Nigerian insurance tycoon Wole Oshin has recently experienced a substantial surge in his net worth, gaining millions of dollars thanks to a significant surge in the shares of Custodian Investment, a Lagos-based investment group.
According to data tracked by Billionaires.Africa, Oshin, who holds a significant position in Nigeria’s insurance industry, has seen the market value of his stake in Custodian Investment increase by $3 million in just 57 days.
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, Oshin holds a 26.81-percent stake, or 1,576,662,503 ordinary shares.
In the past 57 days, Custodian Investment’s share price on the Nigerian Exchange has increased by 23.97 percent, rising from N6.05 ($0.00783) on June 8 to N7.50 ($0.00970) as of this report’s writing.
The significant surge has resulted in gains for shareholders, including Oshin, and has pushed the company’s market capitalization further above the $55 million mark.
As a result of the recent bump in the company’s share price, the market value of Oshin’s stake in Custodian Investment has increased by a staggering N2.29 billion ($3 million), from N9.53 billion ($12.55 million) on June 8 to N11.82 billion ($15.56 million) on August 4.
Due to this recent bump in the company’s shares, which led to a $3-million increase in the market value of Oshin’s stake in Custodian Investment, the Nigerian insurance tycoon and multimillionaire businessman further solidifies his position as one of the wealthiest investors in the Nigerian Exchange.
