Four senior executives of First HoldCo Plc and its First Bank of Nigeria unit bought a combined 9.34 million shares between October 30 and November 6.
Each paid N90 a share, for a total of N841 million. That price was 18% to 24% below where the stock closed on the trade dates, according to notices filed with the Nigerian Exchange on Monday and MoneyCentral calculations.
FirstHoldCo closed trading at N109 per share on Monday for a market capitalisation of N4.95 trillion.
Deputy Managing Director Ini Ebong was the largest buyer, purchasing 5.5 million shares worth N495 million on November 5.
Group Managing Director Adebowale Oyedeji bought 2 million shares, worth N180 million, the same day.
Biyi Olagbami, First Bank’s executive director for risk, bought 1.34 million shares worth N121 million on October 30, while Group Head of Stakeholder Management Tolulope Oluwole bought 500,000 shares worth N45 million on November 6, the NGX filing showed.
The purchases came during the sale of 10.43 billion First HoldCo shares by RC Investment Management Ltd., an independent “bridge holder” set up to hold the shares temporarily.
RCIM bought the stake from entities linked to Oba Otudeko and Tunde Hassan-Odukale in July 2025 at N31 a share.
It said on October 29 that about 5.2 billion shares had been sold through the exchange to buyers, with more sales to follow.
The buying sends a strong signal. The group managing director and First Bank’s deputy managing director and risk director spent N796 million of their own money between them.
They bought after FirtsHoldCo nine-month profit rose 65% to N744.45 billion.
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