Tag: Custodian

  • Ooni: Custodian of Yoruba cradle

    Ooni: Custodian of Yoruba cradle

    Ile-Ife in the history of the Yoruba nation is symbolic to their origin and culture. SINA FADARE in this report x-rays the importance and significance of the ancient city.

    Ife is a symbol of Yoruba and the king of the ancient town is not only revered but seen as the mouth piece of the almighty God on earth.

    Though, there are two schools of thoughts that traced the origin of Yoruba to Ile-ife in different circumstances, but the fact still remained that the ancient town is believed by as the origin and cradle of Yoruba and her progenitor.

    The mythology

    The first school of thought argued that the first settlers came all the way from the present Mecca and eventually settled in ile-ife. When there was crisis in Mecca, a powerful ifa priest was said to have been consulted and he told them to migrate to a place where the ground is flat. It was at the present Ile-Ife that the ground was flat and Oduduwa who is believed to be the father of Yoruba settled down. That was why the place was named Ile-Ife, a place that the ground was flat. This account was corroborated by archeological excavations of terracotta’s, carved figures, brass castings, stools and monoliths in granite and quartz found in several parts of the town. All these gave the suggestion that the Yorubas have the similarity of cultural origin with Egypt.

    However, the second school of thought however argued that at the creation of the earth, God (Olodumare) ordered a deity ‘Obatala’ to create the earth but could not achieve it because he got intoxicated through excessive drinking of palm wine.

    The prevailing situation prompted his younger brother ‘Oduduwa’ to take over from him. He took the three items of creation from him including a cockerel. Oduduwa climbed down from the heavens on a chain and threw a handful of earth on the ocean and got a cockerel to assist him spread the sand to form land on which Ile-Ife and the world thrive today.

    According to historians, the town’s habitation can be traced as far back as 350 BCE The meaning of the word “ife” in the Yoruba language is “expansion;” “Ile-Ife” means in reference to the myth of origin “The House of Expansion”

    It is also  believed that all dead bodies have a ‘stop over’ in Ile-Ife before going to the world beyond, in some Yoruba burial rites, it’s often recited that the dead person should not stay too long in Ile-Ife but proceed straight to the other world. It is also believed that till date there is a path in Ile-Ife that leads straight to the other world which is only accessible by the dead.

    However the common ground in all the various historical narrations of the origin of the Yoruba race is the undisputable acceptance of Oduduwa as their founder and progenitor. This has been the unbreakable bond of unification among the Yorubas.

    Spiritual home of all Yoruba

    Ile-Ife is the ancestral and spiritual home of all Yorubas, bonafide in Nigeria and the diaspora. The spiritual headship of the Yoruba race by the Oni cannot be queried either. Ile-Ife is well known as the city of 401 deities. It is said that every day of the year, except one day, which is not known to the general public, the traditional worshippers celebrate a festival of one of these deities. The most celebrated of the deities is the Ogun festival, which is named Olojo festival, when the king only appears in public, wearing a special crown called ‘Are’ and uses the occasion to bless his subjects.

     Discovery

     During the colonial era, a notable artefact known as Ori- Olokun which has been existing over a thousand of years was purportedly said to have been discovered by that renowned German archaeologist Leo Frobenius in 1910. The pure-copper sculpture took the entire arts world by storm at the time of its discovery to the extent that experts from the West argued that the artefact was a mystery that was too sophisticated to have been an handiwork of any African man.

    However, after a thorough search of the ancient town it was discovered that there are other sophisticated arts work around the ancient town. It was then that the world   accepted the facts that the people of Ile-Ife are advance in production of notable artefacts. They have the expertise of wielded the technology to turn iron to alloy but also of moulding abstract artworks out of the product. Consequently, it is now accepted by the curatorial community that the advanced artistic techniques used to create the sculpture were more advanced than those of Renaissance Italy, and comparable to those of  Donatello (renowned artist). That was why the ancient city was referred to as ‘source’ of civilization.

