Nigerian insurance tycoon Wole Oshin has lost more than $34 million in the value of his stake in Custodian Investment Plc as a prolonged decline in the company’s share price erodes his holdings. His interest in the Nigerian financial services group is now valued at $81.26 million, down from $116.02 million in May.

Oshin, Custodian’s founder, group managing director and largest shareholder, owns a 29.53% stake in the company through direct ownership and indirect holdings via his investment vehicle, Gratitude Africa Ltd. His combined position represents approximately 1.74 billion shares, making the insurer one of the most significant publicly listed assets in his portfolio.

Custodian shares lose ground

Data tracked by Shore.Africa show that Custodian shares fell from N89.95 ($0.067) on May 4 to N63 (0.047), a decline of 29.96% over 191 days. The sell-off pushed the company’s market capitalization below $300 million, reducing the value of Oshin’s substantial ownership position.

His holdings have dropped to approximately N109.43 billion ($81.26 million) from N156.25 billion ($1116.02 million) on May 4. That represents a decline of N46.81 billion naira ($34.76 million), reflecting the combined effect of falling share prices and currency movements.

The latest decline follows a strong run earlier in the year, when the value of Oshin’s stake approached $100 million in April. His holdings had gained more than $40 million during the preceding appreciation, underscoring how quickly market valuations can change for major shareholders in Nigeria’s equities market.

Earnings tell different story

The share price decline comes despite stronger financial results from Custodian for the nine months ended September 2026. The group reported higher revenue, investment income and profit, suggesting that the market’s reassessment of its shares has not mirrored the improvement in its reported operating performance. Custodian reported a 46.92% increase in gross revenue to N255.41 billion ($189.66 million), from N173.85 billion ($129.1 million) a year earlier.

Profit after tax climbed 26.17% to N57.59 billion ($42.76 million), compared with N45.65 billion ($33.9 million) in the corresponding period. Higher investment income and improved insurance service profitability supported earnings, although rising management expenses and insurance finance costs continued to weigh on performance.

Investment income fuels growth

Interest income surged 232.01% to 110.14 billion naira ($81.84 million), from N33.17 billion ($24.6 million), while the group’s investment result increased to N123.45 billion ($91.56 million), compared with N82.39 billion ($61.15 million) previously.

Custodian’s total assets expanded 31.33% to 1.40 trillion naira ($1.04 billion), from N1.06 trillion ($787.4 million). Insurance service expenses declined 17.70% to N58.63 billion ($43.54 million) from N71.24 billion ($52.9 million), although net expenses from reinsurance contracts increased to N39.57 billion ($29.39 million) from N38.21 billion ($28.38 million).

Three decades in Nigeria’s insurance industry

Founded in 1991, Custodian Investment has developed into a diversified financial services group with interests in general and life insurance, pensions, trusteeship and real estate. Under Oshin’s leadership, the company has established a significant presence in Nigeria’s insurance industry and remains a major listed investment in his portfolio.

With more than three decades of experience in the financial services industry, Oshin remains one of Nigeria’s prominent insurance entrepreneurs. Despite the recent decline in his shareholding’s market value, his 29.53% interest leaves him firmly positioned as Custodian’s largest shareholder, with exposure to the group’s earnings and dividend potential.