Wole Oshin, a Nigerian insurance magnate, has recently seen his net worth plummet, losing more than N1 billion ($1.3 million) in 18 days due to a dramatic drop in the shares of Custodian Investment, his Lagos-based investment business.
Oshin, a prominent figure in Nigeria’s insurance industry, has seen the market value of his investment in Custodian Investment fall by more than N1 billion ($1 million) in just 18 days.
Custodian Investment, which was founded in 1991, is a major player in Nigeria’s financial services sector, with large stakes in insurance businesses and the country’s real estate sector. Wole Oshin is the company’s largest stakeholder, with a 26.81 percent holding worth 1,576,662,503 ordinary shares.
The group manages more than $450 million in total assets and is committed to continuously improving its operations while creating and protecting wealth for its stakeholders.
Custodian Investment’s share price on the Nigerian Exchange has dropped 8.50 percent in the last 18 days, falling from N7.65 on Oct. 10 to N7.00 as of report writing.
This precipitous plunge has resulted in enormous financial losses for stockholders, including Oshin, causing the company’s market capitalization to plummet below $45 million.
The market value of Oshin’s interest in Custodian Investment has dropped by a startling N1.02 billion as a result of the recent share price reduction, falling from N12.06 billion on Oct. 10 to N11.04 billion on Oct. 28.
Despite the recent drop in the company’s share price, which resulted in a $1.3 million drop in the market value of Oshin’s investment in Custodian Investment, the Nigerian insurance mogul and multimillionaire businessman remains one of the Nigerian Exchange’s wealthiest investors.
