Nigerian insurance tycoon Wole Oshin has recorded a notable surge in his wealth, gaining nearly $2 million from his stake in the Lagos-based investment group, Custodian Investment driven by the recent bullish pressure on the Nigerian Exchange (NGX).
According to data tracked by Billionaires.Africa, Oshin, a top figure in Nigeria’s insurance industry, has seen the market value of his stake in Custodian Investment increase by N1.81 billion ($1.89 million) since the beginning of the year, cementing his position as one of the richest investors on the Nigerian Exchange.
Recent surge in Custodian shares boosts market cap above $60 million
Custodian Investment, a Lagos-based investment group founded by Oshin in 1991, maintains active operations in the Nigerian financial services sector – particularly through its insurance subsidiaries – as well as investments in the country’s real estate sector.
The 12.78-percent surge in its shares on the Nigerian Exchange from N9.00 ($0.009) to N10.15 ($0.011) since the beginning of the year, has translated into substantial gains for its shareholders including Oshin, who sits at the helm of the group. This surge has also propelled the company’s market capitalization above the $60 million mark.
Oshin — as the largest shareholder and group managing director wields significant influence with a 26.81-percent stake, equating to 1,576,662,503 ordinary shares. Under his leadership, the group manages assets exceeding $450 million, prioritizing continuous operational enhancement and safeguarding stakeholder wealth.
Oshin’s Custodian stake soars above $16 million as shares surge on NGX
As a result of the recent surge in the share price of Custodian Investment, Oshin’s stake in the company has increased by N1.81 billion ($1.89 million), from N14.19 billion ($14.82 million) on Jan. 1 to N16.00 billion ($16.71 million) at the time of reporting.
This surge further cements his status as one of the wealthiest investors on the Nigerian Exchange. His strategic position in Custodian Investment, along with recent gains, underscores his significant influence in shaping Nigeria’s financial landscape.