Anil Dua, a non-executive director on the board of First Bank of Nigeria, has acquired 2,558,259 ordinary shares of First HoldCo Plc valued at N177.9 million, the company disclosed on Monday.
The transaction was executed on the Nigerian Exchange in Lagos on May 11, 2026, at N69.56 per share.
The acquisition was announced in a filing signed by Group Company Secretary Abiola Baruwa and referenced under transaction code NGFBNH000009. First HoldCo’s stock closed at N74.55 on the same day, representing a 7.17% gain above Dua’s purchase price, while the overall daily advance stood at 9.96%.
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Trading activity on May 11 was the highest recorded for the stock in 2026, with more than 148 million shares exchanging hands. The figure surpassed the previous 2026 peak of 106 million shares traded on February 13, placing First HoldCo third by volume on the exchange that day behind Access Holdings and Veritas Kapital.
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The share purchase followed the release of First HoldCo’s first quarter 2026 results, which showed pre-tax profit rising 72.20% to N321.1 billion from N186.4 billion in the same period of 2025. Interest income grew to N704.4 billion, while non-interest income surged 111% to N219.22 billion, driven by fee and commission income and gains from investment securities.
The stock had retraced to N60.05 on May 5 after reaching a 2026 high of N77 on April 22, before recovering sharply in the days that followed. By mid-trading on May 12, shares had climbed to N79, bringing year-to-date gains to over 64% and market capitalisation to N3.3 trillion.
Separately, First HoldCo announced plans to seek shareholder approval at its 14th Annual General Meeting on May 29, 2026, for a capital raise of up to N253 billion. The company is targeting a N1 trillion paid-up capital base, with the raise to be executed through one or more instruments including public offers, rights issues, or private placements.
The director’s acquisition signals board-level confidence in the group’s financial trajectory ahead of its planned recapitalisation exercise.
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