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Custodian and Allied Plc grows profit by 37%

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AfCustodian and Allied Plc has posted 37 per cent growth in profit before tax for the financial year ended December 31, 2017. The group’s profit after tax improved by 37 per cent from N5.3 billion achieved in 2016 to N7.3 billion. In the statement filed with the Nigerian Stock Exchange, the directors have recommended the payment of a final dividend of 32 kobo for every 50-kobo ordinary share of the company had paid earlier an interim dividend of 10kobo per share making a total payment of 42 kobo per share in respect of the company’s result for the year ended December 31st, 2017, subject to approval of shareholders at the forthcoming annual general meeting.

The company has consistently paid dividends to its shareholders every year for the past 20 years. Lagos Chamber of Commerce & Industry (LCCI) had recently honoured Custodian And Allied Insurance Limited as the ‘Insurance Company of the Year’ at its recent annual award ceremony held in Lagos. Mr. Larry Ademeso, Managing Director, Custodian Life Assurance Limited, who received the award on behalf of the company, thanked the council and management of LCCI for considering them worthy of the award.

He said the award would further propel them to improve their services to their various clients in a bid to enhance their financial performance for the benefit of their shareholders and other stakeholders in the insurance industry. Ademeso was accompanied by other senior executives of the company which included Mrs. Bunmi Aderemi, CEO, Custodian Social Responsibility Foundation and Mr. Edeki Isujeh, Executive Director/Chief Underwriting Officer, Custodian And Allied Insurance Limited.

The managing director, who gave a brief profile of the company, said: “Custodian and Allied Limited is a holding company with leading specialist companies and brands including Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and Crusader Sterling Pensions Limited; all rendering best in class services in its versatile fold.

“The company is managed by a board of directors comprising thorough bred professionals with proven track records in their various fields of endeavours, who bring broad and deep insights derived from several years of fruitful and eventful years of experience to bear.” Ademeso said the Custodian group’s current asset base was in excess of N69.8 billion, adding that with a gross written premium of more than N25.7 billion, the group sits comfortably within the top bracket of eminent players in Nigeria’s other financial services sector of the Nigerian Stock Exchange (NSE), the citadel of capitalism in Nigeria.

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