The Initiates’ Major Shareholder Expands Stake with N66.2 Million Purchase
A major shareholder in The Initiates Plc (TIP), a Nigerian waste management and industrial cleaning services company listed on the Nigerian Exchange (NGX), has expanded his stake in the firm with the purchase of millions of shares valued at N66.2 million. In a regulatory disclosure filed with the NGX, Mr. Afolayan Samuel Olajide, one of the company’s significant investors, acquired 5,520,194 ordinary shares on September 18, 2025, at a unit price of N12.00, bringing the total purchase value to N66.24 million. The notification, which was signed by the company’s secretary, Mr. Olaide Odejobi, confirmed the transaction in line with insider dealing reporting obligations. The acquisition increases Mr. Olajide’s ownership in The Initiates Plc to 13.89 percent, further cementing his position as the company’s second-largest shareholder after Mr. Ossai Reuben, who holds about 20.97 percent. Market observers note that insider acquisitions of this nature are often seen as a sign of confidence in a company’s financial performance and future growth potential. The move comes on the heels of strong financial results for the company. In its half-year 2025 financial statements, The Initiates Plc posted an impressive 217 percent year-on-year growth in revenue for the second quarter, alongside substantial gains in profit before tax. The company’s robust performance has been attributed to its expanding operations across oil and gas, manufacturing, and municipal waste management sectors, all of which continue to benefit from stricter environmental regulations and increased demand for professional industrial cleaning services. Although Mr. Olajide’s latest stake remains slightly lower than the nearly 14 percent holding he had at the end of 2024, analysts believe his renewed buying interest reflects confidence in the company’s trajectory. Some, however, caution that continued insider accumulation could tighten the free float of TIP shares on the exchange, which may increase short-term volatility. Since its listing on the Nigerian Exchange in 2016, The Initiates Plc has built a reputation as one of the leading players in Nigeria’s environmental services sector. Its share price has recorded significant appreciation over the years, driven by consistent growth and investor confidence in its long-term prospects. Investors and market watchers are now expected to follow the company’s next financial results closely, as well as any further insider dealings that may provide additional signals about confidence in the firm’s future outlook.
