Chairman of the Board of Directors of The Initiates Plc, Joe Ogbonna Anosikeh has sold 2,213,812 units of shares of the company at ₦12.80 per share, according to a Notification of Share Dealing by Insiders released on Friday.
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The deal transacted on the floor of the Nigerian Exchange in Lagos on Friday 31/10/2025 was valued at ₦28.33 million.
As of December 31, 2024, Mr. Joe Ogbonna Anosikeh directly held 20,295,796 shares of The Initiates Plc, out of the 889,981,552 outstanding shares of the company.
Earlier in the week, Investogist reported of The Initiates’ combined share offer consisting of a Rights Issue of 177,996,310 ordinary shares of ₦0.50 each at ₦7 per share, and a Public Offer of 932,022,138 ordinary shares of ₦0.50 each at ₦9.50 per share.
According to a market bulletin released in August, the rights issue will be on the basis of one (!) new ordinary share for every five (5) ordinary shares held as at the close of business on Friday, 01 August 2025.
This development marks a significant milestone in the company’s capital-raising journey, aimed at supporting its strategic expansion and strengthening operational capacity in the environmental services industry. The proceeds are expected to help TIP consolidate its leadership in hazardous waste management and advance its goal of entering the public waste sector.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
