Annual Report & Accounts
Custodian Life Assurance Limited (formerly Crusader Life Insurance Limited) is a specialist life insurance company incorporated in Nigeria and licensed by the National Insurance Commission to transact all classes of life insurance business. Custodian Life Assurance Limited (CLA) is the subsidiary of Custodian Investment Plc, the holding company which is wholly owned by Nigerians. The Company is quoted on the Nigerian Stock Exchange.
CLA started insurance business in 1956 as a foreign office of Crusader Insurance Company Ltd, Reigate UK. It became a public company in 1989 and listed on the Nigeria Stock Exchange in 1990. Following the merger of the parent company, Crusader Nigeria Plc with the Custodian and Allied Insurance Plc, it was renamed Custodian Life Assurance Limited to reflect the new brand of the emerging entity.
Other companies in the Custodian Investment Plc Group are:
Mr. Richard Asabia is the Chairman, Custodian Life Assurance Limited (CLA). A 1983 graduate of the London School of Economics (University of London) and 1989 graduate of the University of Wales, Cardiff, UK, he holds a Bachelors Degree in Law and a Masters Degree in Business Administration. He is a qualified Barrister and a Fellow of the Chartered Institute of Stockbrokers. He served at various times as a Director on the Boards of First Interstate Bank Plc, Banque International Du Benin, Future Unity Glanvills Ltd and as Chairman, Crusader Nigeria Plc. He is Managing Director/CEO of Interstate Securities Limited and currently sits as a Director on the Board of CrusaderSterling Pensions Limited and as Independent Director of Unity Bank Plc.
Larry Ademeso graduated from the University of Lagos with a B.Sc. degree in Insurance in 1992. He also obtained M.Sc. (Marketing) from the same University in 2001.
He started his career with Perpetual Assurance Limited in 1993 where he rose to the position of Branch Controller before moving to Custodian and Allied Insurance Limited in 2001 as the Head, Industrial Business Group and later became Head, Marketing and Sales.
Larry Ademeso joined Phoenix of Nigeria Assurance Plc. in 2005 as General Manager, Operations. Following the merger with Royal Exchange Plc. in 2007, he was appointed Group Head, Marketing/Sales, and subsequently as the Managing Director of Royal Exchange Prudential Life Plc. in 2009 and held the position till he joined Crusader Life Insurance Limited in 2011, as the Managing Director.
He is an Associate of the Chartered Insurance Institute of Nigeria and alumnus of the Lagos Business School. He is also a member of the International Insurance Society.
Mr. Ngozi Nlebemuo obtained his Bachelor of Science degree in Actuarial Science from the University of Lagos in 1991. He obtained the Masters of Business Administration degree from the University of Nigeria, Nsukka in 2005. He is an associate of the Chartered Insurance Institute of Nigeria, Chartered Institute of Stockbrokers, the Certified Pension Institute of Nigeria and the Nigeria Institute of Management (Chartered). He is also an alumnus of AMP of Lagos Business School.
He started his insurance career with Crusader Insurance (Nigeria) Plc in 1993 as an Assistant Superintendent in the department of Group Life and Pensions. He later rose to become the Manager, Group Life and Pensions. He left Crusader Insurance (Nigeria) Plc as the Head of Actuarial Services, Research and Product Development Department in 2001 to join Hallmark Assurance Plc as the Controller (Life & Pensions) where he rose to Assistant General Manager (Life Business Group).
Mr. Nlebemuo, a consummate life and pensions professional, returned to Crusader Insurance (Nigeria) Plc in 2006 as the Deputy General Manager (Life Operations). He currently serves as the Chief Compliance Officer/Head Technical Operations of the Company.
Mr. Dikko obtained his LL.M [Corporate & Commercial Law] degree from the Queen Mary & Westfield College, University of London, England after obtaining his LL.B from the University of Buckingham, England. He was called to the Nigeria Bar in 1990.