    Also, Ile-Ife is the site or Opa Oranmiyan that stands over five meters tall in moopa area of the town with a fenced wall. Few symbolic trees are scattered around the staff with some dotted marks, which the custodian says are marks of bullet during the several wars fought by Oranmiyan. High chief Johnson Owoyemi, the Akogun of Ife is the current custodian of the Opa Oranmiyan – a staff that Oranmiyan, the grandson of Oduduwa used to take to war. The staff made of granite obelisk with iron stud stands within the Oranmiyan shrine manned by Chief Eredumi as chief priest who is believed by Yoruba as the link between the dead and the living.

    Ooni as the father of Yoruba

     The palace of the Ooni is a monument of the highest order while the monarch himself is a symbol of Yoruba existence. The Oòni otherwise known as Arole Oodua, is traditionally considered the 401st spirit (Orisa), the only one that speaks. The royal dynasty of Ife traces its origin back to the founding of the city, more than two thousand years ago.

    In the days of old the palace of the Ooni of Ife was a structure, built of authentic enameled bricks, decorated with artistic porcelain tiles and all sorts of ornaments. To show the highest respect the people have for the stool, the Ooni of Ife occasionally appears in the public and if he does his face is always covered with a special crown that has veils decorated with ornaments and beads.

    To demonstrate how revered and highly placed the place of Ooni in the Yoruba Empire was , in 1903, the British Colonial government invited the then Ooni of Ile-Ife, Oba Olubuse ll, the great grand fathers of the immediate past Ooni, Oba Sijuwade Olubuse to testify in a case between the Akarigbo of Remo and Elepe if any of them qualify to wear the beaded crown In those days, no one could look in the face of the Ooni. All Yoruba kings under his authority and who domiciled along the route the Ooni was to pass to Lagos moved out of their bases and they did not return until the Ooni returned to Ile-Ife.

    The aura, candour and the opulence surrounded the Ooni stool embedded with core values of Yoruba culture make whoever occupies the place to abhor speaking English within and outside the country, especially in public fora. That was why the late Ooni, Sijuwade engaged the service of an English lady secretary any time he was outside the country who translate for him and Funmilola Olorunisola was always available in the country to do same.

    His Royal Highness   claimed that   the irumoles forbade him to speak any other language, other than his mother tongue, Yoruba. He is always maintaining the strict posture in commune with the gods, the irumoles and his ancestors.

  • Custodian and Allied grows profit by 40%

    Custodian and Allied Insurance has announced profit before tax of N1.87 billion for the three months ended March 31, 2015, an increase of 40 per cent when compared to the amount recorded in the same period of 2014.

    The company’s group’s asset rose to N50.6 billion from N48.9 Billion recorded as at December 31, 2014.

    A statement from the company said the result demonstrates the diversity of its revenue base and its resilience in a challenging operating environment.

    It explained that the trend would be maintained for the remaining period of the financial year, as the company continues to maintain its leadership position in the other financial services sector while its subsidiaries lead in their respective subsectors.

    The Custodian Group consists of Custodian and Allied Plc (the holding company), Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and Crusader Sterling Pensions Limited.

  • Custodian and Allied records N5b profit

    Custodian and Allied Plc grew its bottom-line by 19 per cent in the immediate past business year, sustaining resilient performance that has made the insurance and investment company one of the most active insurance stocks on the stock market.

    The group’s total assets base rose to N48.9 billion while profit before tax and profit after tax were N5.15 billion and N4.09 billion, indicating a year on year growth of 19 per cent in profit before tax.

    The Board of Directors of the company has proposed the payment of an additional 12 kobo per share as final dividend thus making a total dividend of 18 kobo per share for the 2014 financial year. It had paid an interim dividend of 6.0 kobo per share in September, 2014.

    The management of the company stated that it has continued to maintain its leadership position in the other financial services sector while its subsidiaries lead in their respective subsectors.

    Custodian and Allied Insurance is a wholly-owned Nigerian investment holding company with significant investments in general and life insurance, pension fund administration, trusteeship and property holding businesses.

