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Corporate Affairs Commission places First Bank record on caveat as board crisis worsens

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Corporate Affairs Commission places First Bank record on caveat as board crisis worsens

. As ex-AMCON chair accuses bank of promoting illegality and disobedience to court orders

By: Michael Mike

The Corporate Affairs Commission, CAC, has placed the record of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the current crisis rocking the board of the bank as a result of multiple court cases filed by aggrieved directors.
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.
In a new twist to the crisis, the Corporate Affairs Commission in a letter titled
“RE: NOTIFICATION OF PENDENCY OF SUIT NO. FHC/L/CP/1575/23 AGAINST FBN HOLDINGS PLC, AND SUBSISTING INTERIM ORDERS OF THE FEDERAL HIGH COURT MADE ON THE 9TH DAY OF AUGUST 2023 RESTRAINING FBN HOLDINGS PLC FROM HOLDING OR PROCEEDING WITH ITS ANNUAL GENERAL MEETING PURPORTEDLY HELD ON THE 13TH DAY OF AUGUST 2023”, weighed in on litigations threatening to tear the old generation bank apart.
Signed on behalf of the Registrar General of CAC by Chidimma Maureen Nwite, the Commission in a letter to lawyers to some of the parties in court against FBN Holdings said
“This is to inform you that the record of FBN Holdings PLC RC: 916455 has been placed on caveat pending the determination of Suit No. FHC/L/CS/1575/2023.
Please be guided accordingly.”
Speaking on the multiple crises rocking the foundation of First Bank, a former Chairman of Asset Management Corporation of Nigeria, AMCON and Senior Advocate of Nigeria, Dr. Muiz Banire accused the first generation financial institution of promoting illegality and flagrant disobedience of court orders, a development shareholders fear poses major threat to the bid by the bank 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.
Banire who is involved in one of the court cases said “the Bank seems to now have a reputation of defying court orders. What I just read is similar to the case Iam handling also. The Bank appears to be building a reputation of lawlessness and by the time it boomerangs, the bank and by extension the shareholders will bear the brunt. I am sure the plaintiffs will not allow them to get away with the illegality. The case of the bank is becoming a bubble.”
He further said “I also believe the CBN is aiding and abetting the Board of Directors the apex bank imposed. Everything the Board is doing is beyond their mandate. The Apex Bank needs to dissolve the Board and allow the shareholders to choose their Directors. It is one illegality after another.”
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.

Corporate Affairs Commission places First Bank record on caveat as board crisis worsens

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NIGCOMSAT to Host Nigerian Satellite Week 2026 as Nigeria Marks 20 Years in Space Economy

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NIGCOMSAT to Host Nigerian Satellite Week 2026 as Nigeria Marks 20 Years in Space Economy

By: Michael Mike

Nigeria’s national satellite operator, Nigerian Communications Satellite Limited, will host the second edition of Nigerian Satellite Week (NSATWK 2026) in Abuja on March 30 and 31, bringing together top policymakers, defence leaders, investors, and technology entrepreneurs to discuss the future of the country’s space and satellite industry.

The event, organised by Nigerian Communications Satellite Limited, will also coincide with the organisation’s 20th anniversary, highlighting two decades of Nigeria’s entry into the global space economy and the growing role of satellite infrastructure in national development.

According to the organisers, NSATWK 2026 is expected to attract one of the largest gatherings of stakeholders in Nigeria’s satellite and digital infrastructure ecosystem, including cabinet ministers, development finance institutions, satellite operators, and African deep-technology startups.

Speaking ahead of the event, the Managing Director and Chief Executive Officer of Nigerian Communications Satellite Limited, Jane Egerton-Idehen, said the gathering represents a defining moment for Nigeria’s space sector.

“Twenty years ago, Nigeria made a sovereign decision to own its place in space. What we are marking this week is not simply longevity; it is the compounding return on that decision. This is where we bring that work into full view and define what the next twenty years will demand of us,” she said.

She noted that the global satellite industry is entering what many analysts describe as its most consequential decade, stressing that countries seeking economic competitiveness must increasingly rely on sovereign space capabilities.

