I say do it.
As someone mentioned before, we don't know you or your friend, however I'm sure some of us have similar relationships with mates. I know I do.
My good mates of 10-15 years all have the same interests in gaming, and we're all at the point where we just buy whatever the group is lacking and share it around (books/movies/games etc). Since i'm the most eager when it comes to minis i've had mates who occasionally play who buy their minis and i'll paint them (because they couldn't be bothered plus I love that particular aspect), and i've bought minis i liked (separate armies) that my friends use as if their own.
Point is, you could buy them for him, and if he feels bad about it or that he can't pay you back, you'll both probably swap armies at some point just for fun anyway during a game session. It effectively makes what you buy for him an investment in your time together, even though he can do with them what he wishes...
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