    The Custodian Group consists of Custodian and Allied Plc (the holding company), Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and CrusaderSterling Pensions Limited.

    In a recent review, Chief finance officer, Custodian and Allied Plc, Ademola Ajuwon, noted that favourable underwriting income from the insurance subsidiaries and remarkable efficiency gains were factors that contributed to the improved result.

    According to him, the performance is a concise representation of Custodian and Allied Plc’s unrelenting commitment to its corporate ideal of exceeding customer and other stakeholders’ expectations at all times as demonstrated daily through customer focus, comprehensive systems, processes and operations integration.

    “Barring any unforeseen adverse developments, management is confident that the company’s well-articulated business plans and forecast will be achieved in the short, medium and long terms; ultimately benefiting all stakeholders,” Ajuwon said.

  • Custodian wins insurance leader award

    Custodian and Allied Insurance Limited has emerged winner of the PEARL Awards for sectoral leadership.

    The PEARL Awards is an annual event organized for and on behalf of the Nigerian Stock Exchange (NSE) to promote excellence and honor deserving corporates.

    Custodian And Allied Insurance Limited (CAIL), a registered member of the Nigerian Insurance Association is a member of the CUSTODIAN Group with other sister companies including Custodian and Allied Life Assurance Limited, Custodian Trustees Limited and Crusader Sterling Pensions Limited completing the highly specialized array of businesses in its fold.

    Speaking at the event, the company’s head of Management Services, Mrs. Olubunmi Aderemi thanked customers and the investing public for their contributions.

    Managing director of the Company, Mr. Wole Oshin while receiving the award commended the organizers for sustaining the ideals of the Pearl awards in line with best practice, promising that Custodian will continue to apply itself towards its corporate vision and mission while consistently driving innovation, applying cutting edge technology and superior manpower to ensure we continue to exceed customer expectations at all times’

    Furthermore, he congratulated the Board, Management and staff of Custodian for the feat, while charging them to continue doing their best for the overall good of clients and the industry.

     

     

  • Custodian and Allied grows net profit by 54%

    Custodian and Allied grows net profit by 54%

    Custodian and Allied Plc has announced an unaudited profit before tax of N3.8 billion and profit after tax of N3.2 billion for the nine months period ended 30 September 2014.

    The result represents an increase of 54 per cent over the N2.06 billion profit after tax recorded in the corresponding period of 2013.

    Similarly, Shareholders’ funds increased by 11 per cent to N21.2 billion from N19.1 billion as at 31 December 2013, while total assets stood at N49.9 billion compared with N45.6 billion reported as at 31 December 2013. It will be recalled that the company recently paid an interim dividend of six kobo per 50 kobo share after paying a total of 16 kobo per share on the preceding year’s results.

    Chief finance officer, Custodian and Allied Plc, Ademola Ajuwon, noted that favourable underwriting income from the insurance subsidiaries and remarkable efficiency gains were factors that contributed to the improved result.

    According to him, the performance is a concise representation of Custodian and Allied Plc’s unrelenting commitment to its corporate ideal of exceeding customer and other stakeholders’ expectations at all times as demonstrated daily through customer focus, comprehensive systems, processes and operations integration.

  • Custodian embraces sustainable insurance

    Custodian and Allied Insurance Plc, a registered member of the Nigerian Insurance Association (NIA), has emerged as the first Nigerian direct underwriter to join the United Nations Environment Programme Finance Initiative (UNEP FI).

    The underwriting firm is also a signatory to the initiative Principles for Sustainable Insurance Initiative launched at the RIO+20 UN Summit on Sustainable Development in June 2012.

    Speaking on this development, the Managing Director, Custodian and Allied Insurance, Mr Wole Oshin said: “Custodian is committed to the sustainable development of its environment through proper governance and risk engaging methods.”

    According to him, the company has consistently been environmentally conscious and is determined to contribute its quota to the principles in a responsible manner.

    He said the world is facing increasing environmental, social and governance challenges which present diverse, interconnected and complex risks as well as opportunities which must be prudently managed.

