Nigerian auto magnate Michael Ade-Ojo to pocket N2.6 billion from Custodian Investment

Nigerian auto magnate Michael Ade-Ojo, founder and chairman of Elizade Motors Limited, the foremost authorized dealer of Toyota vehicles in Nigeria, is set to receive a $1.9 million payout from his stake in Custodian Investment Plc, a leading Nigerian investment holding company and conglomerate listed on the Nigerian Exchange Group (NGX).

This payout is part of the group’s recommended total dividend of N13.23 billion ($9.62 million) for fiscal year 2025, reflecting the company’s robust financial performance.

The dividend, to be paid on Wednesday, May 8, 2026, is a testament to Custodian Investment’s impressive financial results. The board of directors recommended a dividend of N2.25 ($0.00164) per share for the 2025 fiscal year.

Ade-Ojo’s Custodian stake tops 1.14 billion shares as earnings rise

Michael Ade Ojo, founder and chairman of Elizade Motors, remains a central figure in Nigeria’s auto industry, with a business legacy spanning more than five decades and extending into philanthropy and education through Elizade University. The Nigerian magnate, alongside his son Olakunle Ade-Ojo, who represents the family on the Custodian board, holds indirect stakes in Custodian Investment Plc through Mikeade Investments Limited, totaling over 1.14 billion shares, in addition to a direct holding of 1.23 million shares.

Under the leadership of Wole Oshin, Custodian continues to post strong earnings growth, supported by expanding revenues and improving asset quality. Profit after tax more than doubled to N67.63 billion ($49.2 million), reinforcing the group’s position as one of Nigeria’s fastest-growing financial services firms.

The impressive earnings growth was driven by a sharp rise in gross revenue, which climbed from N152.01 billion ($110.5 million) to N224.73 billion ($163.4 million), reflecting robust contributions across its core business segments. The group’s balance sheet expansion was equally striking, with total assets surging to N1.06 trillion ($769 million), highlighting strengthened financial capacity and long-term stability.

Ade-Ojo’s Custodian stake delivers $1.9 million payday

Custodian Investment’s strong financial performance prompted its board to propose a dividend of N2.25 ($0.00164) per share, up 80% from the dividend of N1.25 ($0.00091) per share paid to shareholders in the previous year.

Ade-Ojo, who holds a 19.54% stake in Custodian Investments, equivalent to 1,149,256,962 shares, stands to receive N2,585,828,164.5 ($1,883,273.94), solidifying his position as one of Nigeria’s richest investors and a prominent dividend earner in the Nigerian financial services industry.