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Corporate Affairs Commission places First Bank record on caveat as board crisis worsens
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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UK Government Funded Accelerator Programme Pitches Sustainable Manufacturing Solutions in Nigeria
UK Government Funded Accelerator Programme Pitches Sustainable Manufacturing Solutions in Nigeria
By: Michael Mike
The British High Commission in Nigeria and Manufacturing Africa have hosted an Investor Night where six innovative Nigerian startups from the UK funded Green Business Building (GBB) Accelerator Programme pitched their sustainable manufacturing solutions to potential investors following 16 weeks of intensive business development training and mentorship.
The featured green businesses cover a broad range of industries extending from renewable energy, recycling, organic agriculture and electric mobility.

According to a statement by British High Commission on Tuesday, the startups – GreenSpace Recycling, Sirius-X Energy, Auxano Solar, Taeillo, ZOOMe and Veggie Victory presented their business models and opportunities to a room of venture capitalists, impact investors, and ecosystem stakeholders. The pitching session marked a key milestone in their journey, aimed at unlocking funding and strategic partnerships.
The statement added that designed in a pitch den format, the evening included presentations from the cohort companies, offering insights into their innovative climate friendly business models and the potential for scaling their ventures to create lasting economic and environmental impact.
The businesses also received real-time feedback from funders including potential offers for funding.

Attendees at the event included Jonny Baxter, UK Deputy High Commissioner to Nigeria and other representatives from the High Commission in Nigeria, prominent investors and key stakeholders from the sustainable business ecosystem in Nigeria.
Designed to catalyse investment in Nigeria’s green industrial growth, the accelerator is part of the UK’s and Nigeria’s commitment to growing and scaling small, innovative businesses to deliver growth and create new direct and indirect jobs across green industries in Nigeria.
Deputy Head of Mission, British Deputy High Commission in Lagos, Simon Field, said,“Manufacturing is Nigeria’s future — and these businesses show how it can also be greener, more inclusive, and globally competitive. I have nothing but confidence in the programme we’re funding. Every pitch tonight was professional, inspiring, and full of ambition.”
Manufacturing Africa Nigeria, Country Lead, Kemi Onabanjo, said: Tonight was all about celebrating progress and creating profitable connections. We are celebrating the progress these incredible founders have made on their journey with the GBB programme, as well as the impact they are already having. It was also about creating connections that bridge the gap between innovation and investment — connecting promising ventures with the capital, networks, and partners needed to scale their impact.

