Afolayan Reduces Stake in The Initiates Plc Through Large Share Sale

A substantial shareholder of The Initiates Plc, Samuel Olajide Afolayan, has executed a significant sale of the company’s ordinary shares, according to a disclosure filed with the Nigerian Exchange.

Over the course of two days—August 5 and 6, 2025—Afolayan sold a total of 1,671,479 shares, spread across two price tiers. He disposed of 272,202 shares at ₦13.00 each and a further 1,399,277 shares at ₦14.00 each, bringing the average transaction price to approximately ₦13.50 per share.

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The company secretary, Olaide Odejobi, filed the notification in compliance with regulatory requirements governing insider transactions. The deal underscores a notable shift in Afolayan’s holdings but also highlights ongoing transparency in the management of significant shareholder activity within the company and the broader capital market.