    In recognition of this, Oshin said the firm’s operations and activities impact on the environment, economy and society and realise the importance of ensuring they are carried out positively and in a forward looking manner.

    Oshin added that in order to internalise the firm’s commitment to identify, assess, manage and monitor the risks and opportunities associated with environmental, social and governance issues, it has continuously putting in place strategies, systems and processes to ensure transparency, traceability, compliance and accountability in a constantly evolving operating environment.

    “We will continue to demonstrate our commitment to sustainable insurance and integrating environmental, social and governance factors in our operations,” he said.

    Custodian and Allied Insurance is quoted on The Nigerian Stock Exchange (NSE) and is approved by the regulatory bodies in Nigeria to offer insurance services.

  • Custodian and Allied posts N2.5b Q3 profit

    Custodian and Allied posts N2.5b Q3 profit

    Custodian and Allied Insurance Plc, has announced profit before tax (PBT) of N2.5billion for the unaudited third quarter ended September 30, 2013, indicating an increase of 89.5 per cent over the N1.3 billion recorded in the corresponding period of 2012.

    The company’s profit after tax increased by the same proportion from N1.14 billion to N2.1 billion, while the Group’s asset base increased from N40.9 billion to N47.2 billion, indicating 15.3 per cent growth within the nine months period. The gross written premium was N19.8 billion from N9.4 billion.

    Managing Director, Mr. Wole Oshin, who made this known in a statement at the weekend, said the results have been transmitted to the stock market.

    On the performance of the firm, he said: “Our performance demonstrates Custodian’s commitment to its clients and shareholders who expect nothing but the best from us, and we ensure that we always deliver on our promise of meeting and exceeding expectations.

    “We will always endeavour to remain one of the most attractive stock options in the insurance sector, through innovative services, expanded product portfolio, improved operational efficiencies and stronger financial capacity.

    “It was a particularly intense year for Custodian and the insurance industry.We had to grapple with various guidelines and regulations particularly the International Financial Reporting Standards (IFRS), which has 2012 as its adoption year.This new reporting format is a departure from the past as it is more informative and user-friendly for all stakeholders making it easier to compare insurance companies’ results.”

    He noted that the company was able to conclude the merger with Crusader Nigeria Plc, ending a seven- year negotiation with some stockholders.

    The Chairman of the company, Chief Ade Ojo during its 2012 Annual General Meeting in Lagos, said the performance highlighted the company’s determination to increase market share across business classes through a balanced growth focus that ensures its participation in all viable business in the sector despite the challenges and constraints of the operating environment.

    He said Custodian remains focused on improving its systems, processes and operations to meet the challenges of commitment to excellent service delivery, new growth and evolving best practices.

     

  • Mansdard, Custodian get ‘B’ rating

    Mansdard, Custodian get ‘B’ rating

    An international rating organisation, A.M. Best, Europe Rating Services Limited, has given B’ rating to Mansard Insurance Plc and Custodian and Allied Insurance Plc.

    They made the list of the agency and were affirmed to have the financial strength rating of ‘B’ (Fair) and issuer credit rating of ‘BB+’, with stable outlooks.

    The ratings of Mansard reflect its “strong risk-adjusted capitalisation, good business profile and strong underwriting performance,” said Best.

    As an offsetting factor Best cited “Mansard’s investment strategy, which has a significant concentration on both land and property under development asset;”adding that it recognises the efforts made by the company to reduce the property exposure.

    The ratings also incorporate Best’s view of the company’s “exposure to the very high political and financial system risks associated with its operation in Nigeria.”

    On Mansard’s risk-adjusted capitalisation, Best noted that it is “strongly supported by a large capital base, and although it is expected to slightly decrease going forward, it will remain supportive of the company’s ratings. Mansard paid dividends of N 900 million ($4.4 million) in 2011 equating to a dividend pay ratio of 96.6 per cent, and in Best’s opinion, this could negatively impact the company’s capitalisation growth.