Nigerian auto magnate Michael Ade-Ojo, has seen the value of his stake in Custodian Investment Plc fall to about $60 million after a sustained decline in the investment holding company’s share price erased N22.93 billion ($17.21 million) from his holdings. The pullback follows a strong rally earlier in 2026, as investors took profits on the Nigerian Exchange.

Ade-Ojo, founder and chairman of Elizade Motors Ltd., holds more than 1.14 billion Custodian shares through Mikeade Investments Ltd. and a smaller direct investment, making him the company’s second-largest shareholder after Group Managing Director Wole Oshin.

According to data tracked by Shore.Africa, the value of Ade-Ojo’s combined holdings declined to N80.45 billion ($60.39 million) from N103.37 billion ($77.6 million) over the period under review.

From rally to sell-off

The decline follows a sharp appreciation in Custodian’s share price earlier in the year. Between the start of 2026 and May 2, the value of Ade-Ojo’s stake climbed by N50.69 billion ($38.1 million) to N100.05 billion ($72.45 million), from N49.37 billion ($33.99 million).

That rally subsequently reversed. Custodian shares fell from N89.95 ($0.067) on May 4 to N70 ($0.052) at the time of writing, a decline of about 22.18%. The sell-off reduced the insurer’s market capitalization to below $310 million, reversing part of the gains accumulated earlier in the year.

The retreat reflects renewed selling pressure following the stock’s earlier appreciation. While share-price fluctuations have reduced the paper value of Ade-Ojo’s investment, they do not necessarily indicate that he has sold shares or changed his ownership position.

Earnings tell a different story

Custodian reported stronger financial results for the first half of 2026, underscoring the contrast between its earnings performance and its stock-market valuation.

Gross revenue rose 34.9% to N167.62 billion ($125.84 million) from N124.27 billion ($93.29 million) a year earlier. The increase was driven primarily by higher interest income, alongside growth in fees, commissions and sales.

Profit after tax climbed about 39% to N36.67 billion ($27.53 million), from N26.39 billion ($19.81 million) in the first half of 2025. Total assets increased to N1.23 trillion ($926.77 million) from N1.06 trillion ($799.31 million), while shareholders’ equity rose to N250.69 billion ($188.19 million) from N218.55 billion ($164.06 million).

A diversified financial group

Founded in 1991, Custodian Investment has expanded into a diversified financial services group spanning insurance, pension administration and real estate. Under Oshin’s leadership, the company has built a substantial presence in Nigeria’s financial services industry.

Despite the recent decline in his holdings’ market value, Ade-Ojo retains significant exposure to the sector through his Custodian investment. His position also illustrates how changes in equity valuations can affect the reported wealth of major shareholders even when a company continues to record growth in revenue, profit and assets.