Tag: Custodian

  • Custodian Investment grows profit by 133%

    Custodian Investment grows profit by 133%

    Custodian Investment Plc recorded impressive growths in incomes and profitability in the immediate past business year, with pre-tax profit rising by 133 per cent to N60.67 billion.

    Key extracts of the audited report and accounts of the company for the year ended December 31, 2024 showed that gross earnings rose by 54 per cent from N98.87 billion in 2023 to N152 billion in 2024. Profit before tax doubled by 133 per cent to N60.67 billion as against N25.991 billion recorded in the previous year.

    At the 30th annual general meeting in Lagos, shareholders approved a total dividend per share of N1.25 for the 2024 financial year, including interim dividend of 15 Kobo paid earlier and a final dividend of N1.10 Kobo.

    Addressing the shareholders, Chairman, Custodian Investment Plc, Dr. Omobola Johnson said the company’s overall strong performance underscored the resilience of its business model and tenacity of the management team staff.

    She reassured shareholders that the board would continue to work with management to deploy the group’s assets professionally, prudently and profitably within the dictates of the evolving local and global economy.

    “Looking ahead, several strategic imperatives will be crucial for navigating the economic landscape of 2025,” Johnson said.

    She added that the group would continue to reinvent its business models to adapt to new economic realities by focusing on agility, customer-centricity and value creation.

    Read Also: Custodian Investment appoints COO

    According to her, by leveraging customer insights and exploring untapped opportunities to reignite market play and revitalize market strategies, the group would sustain its growth.

    She noted that the group would also align spending with core capabilities and eliminate non-value-adding expenses to enhance competitiveness.

    She said the group would continue to foster a culture of innovation by harnessing emerging technologies and AI-driven solutions to drive efficiency while exploring innovative financing options.

    Johnson pointed out that the group would  optimise capital allocation and strengthen shareholder relationships by engaging with regulators, customers and strategic partners to foster trust and collaborative value creation for sustainable growth.

    She said that despite the challenges of the review year, 2024 was a successful year for the company, noting that the exceptional feat recorded was made possible by the collective efforts, staunch support and dedication of all stakeholders.

    Group Managing Director, Custodian Investment Plc, Mr. Wole Oshin explained that in a bid to ensure the group continues to grow and deliver value to all stakeholders, it would focus on key strategic areas.

    According  to him,  these key areas included enhancing stakeholder value, innovation and adaptability, integrity and governance, collaboration and growth as well as sustainability and social responsibility.

    He pointed out that as the group  embarked on the new chapter, collective efforts, resilience and commitment to excellence would ensure that it continues to thrive.

    “As a group, we are committed to identifying and leveraging new investment opportunities that align with our vision of creating and preserving wealth for all stakeholders. We are committed to exploring new investment opportunities within the financial services industry while expanding our footprint across Africa.

    “We recognise that wealth creation is not solely about financial gains but also about fostering a sustainable and lasting impact,” Oshin said.

     He noted that the group’s role as custodians of value extends beyond delivering returns; but also involves building a legacy of trust, innovation and meaningful contributions to society.

  • Custodian pays 45 kobo dividend

    Custodian Plc has paid out 45 kobo as total dividend during the 2018 financial year, having paid interim dividend of 10 kobo in September 2018 and final dividend of 35 kobo

    Shareholders of the company,  a leading non-bank financial institution quoted on the Nigerian Stock Exchange (NSE) with investments in life and non-life insurance, pension fund administration, trusteeship and property holding businesses, during its annual general meeting (AGM) in Lagos commended the board and management  for paying dividend consistently.

    National Co-ordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, said the company’s dividend paying ability at a time when its peers are struggling to remain afloat is laudable.

    Another shareholder, Bayo Adeleke while commending the board and management for their dividend policy, said Custodian from its former brand name has paid dividend consistently for 11 years.