Over the past two years, Nigerian Communications Satellite Limited has expanded its footprint from operating a single satellite platform to becoming a multi-service provider delivering connectivity, broadcasting and broadband services across Nigeria and other parts of Africa.

The company’s recent milestones include a major Low Earth Orbit connectivity partnership with Eutelsat, strategic cooperation with the Kenya Space Agency, and the appointment of Egerton-Idehen as Vice Chair of the Global Satellite Operators Association, a position that places Nigeria among key players shaping global satellite policy and spectrum governance.

The two-day event will feature several key components designed to strengthen Nigeria’s satellite ecosystem. A Startup Demo Day will showcase African deep-technology ventures working on satellite applications across sectors such as agriculture, logistics, healthcare and connectivity, while a Stakeholders Forum will bring together government officials and industry leaders to discuss regulatory reforms, infrastructure development and investment opportunities.

The event will also feature the launch of Accelerator Cohort 3.0, a programme aimed at nurturing early-stage companies developing satellite-based solutions. Through the initiative, Nigerian Communications Satellite Limited hopes to strengthen Nigeria’s space-technology innovation pipeline and position the country competitively within the evolving global space economy.

Organisers said the programme will conclude with a gala night to recognise institutions, policymakers and individuals who have contributed to Nigeria’s journey in the satellite and space sector over the past two decades.

High-level Technology’s expected at the event include Nigeria’s Minister of Communications, Innovation and Digital Economy, the Chief of Defence Staff, the Director-General of the National Information Technology Development Agency, and the Managing Director of the Small and Medium Enterprises Development Agency of Nigeria.

Incorporated in 2006 and wholly owned by the Federal Government, Nigerian Communications Satellite Limited provides satellite-based telecommunications, broadcasting, broadband and navigational services to government institutions, enterprises and telecom operators across Nigeria, Africa and other regions.

NSATWK 2026, organisers say, will highlight how Nigeria’s space economy has evolved from a strategic aspiration into an active driver of digital connectivity, innovation and economic transformation.

NIGCOMSAT to Host Nigerian Satellite Week 2026 as Nigeria Marks 20 Years in Space Economy

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Troops repel terrorist attack in Zamfara, recover bodies of two villagers

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Troops repel terrorist attack in Zamfara, recover bodies of two villagers

By: Zagazola Makama

Troops of Operation FANSAN YAMMA have repelled a terrorist attack on Maiwa village in Maru Local Government Area of Zamfara State, following a swift response to a distress call.

Security sources said the troops moved to the scene at about 5:30 p.m. on March 25 after reports of an ongoing attack.

LOn arrival, the troops reportedly met local vigilantes already engaged in a firefight with the assailants.

The sources said the troops reinforced the vigilantes, a move that forced the attackers to withdraw into the surrounding bush.

During subsequent exploitation of the area, the troops discovered that two villagers had been killed during the exchange of fire.

The sources added that troops maintained a sustained presence in the area and continued aggressive patrols aimed at denying the terrorists freedom of movement and preventing further attacks.

Troops repel terrorist attack in Zamfara, recover bodies of two villagers

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VP Shettima: Nigeria, Determined To Promote, Protect Human Rights

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VP Shettima: Nigeria, Determined To Promote, Protect Human Rights

Says FG had adopted proactive approach to implementation of International Humanitarian Law

By: Our Reporter

The Vice President, Senator Kashim Shettima, has reaffirmed Nigeria’s resolve to promote and protect human rights through constitutional guarantees and embedding the rights into security operations.

According to him, the nation is fully committed to international cooperation and to the universal application of International Humanitarian Law in every theatre of conflict.

Senator Shettima, who stated this on Thursday in Abuja when he declared open the 2026 High-Level International Humanitarian Law Dialogue, said the administration of President Bola Ahmed Tinubu has adopted a comprehensive response to tackle insecurity and address conflicts, including the combination of kinetic and non-kinetic measures.

“I wish to emphasize Nigeria’s unwavering determination to promote and protect human rights, while ensuring the effective implementation of International Humanitarian Law treaties. His Excellency, President Bola Ahmed Tinubu, GCFR, recognizes that insecurity remains the greatest threat to peace and development.

