Prime Business Africa
Olakunle Ade-Ojo, the managing director of Toyota Nigeria Limited, has been busy in the Nigerian stock market, mopping up shares in Custodian Investment to increase his stake in the company.
Between May 19 and 26, Ade-Ojo, who is also a director in Custodian, acquired 150 million shares of Custodian, which cost him N2.97 billion.
Join our WhatsApp ChannelHe bought the shares in five tranches: 10 million shares at N19.45 per share; 35 million shares at N19.60 per share; 35 million shares at N19.70 per share; 35 million shares at N20.65 per share; 35 million shares at N19.80 per share.
This brings his total shares in the company to 1.07 billion, as the investor previously held 1.22 million direct shares, and 924.90 million indirect shares through Mikeade Investments Ltd.
As a result of the recent acquisition, Ade-Ojo’s stake in Custodian has increased from 15.74 per cent, representing 926.13 million shares, valued at N16.62 billion as of May 16, to 18.29 per cent, representing 1.07 billion shares, worth N22.16 billion as of May 28, according to Prime Business Africa’s analysis.
This reduces the gap between Ade-Ojo’s stake and that of Custodian’s majority investor, Wole Oshin, who holds a controlling stake of 23.33 percent, representing 1.61 billion shares, valued at N28.26 billion as of May 28.
A breakdown of Oshin’s stake shows that the majority investor holds 238.67 million direct shares and 1.37 billion indirect shares through Gratitude Capital Limited.
Meanwhile, Prime Business Africa gathered that Ade-Ojo’s stock market activity has improved the company’s share value, as Custodian shareholders have seen their investment increase by 14.76 per cent between May 19 and 28, compared to the 4.97 per cent growth recorded between January 2 and May 16.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