    Custodian Plc Chairman, Omobola Johnson said the board recognises the importance of dividend to shareholders and therefore, sustained the company’s practice of regular dividend payment by rewarding shareholders.

    She said: “Despite the moderate macro-economic growth on the domestic front, the company was able to post strong financial performance across all of its business lines and from the subsidiaries. Our overall strong performance underscores the resilience of our business model and tenacity of our management team and staff.

    “Our gross revenue for the year grew by 16.6 per cent to N50.2 billion from N43.1 billion reported in 2017. This is as profit before tax rose to N9.5 billion from N8.9 billion posted in 2017.

    “The total asset base remained strong at N98.1billion from N80.57 billion in 2017, showing a 21.8 per cent growth, while shareholders fund sustained similar trend, closing at N40.5billion with year-on-year growths 13.2 per cent.”

    Speaking on the future of the company, she said in spite of the uncertainty that usually accompanies electioneering cycles in Nigeria, she  believes the management is well positioned and adept enough to weather the storm and continue to take the company to greater heights.

    Its Managing Director, Wole Oshin expressed satisfaction with the result, considering the 2018 operational headwinds, adding that he is optimistic that the company will continue to thrive in all sectors where it operates as it will be guided by its vision to always exceed stakeholders’ expectations in the delivery of services to its esteemed clients, observance of high corporate governance standards and the recruitment and retention of highly skilled personnel while leveraging innovation and bespoke technology for excellence.

  • Custodian Investment rises to medium-price stock

    The Nigerian Stock Exchange (NSE) has reclassified Custodian Investment Plc from a low-priced stock to medium-priced, providing additional impetus for price discovery and trading liquidity for the investment group.

    As a medium-priced stock, stockbrokers could move the share price of Custodian Investment with a minimum volume of 50,000 shares as against 100,000 minimum shares required for low-priced stocks. Also, the tick size for Custodian Investment will change from one kobo to five kobo, enabling the share price of the company to rise faster.

    Under the extant rules at the NSE, quoted companies are classified into three categories-high-priced, medium-priced and low-priced stocks, based on their market price.

    The high-priced stocks consist large-cap equities that are priced at N100 per share or above for at least, four of the last six trading months, or new security listings that are priced at N100 or above at the time of listing on the Exchange.

    The medium-priced stocks  consist of medium-priced equities that are priced at N5 per share or above but less than N100 per share for at least, four of the last six months, or new security listings that are priced at N5 per share or above but less than N100 per share at the time of listing on the Exchange.

    The low-priced stocks, where majority of listed companies fall, consist of equities that are priced at one kobo per share or above, but below N5 per share for at least, four of the last six months, or new security listings that are priced at one kobo per share or above but below N5 per share at the time of listing on the Exchange.

    Stocks under high-priced group shall have price change with minimum of 10,000 units; stocks under medium-priced group shall have price movement with a minimum of 50,000 units, while stocks under low-priced group shall have price change with minimum volume of 100,000 units.

    According to the Exchange, Custodian Investment’s stock price trade activity over the most recent six month period provides the basis for reclassifying the security from the low priced stock group to the medium priced stock group.

    “Custodian Investment’s stock price rose above the N5 price level on April 19, 2018 and traded above N5 up till close of business on October 4, 2018. This indicates that Custodian Investment’s stock price has traded above N5 in the last six months. Resultantly, Custodian Investment will be reclassified from the low priced stock group to the medium priced stock group with effect from October 17, 2018,” the Exchange stated.

  • Custodian and Allied grows profit by 37% to N7.3b

    Custodian and Allied Plc witnessed significant improvement in its profitability in 2017 as the group’s profit after tax rose by 37 per cent from N5.3 billion in 2016 to N7.3 billion in 2017. Gross revenue increased from N38.55 billion in 2016 to N43.05 billion in 2017.

    The Board of Directors of the company has recommended the payment of a final dividend of 32 kobo for every 50 kobo ordinary share. The company had earlier paid an interim dividend of 10 kobo per share, bringing total dividend per share to 42 kobo.

