First HoldCo Plc has announced that Anil Dua, a non-executive director on the board of its banking subsidiary, First Bank of Nigeria, acquired shares worth N177.9 million.
In a disclosure filed by the HoldCo and signed by Abiola Baruwa, the Group Company Secretary, the transaction was referenced under code NGFBNH000009.
According to the disclosure, the acquisition involved the purchase of 2,558,259 ordinary shares at N69.56 per share on May 11, 2026, on the Nigerian Exchange in Lagos.
Following the acquisition, the stock closed at N74.55 per share, implying a 7.17% gain above the director’s purchase price, while the overall daily gain stood at 9.96%, with trading volume also surging.
What the data is saying
According to trading data on May 11, 2026, more than 148 million shares of First HoldCo exchanged hands on the Nigerian Exchange, ranking third behind Access Holdings (172 million) and Veritas Kapital (194 million).
- The trading activity marked the company’s highest daily volume so far in 2026, surpassing the 106 million shares traded on February 13, 2026.
The stock opened the year at N47.90 and climbed to a 2026 high of N77 on April 22 before retracing to N60.05 per share on May 5, 2026.
- However, recovery momentum emerged on May 6, 2026, with the stock gaining 9.98% on the 8th to close at N67.80, before extending its rally with another 9.9% advance on the 11th, the same day as the share acquisition.
The renewed buying interest followed the group’s Q1 2026 results, which showed pre-tax profit rising 72.20% to N321.1 billion from N186.4 billion in Q1 2025.
- On the interest income side, earnings climbed to N704.4 billion, supported mainly by loans and advances to banks and customers, which jointly contributed N511.48 billion, while investment securities added N192.97 billion.
Meanwhile, non-interest income rose 111% to N219.22 billion in Q1 2026, driven by higher net fee and commission income alongside stronger gains from investment securities sales.
Get up to speed
In addition to its Q1 2026 results, First HoldCo Plc announced it is seeking shareholder approval to raise up to N253 billion at its 14th Annual General Meeting on May 29, 2026, targeting a N1 trillion capital base.
The company said the target paid-up capital builds on a combined share capital and share premium, aimed at strengthening regulatory and balance sheet position.
- The proposed capital raise may be executed through one or more equity instruments, issued in tranches or structured phases, depending on board approval and prevailing market conditions.
According to the board, the transaction could be implemented through a public offer, private placement, rights issue, bonus issue, or scrip dividend, subject to final approvals.
What you should know
- The capital raise reflects First HoldCo Plc’s efforts to strengthen its financial position, support expansion, and meet future requirements; a move the market is likely interpreting positively.
- Anil Dua, a non-executive director on the board of First Bank of Nigeria, purchased First HoldCo Plc shares at N69.56 per unit after the market opened at N67.80.
- The shares reached N79 as of mid-trading on May 12, with year-to-date performance up over 64%, and market capitalization at N3.3 trillion.