The startup founders commended the programme with CEO, Taeillo, Jumoke Dada, saying: “GBB is hands-on — they take the heavy lifting off you and help you execute. We now have real clarity on our next steps and a plan we can run with.”
CEO, ZOOMe, Adedayo Odunlami, said: “The level of diligence and attention to detail from the team was world-class. They’ve helped us evolve — as a business and as founders — and connected us to an incredible network.”
UK Government Funded Accelerator Programme Pitches Sustainable Manufacturing Solutions in Nigeria
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Nigeria, Russia Celebrate 65th Anniversary of Diplomatic Relations
Nigeria, Russia Celebrate 65th Anniversary of Diplomatic Relations
By: Michael Mike
Nigeria and Russia on Tuesday are celebrating 65 years of establishment of diplomatic relations.
The two countries established diplomatic ties on November 25, 1960
Both countries ministers of foreign affairs in celebrating the important milestone exchange congratulations messages.
Russian minister, Sergey Lavrov in his letter stated that: “Please accept my sincere congratulations on the occasion of the 65th anniversary of the establishment of diplomatic relations between our two States.
“We note with satisfaction the high level of cooperation between the Russian Federation and the Federal Republic of Nigeria, which is based on the principles of mutual respect, trust and the closeness of our positions across a broad range of regional and international issues.
“We remain committed to the steady development and maintenance of an active and substantive political dialogue, as well as practical collaboration in the trade, economic and humanitarian spheres, in the interests of the peoples of our countries and in the support of sustainable peace and development on the African continent.
“I wish you good health and every success, and to the people of the Federal Republic of Nigeria – well-being and prosperity.”
On his part, the Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar wrote: “On behalf of the government and people of the Federal Republic of Nigeria, I have the honour to convey warm congratulations to you and through you to the government and people of the Russian Federation, on this historic occasion of the 65th anniversary of diplomatic relations between our two countries.
“As we celebrate this milestone, Nigeria reaffirms its commitment to strengthening partnership in a manner that advances the prosperity of our peoples and contributes to a more just and equitable international order.
“Since the establishment of ties on 25th November, 1960, Nigeria and Russia have maintained a relationship characterized by mutual respect, constructive dialogue and shared aspirations for global peace, stability and development. Over the decades, our cooperation has expanded across strategic sectors including Defence, Education, Energy, Science and Technology, Space Cooperation, Trade, and Cultural Exchange.
“I look forward to deepening collaboration in economy, security and increased people-to-people exchanges.
“Please accept the assurances of my
highest consideration.”
Nigeria, Russia Celebrate 65th Anniversary of Diplomatic Relations
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Tony Elumelu Foundation Partners Federal Fire Service to Train 7,400 on Fire Safety Preparedness
Tony Elumelu Foundation Partners Federal Fire Service to Train 7,400 on Fire Safety Preparedness
By: Michael Mike
The Federal Fire Service has announced a groundbreaking national capacity-building initiative following a strategic collaboration with the Tony Elumelu Foundation (TEF) to train 7,400 Nigerians on fire safety preparedness across all 36 states and the Federal Capital Territory.
This partnership was consolidated during a courtesy visit to Mr. Tony Elumelu, Founder of the Tony Elumelu Foundation and Chairman of Heirs Holdings and the United Bank for Africa (UBA), at the Hilton, Abuja.
The Controller General, Federal Fire Service, Samuel Olumode, led a delegation of senior management officers to the high-level engagement.

A statement by the spokesman of FFS, Paul Abraham on Monday said, during the engagement, the Service also formally investitured Mr. Peter Ashade, Group CEO, United Capital Plc, as a National Fire Safety Ambassador, in recognition of the Heirs Group’s significant contributions to enhancing safety consciousness and advancing community-focused fire safety initiatives nationwide.
He noted that this honour further reinforces the expanding partnership between the Federal Fire Service and the Tony Elumelu ecosystem.
He revealed that as part of the collaboration, Federal Fire Service personnel will be deployed across all infrastructures under Mr. Tony Elumelu’s business portfolio nationwide, serving as safety officers to support compliance, strengthen safety monitoring, and enhance fire prevention awareness across all facilities.
Elumelu emphasized the urgent need to deepen community-level fire safety awareness, noting that thousands of households, local markets, and indigenous settlements remain vulnerable due to limited access to structured fire prevention education. He underscored that empowering citizens with practical, life-saving knowledge will significantly improve national resilience and reduce both the frequency and severity of fire outbreaks.

Under the collaboration, the Federal Fire Service will train 200 persons in each state of the federation and the FCT, totaling 7,400 beneficiaries.
The programme will focus on essential fire-prevention skills, early warning practices, and basic emergency response procedures. Participants will also be groomed to serve as fire safety advocates within their communities, creating a multiplier effect that promotes vigilance and responsible safety behaviour nationwide.
The Controller General described the partnership as a milestone in Nigeria’s journey toward a more preventive approach to fire management. He expressed profound appreciation to Mr. Elumelu and the Foundation for championing a community-centric model that aligns with global best practices. He further assured that the Service will deliver the training with professionalism, transparency, and measurable impact across all zones.
The initiative is expected to significantly strengthen grassroots preparedness, improve first-response capacity, and foster a long-term culture of fire safety within communities.
Tony Elumelu Foundation Partners Federal Fire Service to Train 7,400 on Fire Safety Preparedness
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