“Accordingly, our government accords the highest priority to a comprehensive response that combines both kinetic and non-kinetic measures in addressing conflict,” he declared, pointing out that in achieving, the administration has continued to evolve the nation’s legal frameworks in response to emerging realities.

As part of the evolution, VP Shettima recalled that President Tinubu recently appended his assent to the domestication of the African Union Kampala Convention in a bid to establish “a robust and context-specific legal framework for the protection and assistance of Internally Displaced Persons in Nigeria.”

The Vice President observed that the dialogue came at a more defining moment when Nigeria’s “shared humanity is under immense strain, and when the very laws meant to uphold order are too often treated as expendable inconveniences.”

Senator Shettima noted that the realities have not spared Nigeria either, as the nation has continued to “confront persistent insurgency, terrorism, and other forms of violent conflict.

“Beyond the immediate toll of these hostilities, we are also managing the deeper, long-term strain they impose on our communities and institutions. It is precisely because of these experiences that Nigeria stands resolute in championing this global movement,” he added.

The VP further observed that while the dialogue was “convened as part of deliberate efforts to reinforce the enduring principles that govern the conduct of armed conflict, particularly the imperative of limiting harm in contemporary warfare,” it is also a moment to reflection and return “to the moral centre of International Humanitarian Law.”

The IHL, he said, exists to provide critical safeguards for human life when it is most vulnerable, just as he identified the approach, which he said is anchored in three non-negotiable pillars, including “the protection of civilian populations, the humane treatment of all persons affected by conflict, and the preservation of human dignity even in the most difficult circumstances.”

The Vice President noted that Nigeria has adopted a proactive approach to the implementation of International Humanitarian Law “through sustained military training, strengthened child protection protocols, the integration of IHL into academic curricula, accountability mechanisms for sexual violence, improved arms control systems, and comprehensive displacement frameworks.

“These efforts reflect a simple but powerful truth: humanitarian law must be lived, not merely legislated. At the heart of this national agenda lies our recognition that meaningful progress depends on strong partnerships across government, civil society, and international stakeholders, ensuring that IHL is translated from principle into practice,” he added.

He commended the United Nations, the International Committee of the Red Cross, the Office of the Prosecutor of the ICC, and other Nigeria’s development partners for their “continued collaboration and technical support in advancing the implementation of International Humanitarian Law.”

Specifically, the VP lauded their efforts, saying they have contributed to a greater extent in building systems that respond to local realities while remaining aligned with global standards.

He also commended the organisers of this dialogue and the participants for their commitment to strengthening Nigeria’s compliance with the International Humanitarian Law.

Earlier, the Attorney General of the Federation (AGF) and Minister of Justice, Chief Lateef Fagbemi (SAN), underscored government efforts towards domesticating humanitarian law treaties as well as transform the nation’s justice system.

He said new laws and investments in correctional facilities are aimed at ensuring humane treatment, rehabilitation, and adherence to global human rights standards.

Fagbemi added that Nigeria is strengthening the capacity of its military and law enforcement agencies by embedding International Humanitarian Law principles into training and operations.

He noted that the country is also translating these laws into local languages to ensure accessibility in conflict-affected areas.

In her welcome address, the Solicitor General of the Federation and Permanent Secretary in Ministry of Justice, Mrs Beatrice Jeddy-Agba, said the dialogue was an opportunity for the judiciary to further maintain its stand on the promotion of the rule of law within the nation’s security architecture.

The Permanent Secretary said Nigeria will continue to identify with the Geneva Convention on warfare.

“We are today reminded that our work is a vital checkpoint in embedding the rule of law within our national security architecture. The importance of the International Humanitarian Law has never been more critical, as we witness heightened disregard for civilian protection in contemporary global warfare.

“Nigeria recognizes that as conflict dynamics evolve, particularly in asymmetric environment, our political will must be the engine that drives compliance from the negotiating tables in Geneva to our own frontlines,” she said.

The event drew participation from key international bodies, including the United Nations and the International Committee of the Red Cross, among others.

VP Shettima: Nigeria, Determined To Promote, Protect Human Rights

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