Nigerian auto magnate Michael Ade-Ojo’s stake in Custodian Investment tops $70 million

Nigerian auto magnate Michael Ade-Ojo, founder and chairman of Elizade Motors Limited, has seen the value of his stake in Custodian Investment Plc rise above $70 million this year, underscoring renewed investor appetite for dividend-yielding equities on the Nigerian Exchange (NGX).

Custodian rally lifts major shareholder positions

Ade-Ojo, founder of Elizade Motors Limited and a longstanding investor in Custodian, holds his stake indirectly through Mikeade Investments Limited alongside a smaller direct holding. Combined, the position exceeds 1.14 billion shares, cementing his role as the second-largest shareholder after group managing director Wole Oshin. 

The surge in value follows a sustained upward movement in the Custodian’s share price, fueled by strong earnings expectations and dividend payouts. Since the start of the year, the stock has more than doubled, reflecting increased institutional and retail demand.

Dividend strength reinforces investor demand

Since Jan. 1, the value of his portfolio has risen by N50.69 billion ($38.46 million), tracking a sustained rally in share prices as investor demand strengthens for dividend-yielding equities.

Custodian recently recommended a total dividend of N13.23 billion ($9.62 million) for the 2025 fiscal year, highlighting its earnings resilience. Based on his holdings, Ade-Ojo is set to receive approximately N2.59 billion ($1.88 million) in dividends. The company’s consistent dividend track record has positioned it among Nigeria’s preferred income-generating stocks, attracting capital flows amid broader market volatility.

Strong financial positioning supports growth 

Founded in 1991, Custodian Investment Plc has evolved into a diversified financial services group spanning insurance, pensions, and real estate. Under Oshin’s leadership, the firm manages assets exceeding $1.1 billion. Over the past three months, its shares have surged by more than 113%, from N43 ($0.03) to N87.15 ($0.06) per share, lifting its market capitalization above $370 million. The performance reflects operational efficiency and sustained profitability in a competitive financial services landscape.

Ade-Ojo’s stake climbs past $72 million 

The rally has pushed Ade-Ojo’s total stake value to N100.05 billion ($72.45 million), up from N49.37 billion ($33.99 million) at the beginning of the year. The  N50.69 billion ($38.46 million) increase highlights his long-term investment strategy, combining industrial wealth from the automotive sector with strategic exposure to financial services, one of Nigeria’s most resilient sectors.

For Nigeria’s financial sector, the rally signals renewed confidence in insurance and pension-linked businesses, which are increasingly seen as critical pillars of capital formation and long-term savings. Ade-Ojo’s growing stake also reflects how legacy industrialists are diversifying into financial assets, mirroring trends seen across Africa’s wealth landscape, where cross-sector investments are becoming more prominent.

Ownership and governance structure 

Custodian’s ownership remains concentrated among key insiders and institutional investors. Ade-Ojo’s stake, held through Mikeade Investments, gives him significant influence alongside Oshin, who continues to steer strategy and operations. Board representation through his son, Olakunle Ade-Ojo, further strengthens the family’s involvement in the company’s governance and long-term direction.

With continued earnings growth and a strong dividend outlook, Custodian is expected to maintain investor interest in the near term. For Ade-Ojo, the rally reinforces his positioning not just as an automotive industry pioneer, but as a major player in Nigeria’s financial markets.