Table of Contents
Key Points
- Wole Oshin's 27.05% stake in Custodian rose by $1.38 million in 2024, despite Nigeria's volatile currency environment.
- Custodian's stock surged by 90% in local currency, but naira's 42% devaluation limited the full potential of Oshin's gains.
- Custodian’s market cap hit $65 million, with a 354.4% profit surge, bolstered by Oshin's leadership and strategic growth.
Nigerian insurance magnate Wole Oshin saw the value of his 27.05 percent stake in Custodian Investment Plc rise by $1.38 million in 2024. However, while the growth was impressive, it was somewhat tempered by Nigeria’s volatile currency environment.
Custodian’s stock surged by 90 percent in local currency—from N9 to N17.1 on the Nigerian Exchange (NGX)—but the naira’s 42 percent devaluation in 2024 limited the full potential of these gains. Had the naira remained stable, Oshin’s stake could have increased by as much as $14.62 million, showcasing what might have been realized under more favorable economic conditions.
Custodian stock rises, market cap hits $65 million
In dollar terms, Custodian’s stock rose by just 8.5 percent, from $0.01 to $0.011, as the weakening naira diminished the overall impact. Despite this, the rally contributed to a significant boost in the company’s market capitalization, now exceeding $65 million.
Thanks to the performance of Custodian’s stock, Oshin’s stake climbed from N14.32 billion to N27.21 billion, marking a gain of N12.89 billion. In dollar terms, his holdings rose from $16.25 million to $17.63 million, adding $1.38 million to his portfolio.
Wole Oshin’s leadership fuels Custodian’s success
Founded in 1991, Custodian Investment has grown into a diversified financial services group with investments in insurance, pensions, and real estate. Under Oshin, the company has built a reputation for steady growth, establishing itself as one of Nigeria’s most valuable financial firms.
The surge in share price in 2024 highlights the group’s resilience and that of the Nigerian financial sector, despite a tough macroeconomic environment. Oshin’s strategic guidance has played a key role in expansion into new markets and infrastructure, including key acquisitions and innovations.
The company’s profit surged 354.4 percent in the first half of 2024, with net income reaching over $14 million, up from $3.06 million during the same period in 2023. As Custodian’s stock continues to climb, Oshin’s wealth and influence within Nigeria’s financial landscape are set to grow, further cementing his legacy as a leading figure in the industry.
