Initial Notification: Over 1.24 Million Shares Traded by Ossai, Afolayan, and Richgate in The Initiates Plc

The Initiates Plc, a leading waste management and industrial cleaning company, has disclosed insider share dealings involving three substantial shareholders between August 28 and 29, 2025. The transactions were officially communicated by the company secretary, Olaide Odejobi.

In the first disclosure, Mr. Reuben M. Ossai, the CEO and Managing Director of The Initiates Plc, executed a sale of ordinary shares on two consecutive days. On August 28, 2025, he sold 362,000 units at a price of ₦12.01 per share, followed by an additional sale of 102,900 units at the same price on August 29. The total volume of shares sold amounted to 464,900 units, with an aggregate transaction value based on the unit price of ₦12.01. The trades were conducted on the Nigerian Exchange (NGX).

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• Insider Confidence: Afolayan Acquires Millions in The Initiates Plc Stock
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In a separate transaction dated August 28, 2025, Mr. Samuel Olajide Afolayan, also a substantial shareholder in The Initiates Plc, purchased 250,000 units of ordinary shares at ₦12.01 per share. This acquisition was likewise executed on the NGX and reported as an initial notification of insider dealing.

The third disclosure involves Richgate Invest Sec Ltd, another substantial shareholder in the company. Richgate sold 428,000 units of ordinary shares at ₦12.01 per share on August 28, 2025, and followed with a sale of 98,894 units at the same price on August 29. The total volume of shares sold by Richgate amounted to 526,894 units. These transactions were also carried out on the NGX and formally reported as initial notifications.

All three disclosures were made in accordance with regulatory requirements and reflect significant movements in shareholding positions within The Initiates Plc.