Seven insiders at First HoldCo Plc and its subsidiaries acquired a combined 10.016 million shares worth approximately N901.4 million, according to separate insider-dealing disclosures filed by the financial services group on November 9, 2026.
The transactions, executed between October 30 and November 6, were all carried out at N90 per share despite differences in transaction dates and volumes.
Ini Ebong, Deputy Managing Director of First Bank of Nigeria Limited, made the largest purchase after acquiring 5.5 million First HoldCo shares at N90 each on November 5.
The transaction was valued at N495 million and accounted for more than half of the shares acquired by the seven insiders.
Adebowale Oyedeji, Group Managing Director of First HoldCo, also acquired 2 million shares at N90 per share on November 5, representing an investment of N180 million.
Biyi Olagbami, Executive Director, Risk at First Bank, purchased 1.344 million shares worth approximately N121 million on October 30.
Other transactions included 500,000 shares purchased by Tolulope Oluwole, Group Head, Stakeholder Management at First HoldCo, for N45 million on November 6.
Fiona Ahimie, Managing Director of First Securities Brokers Limited, acquired 311,111 shares for approximately N28 million on November 4, while Wasiu Shafe, Chief Financial Officer of First HoldCo, purchased 250,000 shares valued at N22.5 million on the same day.
Patrick Akhidenor, Chief Risk Officer of First Bank, acquired 110,000 shares for N9.9 million on November 5.
Altogether, the seven transactions amounted to 10,015,555 shares worth approximately N901.4 million.
The disclosures are particularly notable because the purchases occurred during a period of substantial volatility in First HoldCo’s share price and unusually high trading activity in the stock.
First HoldCo’s share price declined from N155 on October 27 to N110 by November 5, representing a drop of about 29%.
On November 5 alone, First HoldCo emerged as the most actively traded stock on the Nigerian Exchange with 478.42 million shares valued at approximately N44.94 billion changing hands.
However, the insider purchases disclosed for November 5 amounted to 7.61 million shares worth N684.9 million at N90 per share, meaning the disclosed purchases represented only a small portion of the extraordinary volume recorded in First HoldCo that day.
The filings did not identify the sellers on the other side of the insider transactions or establish that the seven purchases accounted for the broader surge in First HoldCo trading activity.
First HoldCo remained one of the most actively traded equities on November 9, with another 42.14 million shares valued at N4.56 billion changing hands.
The concentration of insider purchases at N90 nevertheless places renewed attention on First HoldCo following the sharp decline in its share price and the unusually large transactions recorded in the stock in recent sessions.