By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Custodian & Allied Plc listed under the other financial institutions subsector of the financial services sector of the Nigerian Stock Exchange (NSE) Friday unveiled a new group structure following a successful merger between Custodian & Allied Insurance Plc and Crusader (Nigeria) Plc.
The Company in a notice to the NSE and made available to InvestAdvocate in Lagos Nigeria said it is pleased to advise the investing public of the new structure of the resulting entity.
According to the notice, Custodian & Allied Plc, the new Custodian is currently organized as a group of companies with the holding company, Custodian & Allied Plc having controlling equity interests in the following flagship subsidiaries:
Custodian & Allied Insurance Limited – A wholly owned general insurance subsidiary that is poised to be the leader in the industry following the combination of the general insurance business of CAI Plc with that of erstwhile Crusader General Insurance Limited.
Custodian Life Assurance Limited (formerly Crusader Life Insurance Limited) – A wholly owned life insurance subsidiary with a long and respectable history in the Nigerian life insurance arena.
Crusader Sterling Pensions Limited – Majority shareholding in the leading pension fund Administration Company with an enviable record of return on investment to its contributors.
Custodian Trustees Limited (formerly Crusader Trustees Limited) – A wholly owned Trust Company providing secretarial and trusteeship services to the group and external clients.
In its future outlook, Custodian & Allied said that its future is bright and it has begun to experience enhanced top and bottom line growth and improved operating efficiencies as a result of its expanded product portfolio, enhanced revenue opportunities resulting from economic scale and the unlocking of hitherto non-revenue yielding assets, without a corresponding increase in operating/ administration costs. The company is of the opinion that the trend will continue in the years to come.
