News
Fresh squabbles rock First Bank’s board, threaten recapitilisation
Fresh squabbles rock First Bank’s board, threaten recapitilisation
By: Michael Mike
A fresh round of squabbles is currently rocking the board of First Bank of Nigeria, a development shareholders fear poses major threat to the bid by the first generation financial institution to strengthen its capital base in line with the recent directive of the Central Bank of Nigeria to all banks operating in the country to recapitalize.
The current crisis rocking the bank stems from protests by shareholders who are kicking against the bank’s internal governance and shareholding structure, as a result of which some of them have taken their grievances to the court. One of such is the case of Olusegun Samuel Onagoruwa v. FBN Holdings Plc in Suit No. FHC/L/CP/1271/2022), which is challenging the capacity of the Board of Directors of FBN to appoint new persons to fill vacant slots.
Onagoruwa in his suit is seeking “an order setting aside, nullifying, annulling and/or quashing the appointments and approvals of Mr. Olusola Adeeyo, Mr. Viswanathan Shankar, Mrs. Remilekun Adetola, Mr. Anil Dua and Mrs. Fatima Ibrahim as Non-Executive Directors of First Bank of Nigeria Limited made on the 20th day of March, 2024, by FBN Holdings Plc during the pendency of this action and in defiance of the subsisting order of this Honourable Court made on the 15th day of July, 2022.”
The motion also seeks an order restraining the above-named non-executive directors from acting or taking any steps as non-executive directors of the bank. The current court case follows similar four other cases pending at the Federal High Court in Lagos and Abuja challenging the internal governance of FBN Limited, in addition to existing court injunctions restraining the bank from holding the last two Annual General Meetings which the bank went ahead to hold.
According to one of the workers union leaders in the bank, “as the tenure of the imposed directors is expiring, the same illegitimate Management of FBN, whose legitimacy is being challenged, has gone further, during the pendency of the cases challenging their competence to lead the bank, to arbitrarily appoint further five independent directors. Where they derived the power from remains a mystery.
“Mismanagement and manipulation of shares are also being alleged in some of the cases pending against the bank while the legality of the AGMs and the imposed board of directors remain a challenge.” The union leader expressed the fear that the spate of litigations and board squabbles currently rocking the bank may bring a quick collapse of the over 100-year- old bank.
Also speaking on the development, a shareholder, Mr. Olalekan Babalola, said “it is imperative for the authorities to find a solution to this lingering crisis as Nigeria cannot afford another major bank’s collapse at this critical time when President Bola Tinubu is working hard to revamp the nation’s crumbling economy. This is because the current crisis will definitely impede the bank from getting the new Central Bank’s capitilisation threshold.”
He called for urgent resolution of all court cases in the overall interest of depositors, shareholders and other stakeholders of the bank before further damage is done to the oldest Nigerian bank.
Fresh squabbles rock First Bank’s board, threaten recapitilisation
Scores of ISWAP Terrorists Killed in Devastating NAF Airstrikes in Borno
By: Zagazola Makama
The Nigerian Air Force (NAF), under Operation Hadin Kai (OPHK), has carried out a successful air interdiction, neutralizing scores of Islamic State of West Africa Province (ISWAP) terrorists and destroying their logistics hub in Arina, Marte Local Government Area of Borno State.
Intelligence sources told Zagazola Makama that the air operation, which took place on March 9, 2025, at about 0600 hours, was executed based on credible human intelligence (HUMINT) and confirmatory intelligence, surveillance, and reconnaissance (ISR).
The sources intelligence revealed suspicious movements and a large gathering of terrorists at the location, prompting the coordinated air strikes.
According to the sources , the air strikes targeted terrorist logistics, structures, and fighters, dealing a significant blow to their operational capabilities.
“The precision airstrikes effectively neutralized many ISWAP fighters and disrupted their logistics chain in the area. The operation further weakens the group’s ability to launch attacks on civilian and military targets,” the source stated.
Scores of ISWAP Terrorists Killed in Devastating NAF Airstrikes in Borno
Buni Approves Employment of 267 Health Technicians in Yobe
By: Michael Mike
Yobe State Governor, Hon. Mai Mala Buni has approved the employment of 267 health technicians to boost manpower requirements in health facilities across the state.
According to a statement on Monday by the spokesman to the governor, Mallam Mamman Mohammed, the employment covers 140 Buni Scholars who recently graduated in various fields of medical sciences in India.
Mohammed said the Buni Scholars include 43 Bsc Nursing, 43 Bsc Pharmacy, 22 Bsc Medical Laboratory Science, 24 Bsc Radiology, 7 Bsc Optometry and 1 Bsc Public Health graduates.
The spokesman said the governor had similarly approved the employment of 127 health technician currently serving as volunteers in health institutions across the state.
He said the governor directed the employment of the medical technicians who graduated earlier but were not formally employed but had been serving as volunteers in the medical centers.
According to him, the Buni Scholars are placed on CONHESS 8, while the volunteer technicians were placed on CONHESS 6/2.
The Buni administration had in the last five years consistently offered automatic employment to graduates of the state-owned Shehu Sule College of Nursing and Midwifery to improve personnel in the medical facilities.
It could be recalled that, the Buni administration established primary healthcare centres in the political wards of the state to bring healthcare delivery to the doorstep of the people.
Similarly, the government upgraded the four General Hospitals in Gashua, Potiskum, Geidam and Buni Yadi to Specialist hospitals, and eight Primary health centers to General hospitals while, the State Teaching hospital was equipped with state-of-the-art equipment to make Healthcare delivery accessible and affordable across the state.
Buni Approves Employment of 267 Health Technicians in Yobe
Troops Neutralize Bandit Leader ‘Yellow Aboki’ in Zamfara
By: Zagazola Makama
Troops conducting clearance operations in Zamfara State have neutralized a notorious bandit leader known as ‘Yellow Aboki’, a close ally of the late terror kingpin, Hassan Bamamu.
Security sources revealed to Zagazola Makama that Yellow Aboki was eliminated in a recent encounter with the troops of Operation FANSAN YANMA in the North West of Tsafe LGA.
His demise comes a weeks after the military’s successful operation that led to the elimination of Hassan Dantawaye also known as Bamamu, a feared bandit commander who was one of his closest associate.
It was gathered that Yellow Aboki had been consolidating his control over criminal activities in Zamfara following the death of Hassan Nabamamu .
He was believed to have been operating within the areas of Bamamu, Dan Mali, Agamalafiya, and Makera, where he coordinated violent attacks and kidnappings.
The Military sustained its crackdown on bandit kingpins in identified enclaves in Zamfara, Sokoto and other troubled areas in the North West.
The sustained pressure has diminished the capacity pf the bandits to confront the troops instead, they had resorted to pockets of attacks within vulnerable communities with less security coverage.
Troops Neutralize Bandit Leader ‘Yellow Aboki’ in Zamfara
Scores of ISWAP Terrorists Killed in Devastating NAF Airstrikes in Borno
Marwa: NDLEA officers’ welfare ‘ll continue to be my priority
LAWMAKERS COMMEND NSCDC BOSS FOR LANDMARK ACHIEVEMENTS IN COMBATING ILLEGAL MINING, HARPS ON SUSTAINED ZEST TO CURTAIL ECONOMIC SABOTAGE
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