Anil Dua, a non-executive director at First Bank of Nigeria Ltd., purchased 2.558 million shares of First HoldCo Plc for ₦178 million at ₦69.56 each on May 11, signaling strong confidence in the banking group’s expansion trajectory.
The buy follows First HoldCo’s Q1 2026 profit before tax surge of 72% to ₦321.1 billion, outpacing tier-1 peers and underscoring robust earnings momentum.
Capital Raise Plan
At its May 29 AGM, shareholders will vote on raising up to ₦253 billion in fresh capital, targeting a ₦1 trillion paid-up base via share capital and premium. This positions First HoldCo to double international banks’ regulatory ceiling, fueling aggressive balance sheet growth.
Strategic Push
The insider purchase and recapitalization align with Nigeria’s frontier-market rally. First HoldCo’s ROE dominance and global ambitions could draw index flows post-FTSE Russel upgrade, enhancing liquidity for cross-border plays.
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