Shareholders applause Custodian Investment for improved performances
Custodian Investment

The Chairman of Custodian Investment Plc, Dr. Omobola Johnson, has said that despite economic conditions that characterised the 2021 financial year, the company successfully grew its revenue by 14 percent for the year ended December 31, 2021.

The chairman stated this while addressing shareholders at the 27th yearly general meeting of the company in Lagos over the weekend.

She stated that the gross revenue grew from N75.06 billion in 2020 to N85.74 billion in 2021.

According to her, the total asset base of the company rose to N184.47 billion during the year under review, indicating a five percent increase from the previous year.

The chairman also remarked that equity attributable to owners of the parent company grew by 16 percent to close the year at N55.12 billion from N47.65 billion in 2020. She assured shareholders that the company will continue to adopt strategies that will ensure steady returns on investment to them

Analyzing the financial performance of the company during the year under review,, shareholders of the company lauded the board and management for a successful year despite the turbulent economic conditions under which the company operated in 2021.

The President of Nigeria Shareholders Solidarity Association (NSSA), Mr. Matthew Akinlade expressed the hope that the company would continue to grow bigger and bigger in the future.

Mr. Adebayo Adeleke, who also commended the company’s financial performance, remarked that since 2008, Custodian Investment Plc has never failed to pay interim dividend.

He noted that since 2008, the company has paid a gross dividend of N20.742 billion to shareholders.

Adeleke also commended the company for its consistent growth and asked the board to consider the idea of democratizing the directorship of the company and ensure diversity of electable directors in a bid to accommodate minority shareholders in the boards of subsidiary companies.

Dr. Anthony Omojola, the incumbent National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), also commended the sterling performance of the company and hoped it would be sustained.

Other highlights of the AGM are the shareholders’ approval of the final dividend of 50 kobo recommended by the board for approval. The company had earlier paid an interim dividend of 10 Kobo per share. They also authorized the board to raise additional capital through the issuance of debt instruments, preference shares or ordinary shares, or a combination of any of these options whether by way of private placement, rights issue, offer for subscription or any staff share scheme.

The shareholders also authorized the board to take steps to comply with Section 124 of the Companies and Allied Matters Act (CAMA) 2020 and Regulation 13 of the Companies Regulations 2021 relating to unissued shares of the company.

Custodian Investment was incorporated on August 22, 1991, as a private limited liability company under the name, Accident and General Insurance Company Limited. The company got the approval to change its name to Custodian and Allied Insurance Limited on February 5, 1993 while it became a public company on September 29, 2006.

Following a special resolution, the company’s name was changed to Custodian Investment Plc by the Corporate Affairs Commission on May 24, 2018.

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