Wole Oshin, a prominent Nigerian insurance magnate, saw his 27.05% stake in Custodian Investment Plc increase in value by $1.38 million in 2024, driven by a 90% surge in Custodian’s stock price on the Nigerian Exchange (NGX). The share price climbed from N9 to N17.1, bolstering the company’s market capitalization to over $65 million. However, the naira’s 42% devaluation significantly reduced the full potential of Oshin’s gains.
Had the naira remained stable, Oshin’s holdings would have increased by as much as $14.62 million. Instead, in dollar terms, Custodian’s stock saw a modest 8.5% rise, from $0.01 to $0.011. Despite this, Oshin’s stake in the company grew from N14.32 billion to N27.21 billion, marking a N12.89 billion gain, equivalent to a rise from $16.25 million to $17.63 million.
Founded in 1991, Custodian Investment Plc has grown into a leading diversified financial services group with investments in insurance, pensions, and real estate. Under Oshin’s leadership, the company has achieved remarkable growth and resilience despite Nigeria’s challenging macroeconomic conditions.
In 2024, Custodian’s net profit surged by 354.4%, reaching over $14 million in the first half of the year, compared to $3.06 million during the same period in 2023. This robust performance underscores the strength of Custodian’s business model and Oshin’s strategic leadership, which has driven expansion, innovation, and acquisitions across the financial services sector.
As Custodian’s stock continues to perform, Oshin’s portfolio gains further solidify his position as a leading figure in Nigeria’s financial industry, reflecting his ability to navigate complex economic challenges while delivering value to shareholders.