    Custodian and Allied is a non-bank financial institution with investments in life and non-life insurance, pension fund administration, trusteeship and property holding businesses.

    The company has consistently paid dividends to its shareholders every year for the past 20 years. The company was incorporated on August 22, 1991 as a private limited liability company under the name, Accident and General Insurance Company Limited. Approval for the change of name to Custodian and Allied Insurance Limited was granted on February 5, 1993, while approval for conversion to a public limited liability company was given on the September 29, 2006. Following a special resolution the change of name of the company to Custodian and Allied Plc was approved by the Corporate Affairs Commission on March 20, 2013.

     

  • Dangote Sugar Refinery, Custodian to pay N6.6b dividend

    Two quoted companies-Dangote Sugar Refinery (DSR) Plc and Custodian and Allied Plc, will distribute about N6.6 billion to shareholders as interim cash dividends for the first half of this year.

    The board of directors of Dangote Sugar Refinery has indicated that N6 billion will be paid to shareholders on the basis of 50 kobo per share. The qualification date for the interim dividend distribution is August 11, 2017 while the dividend will be paid on August 14, 2017.

    Custodian will be distributing a total of N588.2 million as interim cash dividend on the basis of 10 kobo per share. The qualification date for the interim payout is August 18, 2017 while the actual payment will be on September 5, 2017.

    The interim dividend payments followed significant improvements in the earnings of the companies during the first half. The interim dividend represents 17.5 per cent of total net earnings per share recorded by Dangote Sugar Refinery and 16.13 per cent of net earnings by Custodian and Allied.

    Key extracts of the six-month report for the period ended June 30, 2017 showed that DSR improved considerably on all performance indices. Turnover rose to N118.68 billion in first half 2017 from N70.47 billion in comparable period of 2016. Gross profit also rose from N13.92 billion to N26.89 billion. Operating profit doubled from N11.29 billion to N23.61 billion.

    Group profit before tax also doubled from N11.16 billion in first half 2016 to N23.25 billion in first half 2017. After taxes, net profit rose from N7.38 billion in first half 2016 to N17.10 billion in first half 2017. With these, net earnings per share almost tripled from N1.23 to N2.85.

  • Lagos APC Primaries: The antics of a custodian

    Lagos APC Primaries: The antics of a custodian

    Party leaders in Lagos State knew the forthcoming Local Government election would generate tremendous interest. They knew the election would attract a large army of aspirants. This intense interest in participating in governance at the grassroots level should be understandable. Governor Akinwunmi Ambode had drastically opened up the state with massive developmental projects and infrastructure which have positively impacted businesses and government revenues. And the statistics are not unflattering. The Economic Confidential, an economic intelligence magazine in the country, in its recently-released Annual States Viability Index (ASVI) showed that 14 states are insolvent as their Internally Generated Revenues (IGR) in 2016 were far below 10% of their Federation Account Allocations (FAA) in the same year. According to the report, only six states, with Lagos at the top, are viable. The interesting thing, however, is the report further indicates that the IGR of Lagos State put at N302 billion is higher than that of 30 states combined, excluding Ogun, Rivers, Edo, Kwara and Delta states whose IGRs are very impressive at more than 30% each. The report also shows that only Lagos and Ogun states generated more revenue than their allocations from the Federation Account by 169% and 127% respectively. No other state has up to 100% of IGR to the federal allocation.

