Insider Trading: Adebowale Oyedeji-Led First HoldCo Executives’ Purchase N841 Million Of Shares At N90, Below Market Price

In what is described as insider trading, First HoldCo Group Managing Director Adebowale Oyedeji and three top executives of the banks purchased a total of N841 million worth of shares at N90, below the market trading price.

The four senior executives of First HoldCo Plc alongside First Bank of Nigeria involved in an insider trading in which they purchased a combined 9.34 million shares between October 30 and November 6.

BrandNewsDay, through sources, said 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.

According to MoneyCentral, the 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 the exchange had sold about 5.2 billion shares 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 in total.

They bought after FirstHoldCo’s nine-month profit rose 65% to N744.45 billion.

Insider trading in Nigeria

Insider trading in Nigeria is strictly prohibited by law, though enforcement and prosecution have historically faced major challenges.

Legal Framework

Legal Framework

• Investments and Securities Act (ISA): Governs insider dealing and trading, making it illegal to trade securities using confidential, price-sensitive information (CPSI).
• Securities and Exchange Commission (SEC): Acts as the primary regulatory body that monitors and investigates market infractions alongside the Nigerian Exchange Group (NGX).
• Corporate Governance Rules: Public companies, banks, and financial institutions (such as GTCO and VFD Group) enforce strict blackout periods preventing directors and insiders from trading before major financial or operational announcements.