He has worked in a variety of roles and industries that span corporate finance, banking and information technology and telecommunications. He worked in Kenneth Michael & Co between 1991 and 1992 and was on the team responsible for setting up the first discount house in Nigeria as was chairman of the discount house from 2002 – 2012. He also worked an Executive Director in Resourcery Plc. from 2000 to 2007 and is currently Vice President (Regulatory & Corporate Affairs) with EMTS Ltd (trading as Etisalat Nigeria).
Mr. Adeniyi Falade is a Chartered Accountant, Chartered Stockbroker and an Investment Banker. He had his professional accountancy training at PricewaterhouseCoopers, and Coopers & Lybrand Limited, Lagos. He holds a Master of Business Administration (MBA) from the University of Warwick, United Kingdom and a Bachelor of Science degree (BSc), from the University of Ibadan.
Before his appointment as Executive Director of Custodian Investment PLC, he had served as Managing Director of Crusader Sterling Pensions Limited, Managing Director of Lead Capital and Head of Investment Banking Group of Ecobank Nigeria Plc and Lead Bank Plc. He had also at various times served as Head of Internal Control/ Chief Inspector and Head of Risk Management Department of Lead Bank Plc. He is also a member of the Board of Directors of Custodian Life Assurance Limited, Custodian Trustees Limited, UPDC PLC and Interstate Securities Limited.
Mrs. Mimi Ade-Odiachi is a seasoned professional and entrepreneur with over three decades experience in Non-Bank Financial Services (Insurance), Hospitality Management and Landscape Architecture. She holds a Bachelor’s Degree in Insurance from the University of Lagos. She is also a chartered Insurer. She is an Executive Director at Whispering Palms Hotels & Resort. She is also the Founder and Chief Executive Officer of Omar Gardens Floral Company. She is currently serving as the Chairman of Custodian Social Responsibility Foundation.
Kofo Majekodunmi is a Director on the Board of Custodian Life Assurance Limited. He is a Legal Practitioner and accomplished Investment/Corporate Banker and Capital Market Expert who brings to the Board over three decades’ experience in deal origination and structuring and vastly experienced in treasury, corporate banking, corporate finance and syndication, operations and information technology as well as privatization advisory structures having been involved in a couple of landmark transactions in the financial services sector of the Nigerian economy.
Kofo is an alumnus of the Lagos Business School, Nigerian Law School, London School of Economics and Political Science and Cranleigh School, Surreal England where he bagged his MBA, BL. and LL. B degrees respectively.
He is a member of the Nigerian Economic Summit (active participation in the Committee for the improvement of the Nigerian Ports) and Institute of Directors (IoD). He currently sits on the Boards of Leadway Pensure, St. Nicholas Hospitals, MBC Securities and he is the Group Managing Director of MBC Capital Limited.
Larry Ademeso graduated from the University of Lagos with a B.Sc. degree in Insurance in 1992. He also obtained M.Sc. (Marketing) from the same University in 2001.
He started his career with Perpetual Assurance Limited in 1993 where he rose to the position of Branch Controller before moving to Custodian and Allied Insurance Limited in 2001 as the Head, Industrial Business Group and later became Head, Marketing and Sales.
Larry Ademeso joined Phoenix of Nigeria Assurance Plc. in 2005 as General Manager, Operations. Following the merger with Royal Exchange Plc. in 2007, he was appointed Group Head, Marketing/Sales, and subsequently as the Managing Director of Royal Exchange Prudential Life Plc. in 2009 and held the position till he joined Crusader Life Insurance Limited in 2011, as the Managing Director.
He is an Associate of the Chartered Insurance Institute of Nigeria and alumnus of the Lagos Business School. He is also a member of the International Insurance Society.
Mr. Ngozi Nlebemuo obtained his Bachelor of Science degree in Actuarial Science from the University of Lagos in 1991. He obtained the Masters of Business Administration degree from the University of Nigeria, Nsukka in 2005. He is an associate of the Chartered Insurance Institute of Nigeria, Chartered Institute of Stockbrokers, the Certified Pension Institute of Nigeria and the Nigeria Institute of Management (Chartered). He is also an alumnus of AMP of Lagos Business School.