    Pundits who put these figures of increased revenue generation in perspectives say the figures may have had its effect on the jostling for the Local Government election in the state. Going by these favourable IGR figures, they argue that it is not impossible that some local governments in Lagos could equate some states in terms of revenue generation. So by extension therefore, running for the chairmanship of such local governments in Lagos seem akin to running for the governorship of some states, hence the rat race for the chairmanship and councillorship positions. Indeed, the number of those who came forward to contest the LG poll is bewildering. Within the All Progressives Congress (APC) alone, a whooping 1,806 aspirants turned up to contest for the councillors in the 377 wards and 488 for the chairmanship in the 20 Local Government Areas and 37 Local Council Development Areas in the state. The Assistant Publicity Secretary of the APC in Lagos, Hon. Abiodun Salami, who unfolded the figures in a recent interview with an online newspaper, said the 1,806 persons officially obtained nomination forms (not expression of interest forms) for the councillorship positions in the 377 wards.

    How does a party manage this humongous number of aspirants in a way to produce quality candidates to compliment the good work been done by Governor Ambode, and with little acrimony? And add to this the fact that winning the APC ticket is tantamount to winning the eventual election as the APC does not seem to have any effective opposition in the state. The APC leadership in the state knew it had to put on its thinking cap and fashion out an arrangement that would be democratic and at the same time throw up credible candidates who can make significant impact in the local councils, the closest arm of government to the people at the grassroots

    In its wisdom therefore, the party opted for a combination of direct and indirect primaries, the latter encompassing consensus arrangement. This was agreed upon at the Stakeholders’ Meeting in April at ACME Road, Ikeja Secretariat of the APC in a bid to stem the tension, bitter acrimony and untoward violence wholly direct primaries would have engendered. Indeed, the APC constitution provides for both direct and indirect primaries. It must be pointed out that the consensus approach and candidature through affirmation are key democratic processes. In areas where the consensus arrangement could not resolve the issue of candidature, direct primaries were arranged. The final ratification of the approved candidates who had emerged by consensus and direct primaries in a few contentious areas were then slated for Teslim Balogun Stadium in Surulere, Lagos on May 25. Ballot boxes and papers were put in place for the vote in respect of the few contentious areas. The process had gone far enough. The ratification of the large army of candidates who had emerged by consensus had been done, and election was being called for the few contentious areas when trouble broke out and the process could not proceed.

    Since then, however, the multi-level conflict-resolution mechanism put in place by the party had virtually resolved the problem. Where there are still pockets of complaints, consultations and discussions and negotiations have been employed to deal with them and they are still ongoing. It should be borne in mind that no system is perfect and humanity has not come up with a model that is without its problems.

    APC Deputy Spokesman Salami spoke further about the method put in place to resolve perceived problems. He said: “After the primaries, we have in place the Appeal Committee headed by a distinguished Lagosian, a former Deputy Governor of the state, who has so much at stake and who is known to be a man of integrity. There are still other mechanisms again to explore even if you are not satisfied with the Appeal Committee. We have the Executive Committee made up of representatives from each of the local governments that make the state. So if you have not exhausted all these avenues and you are out there protesting or saying all sorts of things, we don’t pay attention.

    “As a party, we are so organised and would not allow anybody to coerce us. It is for you to sell yourself to us, convince us that this is why you want to serve the people not, force yourself on us. The stage of appeal has just wound up and the Executive Committee that have all it takes to handle the situation, having been running the party over the years at the state level. Expectedly, we at the Executive Level have a stake in the party and the state and we are looking at some of the complaints. For instance, I represent a local government, same with many others who are also state officers; even the state Chairman (Chief Ajomale) is representing a local government. Notwithstanding that, as a state chairman, if you bring a petition from his local government, we all look at it meritoriously”.

    I have taken the pains to explain the electoral processes employed and the conflict-resolution mechanism put in place, which has virtually resolved all the contending issues, in order to expose the shenanigans of people like former Lagos Commissioner for The Environment, Mr. Muiz Banire, who claimed no primaries were conducted. As APC Legal Adviser, though he resigned from the office the other day, Banire is only been clever by half. The party’s constitution approves of both direct and indirect primaries. His vituperation is that of a man lost in the scheme of things in Lagos and now battling for relevance. He is simply out to confuse the unwary by giving the impression he is fighting for certain principles or for the people. Nothing can be farther from the truth.

