Anil Dua buys First HoldCo shares worth 119,000 dollars as insider purchase rides bank rally

Anil Dua has put N177.9 million ($119,000) of his own money into the company that owns First Bank of Nigeria. The non-executive director on First Bank's board bought 2,558,259 ordinary shares of First HoldCo Plc at N69.56 per share ($0.05) on the Nigerian Exchange on May 11, the company disclosed in a notification signed by Group Company Secretary Abiola Baruwa.

The timing turned out well. The stock closed that day at N74.55, putting Dua's purchase 7.17% in the green within hours. The broader trading session pushed First HoldCo up 9.96% on volume that hit more than 148 million shares, the company's heaviest day so far in 2026 and the third-biggest volume on the exchange behind Access Holdings and Veritas Kapital.

The buying came on the back of strong first-quarter numbers. First HoldCo's Q1 2026 pretax profit jumped 72.2% to N321.1 billion ($214 million) from N186.4 billion ($124 million) a year earlier, with interest income climbing to N704.4 billion ($470 million). Loans and advances to banks and customers contributed N511.48 billion, while investment securities added N192.97 billion. Non-interest income rose 111% to N219.22 billion ($146 million) on stronger fee and commission income.

The price chart followed the fundamentals. First HoldCo opened the year at N47.90 and ran to a 2026 high of N77 on April 22 before pulling back to N60.05 on May 5. Buying resumed two days later, with the stock gaining 9.98% on May 8 to close at N67.80, then advancing another 9.9% on May 11, the same day Dua filed his purchase.

The insider buy lands at a moment when the holding company is also asking shareholders for fresh capital. First HoldCo is seeking approval at its May 29 annual general meeting to raise up to N253 billion ($169 million) to push its paid-up capital toward N1 trillion ($667 million), part of a regulatory and balance-sheet strengthening exercise. The board has reserved flexibility on the structure, with public offer, private placement, rights issue, bonus issue or scrip dividend all on the table. Femi Otedola, the Nigerian billionaire who chairs First HoldCo, has been the most visible architect of the post-2024 push to remake the group.

By mid-trading on May 12, the shares had pushed to N79, taking year-to-date performance above 64% and lifting market capitalization to N3.3 trillion ($2.2 billion). A director who put cash on the table at N69.56 the day before is looking at a very expensive vote of confidence.