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  Custodian Investment is a business group that consists of businesses in the general and life insurance, trustee, pension, and real estate sectors.  It holds significant stakes in these businesses, which serve a diverse clientele ranging from individuals to large organizations. While it is well known for its insurance services—which are offered by its flagship companies –it has gained more recognition as a player in other spaces thanks to its control of portions of pension and property development firms.
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A leading investor in Nigeria’s financial services industry, Custodian has vast holdings which it oversees on its clients’ behalf. A recent estimate puts the value of its Asset under Management at over $1 billion—quite large by the country’s standards. Its strength is demonstrated by its national spread as well. Apart from its headquarters in Lagos, it has a physical presence in 13 other cities, including Abuja, Port Harcourt, Kano, Kaduna, and Ibadan. Custodian was founded by Oluwole (‘Wole’) Oshin in 1991, as Accident and General Insurance Company. It assumed the name Custodian and Allied Insurance Limited in 1993 and formally commenced operations 2 years later. In 2007, the company became publicly listed (this happened a year after it had acquired Signal Insurance). It also merged with Crusader Insurance in 2013, a headline-grabbing deal at the time. Thanks to the leadership and technical skills of its founder and its growing team of financial experts, the company has expanded and strengthened over the years. Through their efforts, they have nurtured a business entity from a relatively small beginning to an industry-respected, top-player status. Today, it shows signs of being able to broaden its reach even further, as the number of individuals, families, and formal institutions that need its services increases.
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The firms within the Custodian group include Custodian and Allied Insurance, a general insurance provider; Custodian Life Assurance, a life insurer; Custodian Trustees; Crusader Sterling Pensions; and UPDC, a property development company. All of these firms have taken a leading role in their respective niches. Taken together, the group is managed by a board and run by its founder, Wole Oshin, who is its Managing Director. Custodian and Allied Insurance offer auto insurance, travel insurance, home insurance, and events insurance. These cover vehicular damage, risks and financial losses that may occur during travel, damages and losses that affect private residences, and mishaps that could happen at events, respectively. It also provides the Safety Plus Plan, a personal accident insurance policy which covers permanent disablement, death, and medical expenses that may arise due to an accident. The life insurance products available from Custodian include savings and investment plans, endowment policies, term and whole life assurance, annuities, and group life packages for corporate clients. In addition, there’s the Tuition Protection plan, which ensures that pupils and students can have their school fees paid for even after the death or permanent disability of their parent, guardian, or sponsor.
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Custodian investment helps its clients with a trusteeship service as well. It holds its assets in trust for a third party and could release them to them upon the death of whoever gave the company custody of the assets in question. UPDC, which is its real estate subsidiary, provides asset management, property development, and advisory service. Thus far, it has completed over a thousand residential units and more than 30 managed estates.
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This article was first published on 10th February 2023


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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