Nigeria, May 27 -- Toyota Nigeria's CEO Olakunle Ade-Ojo spent N3 billion acquiring new shares in Lagos-listed Custodian Investment Plc in the one week to 26 May, according to a regulatory filing on Monday.

The new purchase, totalling 150 million shares, positions him to earn more dividends when the company announces an interim dividend later in the year.

Custodian Investment, one of the few Nigerian companies that pay dividends twice a year, distributes cash rewards to shareholders for half-year and full-year periods.

Mr Ade-Ojo, a non-executive director of the investment holding company, is a son of Michael Ade-Ojo, the billionaire founder of Toyota Nigeria and Elizade Nigeria, with investments in real estate, education, automobile s...