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Nigerian insurance tycoon Wole Oshin has recently experienced a substantial decline in his net worth, losing $1.3 million in 18 days 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 18 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, Wole Oshin holds a 26.81-percent stake, representing 1,576,662,503 ordinary shares.
The group manages total assets worth more than $450 million and is dedicated to continuously enhancing its operations while creating and protecting wealth for its stakeholders.
In the past 18 days, Custodian Investment’s share price on the Nigerian Exchange has suffered an 8.50-percent decline, falling from N7.65 ($0.0096) on Oct. 10 to N7.00 ($0.0089) as of report writing.
This significant drop has resulted in substantial financial losses for shareholders, including Oshin, making the company’s market capitalization to drop drastically below the $45-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 N1.02 billion ($1.30 million), declining from N12.06 billion ($15.26 million) on Oct. 10 to N11.04 billion ($13.96 million) on Oct. 28.
Despite the recent slump in the company’s shares, which led to a $1.3-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.