He started his insurance career with Crusader Insurance (Nigeria) Plc in 1993 as an Assistant Superintendent in the department of Group Life and Pensions. He later rose to become the Manager, Group Life and Pensions. He left Crusader Insurance (Nigeria) Plc as the Head of Actuarial Services, Research and Product Development Department in 2001 to join Hallmark Assurance Plc as the Controller (Life & Pensions) where he rose to Assistant General Manager (Life Business Group).
Mr. Nlebemuo, a consummate life and pensions professional, returned to Crusader Insurance (Nigeria) Plc in 2006 as the Deputy General Manager (Life Operations). He currently serves as the Chief Compliance Officer/Head Technical Operations of the Company.
Anthony has several years’ experience in the insurance industry; with extensive knowledge and expertise in product design, development, pricing and implementation of insurance products that balance market needs with corporate profit objectives. He also has hands on experience in marketing strategy, competitive research/analysis and sales support with a deep insight into risk management, modeling, and financial reporting.
Over the years, he has worked with Sun Life Financial of Canada, Genworth Financial (Formally, General Electric Financial Assurance), and State Farm Life Insurance company in the US.
He is a Fellow of the Society of Actuaries, Fellow of Life Management Institute and a Member of the American Academy of Actuaries. He holds a a Bachelor of Mathematics and Statistics (First Class Honours) from the University of Lagos, Masters in Actuarial Mathematics from Concordia University, Montreal Canada and a Masters in Financial Econometrics from University of Kaisersluatern, Germany.
Desmond has over 15 years experience in accounting, assurance and consulting. His industry experience cuts across financial services industry and energy, utility and natural resources industries. Desmond joined the Custodian Group as the Head of Internal Audit in 2017. He was later appointed as the Chief Financial Officer of Custodian Life Assurance Limited in 2019. Before joining Custodian Group, he was a Manager in the Audit Services division of KPMG Professional Services, where he led various audit engagements, IFRS conversion projects and other consulting assignments in the financial services industry group and energy, utility and natural resources industry group. Prior to KPMG, Desmond worked briefly with First Inland Bank Plc (now part of the FCMB Group).
Desmond holds a Bachelors degree in Industrial Physics and a Masters degree in Business Administration both from the University of Benin.
He is a Fellow of the Institute of Chartered Accountants of Nigeria and the Association of Chartered Certified Accountants, an Associate of the Chartered Institute of Stockbrokers, a Certified Internal Auditor and a Certified Information System Auditor.
Daniel holds a Master in Business Administration from the University of Ibadan obtained in 2004 and a Higher National Diploma in Insurance from Lagos State Polytechnic in 1994.
He started his insurance career with Phoenix of Nigeria Assurance Plc. in 1996; where he worked in the General Accident department before joining Newline Insurance Company Limited (Now Sterling Assurance Company) as Manager Underwriting. He joined Custodian and Allied Insurance Limited as Head, Manufacturing Unit 2003. He has since worked as Head, Financial Institutions and Services, Public Sector and Personal Line, Trading and Services and as Divisional Head, Oil and Gas/Special Risks at various times during his career with Custodian And Allied Insurance Limited.
Happily married, Daniel is an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN), an alumnus of Lagos Business School and has attended numerous courses and seminars on Insurance, Management and Health & Safety both locally and abroad.
Kehinde graduated from the University of Lagos in 2004 with Bachelor’s degree in Insurance and started her career with AXA Mansard Insurance in 2006 where she spent several years managing the Life & Health Operations, Compliance and Quality Assurance at different times before she was seconded to AXA Mansard Pensions as the Head, Compliance.
Prior to joining Custodian Life Assurance Limited as Head, Retail Enterprise in November 2017, she served as Head, Life Underwriting, Wapic Life Assurance.
She is an Associate of the Chartered Insurance Institute of Nigeria, Certified Pension Institute of Nigeria and Chartered Institute of Arbitrators UK. She is also a Qualified Management System (QMS) lead auditor.
Mr. Salami graduated from the University of Lagos in 1990 with Bachelor’s degree in Actuarial Sciences. He also holds a Master’s degree in Management from the same University in 1996.