    Pray, where was Banire “the custodian of the party’s constitution,” when the party’s governorship primary election was badly manipulated in Ondo or when the seemingly abhorrent was employed in Kogi in the name of candidate-replacement method?

    Now, the custodian has suddenly woken up from his deep slumber. This is the same Banire who was a beneficiary of consensus and compromise through which he held sway as Special Adviser and Commissioner for 12 unbroken years. The problem with Banire is he could hardly appreciate the huge burden on the shoulders of party leaders in ensuring equitable distribution of positions in the state. Imagine what may likely happen if every position and seat in Lagos is left to be the vagaries of election. Yet Banire who is crying wolf has never contested, talk less win an election in Lagos. He expects the grass to be greener at all time. When things do not go his way, all hell must let loose. But not a few had known that his streak of providence was bound to run out and now that it has, Banire has suddenly become the aggrieved, fighting for the fabled oppressed.

     

    • Balogun, a political analyst, writes from Ikorodu.
  • Custodian pays 25k dividend

    Custodian pays 25k dividend

    Custodian and Allied Insurance Plc has sustained payment of dividend to shareholders by paying a total dividend of 25 kobo per share in respect of the results of the 2016 financial year.
    The underwriting firm also posted profit after tax of N5.33 billion in the year under review as against the NN4.2 billion recorded in 2015 year end.
    Its gross premium income grew to N28.3 billion from N23.6 billion while its total assets of N68 billion from the N57 billion it recorded the previous year.
    Presenting the annual accounts and reports for the financial year ended December 31, 2016 to shareholders, Chairperson Dr. (Mrs.} Omobola Johnson said the challenging environment in which the company in 2016 tested the resilience of the management and its ability to operate professionally and profitably in difficult times.
    She said: “All significant performance metrics for the year under review were better than prior year’s as year over year growths of 30 per cent, 29 per cent, and 33 per cent were recorded in gross revenue, profit before tax and total comprehensive income respectively.
    “In absolute terms, the total comprehensive income attributable to shareholders was N5.2 billion, that is, N1.3 billion better than prior year while net shareholders’ value, after adjusting for dividends paid, increased by N3. 9 billion.’’

    “Management continues to deploy the group’s assets professionally, prudently and profitably within the dictates of the evolving local and world economies to ensure the safety of our insurance / investment clients’ funds and not to erode shareholders’ value. The group’s cash and financial assets holding is a testament to financial stability to meet obligations as at when due and nimbleness to seize market opportunities as they arise.”
    Speaking on future outlook of the company, the Chairperson said she believes that the worst days are over for the national economy and she is further persuaded that the country will be out of recession by the second quarter of 201 7.
    “With judicious use of our national resources and ‘sound economic policies in a safe environment, the economy should be on an upward trajectory and GDP growth restored.
    “I am also convinced of our management’s ability to not only sustain their enviable performance but to further improve upon it and maximize returns to all stakeholders in the interesting times that I foresee are upon us. I re-echo the call on all of us to support them by patronizing Custodian group’s services and recommending them to our associates”, she added.

  • AfricaRe, Custodian, others can meet obligations, says report

    African Reinsurance Plc has the ability to meet its ongoing insurance obligations, A.M. Best Company, the world’s oldest and most authoritative insurance rating agency, has said.

    According to the agency, Continental Reinsurance Plc has an excellent ability to meet its ongoing insurance obligations.

    Custodian and Allied Insurance Plc and Axa Mansard Insurance Plc were however said to have financial strength and ability to meet their ongoing insurance policy and contract obligations.

    But Wapic Insurance Plc on its part has a fair ability to meet its ongoing insurance obligations but its financial strength is vulnerable to adverse changes in underwriting and economic conditions.

    This was made known in A.M. Best’s latest edition of Non-US Ratings Monitor.

    The organisation unveiled the latest Financial Strength Rating (FSR) and Issuer Credit Rating (ICR) of the five Nigerian based insurance outfits rated by the organisation.

