Shareholders of Custodian and Allied Plc have approved the change of the group’s name to Custodian Investment Plc.
This resolution was reached at the company Annual General Meeting where shareholders approved a special resolution to change the name of the company from Custodian and Allied Plc to Custodian Investment Plc or any other name that may be approved by the Corporate Affairs Commission (CAC) without any further reference to shareholders for their approval.
Chairman, Custodian and Allied Plc, Dr. Omobola Johnson, revealed that the various revenue streams of the group including premium income, investment income, fees, and commission recorded significant growths while the company’s costs were effectively managed, resulting in a 37 percent increase in net profit.
At the AGM, shareholders also approved 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, the highest payout by the company so far.
Figures from the company’s 2017 financial statements show a significant improvement in its profitability as the group’s profit after tax rose by 37 percent from ₦5.3 billion in 2016 to ₦7.3 billion in 2017. Gross revenue increased from ₦38.55 billion in 2016 to ₦43.05 billion in 2017.
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.
It has a holding company structure which includes four subsidiaries- Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and CrusaderSterling Pensions Limited.
