Shareholders of Custodian and Allied Plc, have approved a change of the group’s name to Custodian Investment Plc, in a bid to enable it expand its operations within the financial services industry.
The group comprises Custodian and Allied Plc with subsidiaries such as Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited, and Crusader Sterling Pensions Limited.
The shareholders approved the resolution to change the holding company’s name at the 23rd yearly general meeting of the company in Lagos, last week.
The change in name will however, be subject to the approval of the Corporate Affairs Commission (CAC).
Addressing shareholders at the meeting, Chairman of the company, Dr. (Mrs.) Omobola Johnson, observed that after a moderate growth in the previous year, global economy witnessed steady improvement in 2017, on the back of accommodative monetary and fiscal policies as well as robust global trade.
According to her, following the meltdown of the stock market and the relatively low interest rate regime of 2016, the environment in 2017 was more favourable to companies with net investible funds such as Custodian and Allied Plc among others.
She said various revenue streams including premium income, investment income, fees and commission recorded significant growth, while the company’s costs were effectively managed, resulting in a 37 per cent increase in the net profit of N7.3billion in 2017 compared with N5.3billion, and comprehensive income of N8.02billion compared with N5.04 billion in the corresponding period of 2016.
On the future outlook, the chairman noted that despite the uncertainty that usually accompanies election cycles in Nigeria, she was confident that the management was well-positioned and adept enough to weather the storm and continue to take the company to greater heights.
The insurance group recorded a growth in owner’s equity by 21 per cent from N20.3 billion in 2016 to N35.4 per cent in 2017.
This was after adjustment for the interim dividend of 10 kobo paid during the 2017 financial year ended December 31, 2017.
The shareholders who spoke at the meeting commended the board and management for the impressive performance and dividend payout at a time when some companies have not been able to pay dividend to their shareholders.