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
Foreign national found dead in Lagos hotel room, investigation ongoing
By: Zagazola Makama
The Police in Lagos has launched an investigation into the sudden and unnatural death of an 80-year-old Colombian national, Quesada Vanegas Ricardo Alfonso, whose lifeless body was discovered at the Golden Tulip Hotel in Festac Town.
According to a Police Sources, a distress call was received on May 1, alerting authorities to the discovery of the deceased at around 3:45 p.m. in his hotel room (No. C85) on the 8th floor of the hotel. The police team, including homicide detectives, was dispatched to the scene to examine the situation.
Preliminary investigations revealed that the victim had been staying at the hotel for more than four months before his death. No signs of violence or foul play were found on his body.
“The corpse was evacuated and transported to Mainland General Hospital morgue in Yaba, where it has been preserved for autopsy. The coroner’s inquest and other necessary procedures have been initiated, with the investigation ongoing.
“Furthermore, some hotel management staff were briefly taken into custody for failing to maintain proper records of their guests. They have since been released as part of the investigation.
“The police assured that thorough investigation will continue to determine the cause of death,”said the sources.
Foreign national found dead in Lagos hotel room, investigation ongoing
Man kills replacement herder in Niger over job loss
By Zagazola Makama
The Niger State Police Command has arrested a man for allegedly killing his replacement over a dispute linked to job loss in Malale village, Borgu Local Government Area.
According to a Police Sources, the incident occurred on April 30 at about 12:30 p.m. and was reported to the Malale Police Outstation by the village head, Mallam Musa Abubakar, and one Usman Iliyasu of Tungan-Sule.
Usman Iliyasu told police that he had employed Usman Mohammed as a cattle herder two years ago but sacked him in February 2025 after accusing him of stealing money while he was away on pilgrimage to Mecca.
Subsequently, Iliyasu hired one Ibrahim Salisu, 40, of the same address to replace him.
“The sacked herder, Usman Mohammed, reportedly attacked Ibrahim Salisu with a cutlass, inflicting fatal injuries and accusing him of taking over his job. The victim died on the spot,” said the police sources.
He said Police officers from the New-Bussa Division visited the scene, photographed the corpse, and evacuated it to the General Hospital, New-Bussa, for autopsy.
The suspect was immediately arrested, and an investigation is currently ongoing to establish the full circumstances of the incident.
Man kills replacement herder in Niger over job loss
Bandits kill 11 in Sokoto, joint security forces launch manhunt
By: Zagazola Makama
Armed bandits have killed 11 persons in coordinated attacks across three communities in Gwadabawa and Sabon Birni Local Government Areas of Sokoto State, sources confirmed on Saturday that the attacks occurred on May 2 at about 7:30 p.m.
Intelligence sources told Zagazola Makama that the assailants, in large numbers, stormed Satiru Village and killed five people. They then proceeded to Kunkurus Village, where they killed one person, and later attacked Shadawa community in Sabon Birni LGA, where they shot five more victims dead.
In response to the attacks, troops of Operation FANSAN YANMA in collaboration with the Nigeria Police Force, Nigeria Security and Civil Defence Corps (NSCDC), and Sokoto Community Guards jointly responded to the attacks in the affected areas.
On their arrival, the terrorists had already fled.
The troops are currently trailing the terrorists
Bandits kill 11 in Sokoto, joint security forces launch manhunt
Foreign national found dead in Lagos hotel room, investigation ongoing
Bandits kill 11 in Sokoto, joint security forces launch manhunt
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