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Custodian Investment Plc managing director Wole Oshin bought about N3.39 billion ($2.3 million) worth of the company’s shares in a series of insider trades in December, according to a market disclosure filed on the Nigerian Exchange.
The notice, dated Dec. 31, reported purchases totaling 87,039,342 ordinary shares at N39 each. The transactions were executed on Dec. 19, Dec. 22 and Dec. 24 and later submitted through the company’s secretarial services, the filing said.
Insider dealing notifications are routine on the exchange, but the size of the purchase drew attention in a market where large blocks can sway sentiment. At the disclosed price, the acquisition works out to N3,394,534,338.
Oshin, the founder of the Lagos based financial services group, leads a business with interests across insurance, pensions and other financial services. The group operates through subsidiaries that include Custodian and Allied Insurance and CrusaderSterling Pensions.
The December buying also adds to a pattern of accumulation disclosed earlier in the year. A separate corporate notice said Oshin held 27.05% of Custodian at the end of the first quarter of 2024, directly and through Gratitude Capital Ltd., and that an additional purchase would lift his stake to 27.39%. In that June 2024 deal, he bought 19.5 million shares at an average price of about N10.56.
In the latest disclosure, the December purchases were split into three lines: two blocks of 20.4 million shares and another of 46,239,342 shares, each at the same price.
Exchange rules require listed companies to notify the market shortly after a director’s dealing that changes the director’s relevant interest. The filings typically do not explain an insider’s motive, and executives can buy for many reasons, including long term positioning or portfolio rebalancing.
Investors often treat insider buying as a signal of confidence, especially when broader market conditions are volatile. Custodian shares have been among the market’s most watched. Traders will be watching for fresh clues in Custodian’s next financial statements and any dividend guidance as attention on Nigeria’s nonbank financial stocks continues to build.
