Oshin, and has pushed the company’s market capitalization further below the $75-million mark.
As a result of the recent share price decline, the market value of Oshin’s stake in Custodian Investment has decreased by a staggering N945.99 million ($1.20 million), declining from N11.82 billion ($15.01 million) on July 12 to N10.88 billion ($13.81 million) on July 19.
Despite the recent slump in the company’s shares, which led to a $1.2-million decrease in the market value of Oshin’s stake in Custodian Investment, the Nigerian insurance tycoon and multimillionaire businessman remains one of the wealthiest investors on the Nigerian Exchange.
Investors are closely monitoring the situation as market conditions remain uncertain. Financial experts believe that Custodian Investment’s future performance will significantly determine Wole Oshin’s net worth and standing among Nigeria’s business elite.