    Associate Director, Market Development and Communications, A.M. Best-Europe, the Middle East and Africa (EMEA), Dr. Edem Kuenyehia said Continental Reinsurance Plc got B+ Stable (FSR) bbb- Stable (ICR), Custodian and Allied Insurance Plc got B Stable (FSR) bb Positive (ICR), Axa Mansard Insurance Plc was assigned B+ Positive (FSR) bbb- Positive (ICR) and Wapic Insurance Plc got B- Stable(FSR) bb- Stable (ICR).

    Kuenyehia explained that FSR indicates an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations, while the ICR specifies an insurer’s financial strength and ability to meet its ongoing senior financial obligations.

    He said: “The FSR of African Reinsurance was A, meaning that the company has an excellent ability to meet its ongoing insurance obligations. Continental Reinsurance’s B+ means the firm has a good ability to meet its ongoing insurance obligations.’’

     

  • Custodian and Allied appoints new chairperson as Ade Ojo retires

    The board of directors of Custodian and Allied Group has appointed the immediate past Minister of Communications Technology, Dr. Omobola Johnson as the new chairperson for the company as the pioneer chairman, Chief Michael Ade Ojo retires.

    Ade Ojo recently resigned from the board having steered the leadership of the insurance group from inception, to redirect his wealth of experience and leadership approach towards giving back to the society through his numerous philanthropic and educational projects.

    The new chairperson is the erstwhile Minister of Communications Technology, past Chairman Accenture Nigeria, Founding Chairperson of Women in Management and Business (WIMBIZ) and a fellow of the Aspen Global Leadership Network (AGLN).

    She brings over thirty years of corporate experience involving the private and public sectors both locally and internationally to the board of the company and presently serves as non-executive director on the boards of several companies.

    The board also approved the appointment of Mr Olakunle Ade Ojo as director. Ade-Ojo is the Managing Director of Toyota Nigeria Ltd.

    Custodian and Allied is a holding company with leading specialist companies including Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and Crusader Sterling Pensions Limited.

  • Custodian makes N5.7b profit

    Custodian and Allied Insurance Plc has announced a Profit Before Tax increase of 11.8 per cent from N5.1 billion in 2014 financial to N5.7 in the 2015 financial year. The company would however pay a total dividend of 20 kobo per share in respect of the results of the year under review.

    In the same vein, the strength of the group was demonstrated in the structure of its assets which stood at N57 billion with cash, cash equivalents and financial assets component making up more than N38 billion, or approximately 66 per cent of the total assets.

    The underwriting firm’s gross revenue also increased by 19 per cent to N29.8 billion. Chairman, Custodian and Allied Plc, Chief Michael Ade Oio who made this known at the company’s 21st Annual General Meeting said despite the tumultuous business environment of 2015, it did not only survive but thrived respectably.

    He said: “The level of liquidity assures of our readiness to take advantage of whatever opportunities that may arise while, at the same time, provides the safety that our clients and shareholders require in this highly volatile environment.

    “Although there was a drop in interest rates at the end of last year which negatively affected the present value of our life insurance company’s future obligations in respect of its annuity portfolio, it is hoped that recovery will ensue when interest rates rebound and the need for the provision reverses.

    “The revaluation of the portfolio required further financial provision which otherwise would have boosted our results for the year.

    Speaking on dividend, he said that following the commendable performance of the company and as it is their practice to regularly pay dividend to their shareholders, a total dividend of 20 kobo per share in respect of the results of the 2015 financial year.

    He further noted that the national economic outlook for 2016 is challenging considering the low crude oil price, dwindling external reserve and apathy of foreign direct and portfolio investors to Nigeria.

    He urged the management to continue to exhibit the professionalism and ability to wax stronger in the face of adversity.

    He urged shareholders to encourage and support them by patronising the company’s services and recommend them to their associates.