Before joining Crusader in 2007 as Controller, Group Life operations, he had worked with Guinea Insurance Plc., as Head, Motor department and also worked with NFI Insurance Company Limited as Manager, Life and Pensions. In 2003, Mr. Salami joined UNIC Insurance as Senior Manager Life and Pensions.
He is an Associate member of the Chartered Insurance Institute of Nigeria and has had intensive technical and leadership programs.
Bolatito holds a Masters in Business Administration which she obtained from Pan African University (Lagos Business School) Lagos in 2006 and a BSc in Accounting from Obafemi Awolowo University Ile-Ife in 1999.
She started her Career as a Domestic Operations Officer with Gulf Bank of Nigeria Plc. in 2001, working on Treasury Operations transactions and later joined Bank PHB Plc., as an Employee Relations officer in 2006. She went on to serve the bank in various capacities such as Head, Employee Relations, Head, Employee Engagement, Head, Learning & Development and Head, HR Business Partners South, Abuja & North Directorates. Prior to joining Custodian Life Assurance Limited, she was the Head of HR Business Partners in Keystone Bank (formerly Bank PHB).
Bolatito is happily married and an Associate member of the Chartered Institute of Personnel Management of Nigeria (CIPM) and Association of Human Resources Practitioners of Nigeria (AHRP).
Life insurance is a contract between you/the Insured, (also known as the Policyholder) and the Insurance company/insurer; wherein the latter guarantees payment of the benefit payable on a policy to named beneficiary (ies) in line with the insurance contract.
Annuity is a contract between you (also known as the annuitant) and the Insurance company / insurer; wherein you (the annuitant) make a lump sum payment or series of payments and in return obtain regular income, beginning either immediately or at future date.
Yes, you do. This will provide financial protection for your dependants and loved ones in the event of the unexpected. It guarantees the income, earnings, dependants’ livelihood, children’s education, mortgage security etc.
The main types of life insurance are Term Assurance, Whole Life Assurance and Endowment Assurance.
With this A life insurance claim can be made at any time in line with the policy conditions. The benefit payable varies in relation to the type of policy taken up.
A Term Assurance benefit is payable to a beneficiary only when the life assured dies during the period of the policy.
Whole Life Assurance policy benefit becomes payable to a beneficiary of the life assured whenever death occurs.
An Endowment Assurance benefit is payable at maturity or in the event of death. A surrender value benefit is also payable before the maturity date subject to policy conditions being satisfied.
This is the amount a policyholder will get if they decide to terminate their policy before the maturity date. However, this is subject to the policy having been in force for at least two (2) years and payment of at least two (2) years premium. This provision when available, will be contained in your policy.
Your policy need comes first. You should then consider the life Insurance company’s quality and service experience, amount of claim reserves, capacity to meet claim obligations, flexibility and financial rating.
Yes, you can have several life policies in place at the same time.
The amount of life cover you need depends on your income and expenses, financial needs of your dependants and other liabilities (or debts you owe).
A policy rider is an additional benefit which you can choose as add-on to the primary cover already provided in the policy, subject to certain conditions. This will usually attract an additional premium. Some riders that can be taken on your policy are disability cover, critical illness, Accidental Medical expenses Fatal Accident cover, etc.
Underwriting is the process by which a life insurer decides whether or not to accept a proposal for life insurance and at what premium and policy conditions.
Yes, you can. However, your sum assured will be below the Non-Medical Limit.
This is the amount of cover which a policyholder can have without being required to undergo a medical checkup. The medical check-up is at no cost to the insured.
When your policy lapses, you may have it reinstated within one year of the due date of the last premium payment; subject to the provision of satisfactory evidence of good health. In addition, you will be required to pay all outstanding premiums with interest (to be determined by the company) before your policy can be reinstated.
Yes, you can change the frequency of your premium payment.
Yes, you can.
Yes, you can. However, the benefits would be administered through our welfare scheme, a Trust, or a nominated contingent beneficiary.
A loan up to a maximum of 85% of the surrender value on your policy can be obtained subject to following conditions:
Note:. This provision when available will be contained in your policy.
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The company’s financial statements are published on our website: here