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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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NHRC Asks Government to Stop Criminalizing Protest

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NHRC Asks Government to Stop Criminalizing Protest
…Condemns Use of Massive Force by Law Enforcement Against During #EndBadGovernance Protest

By: Michael Mike

The National Human Rights Commission (NHRC) has asked the federal government and its law enforcement agencies to prepare for next protest rather than work at stopping it and criminalizing those organising the planned nationwide protest scheduled for October 1.

The Commission, while stating that protest is an expression of one of the human rights that is international recognized, insisted that since the government has been given enough notice, it is the duty of law enforcement agencies to ensure that strategies are put in place to prevent hoodlums do not hijack it and criminality is checked against during the period of the protest.

It also condemned the blatant use of force and disregard for the rights to peaceful protest and assembly, freedom of expression and other associated rights exhibited by law enforcement agencies during the #EndBadGovernance protest held across the country last month.

The Executive Secretary of the Commission, Tony Ojukwu who disclosed this on Friday, while presenting the human rights situation dashboard, lamented that the action of security and law enforcement agencies led to tragic incidents of violence and loss of lives.

He said, such actions represent a stark violation of the fundamental human rights of the Nigerian people, calling for unequivocal condemnation and justice.

According to the NHRC boss, who was represented at the event by his Special Assistant and the head of human rights monitoring of the Commission, Mr. Benedict Agu, the #EndBadGovernance protest was a bold expression of the masses’ demand for accountability and good governance.

Ojukwu,, said, the issue of displacement in the country is affecting countless individuals and communities adding that, the National Emergency Management Agency (NEMA) reported that, about 208,655 persons have been displaced in 22 states this year already, a stark increase from 2023 numbers.

He said that: “It is therefore imperative that government takes immediate and sustainable actions to address this pressing issue, ensuring the protection and well-being of all those affected by displacement and taking steps to avert the effects of flooding and other sources of displacement”.

The NHRC boss said, the Commission’s monthly human rights dashboard serves as a critical tool in assessing the state of human rights in the country, providing invaluable insights and data that demands attention and action.

Presenting July and August, 2024 human rights assessment dashboard of the Commission, the Senior Human Rights Adviser to the Executive Secretary of the NHRC, Mr. Hillary Ogbona said, over 1, 200 people who participated in the #EndBadGovernance protest last month have so far been arrested and detained by security agencies across the country.

While the Commission lamented that some of the protesters have been charged to court, it however noted with grave concern that they were detained beyond the period allowed by law before been taken to court.

According to the dashboard, a total of 414, 200 complaints of human rights abuses were received by the Commission across the country in the last two months, insisting that protest is not a crime but a legitimate way of expressing grievance against unfavourable government policies and programmes.

Ogbona said: “Government should not attempt to stop protest but to guide it. At the same time, Government should not lump genuine protesters with criminals. You don’t arrest and detain people for protest.

“Looting and destruction of properties are not protest but act of criminalities which should not be regarded as part of peaceful protests.

“From this side, it is a fact that private and public properties were looted during the last protest and we hereby appealed to government to identify and evaluate the losses of victims for the purpose of supporting them, as some of the victims may not be able to rise again”, he added.

He appealed to Government to adopt human rights approach to lawful protest and that, Government should endeavour to look into the root cause of protests and discontents in the country, which he said may not be far from economic and political situation in the country.

The Commission also called on governments at all level to increase their capacity to protect lives and properties of the people.

He revealed that the Commission is monitoring the trial of the protesters in court, adding that, in charging them with treason, government must bring up believable evidences against them.

According to Ogbona, the Commission had, in the last two months, witnessed astronomical increase in mass killings, abductions, attacks on Police stations, attacks on press freedom, violation of the rights of association and assembly, killing of law enforcement and members of the Armed Forces, cases of violence against children, minors and child abandonment.

He said, between July and August, the Commission recorded a total of 365 cases of kidnapping, 340 killings, 4,300 cases of child abandonment and killings of 37 security and law enforcement agents adding further that, a total of 142 killings were recorded in Kaduna, 137 in in Benue, Katsina recorded 112 killings and 76 killings recorded in Plateau state.

NHRC Asks Government to Stop Criminalizing Protest

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U N I T E D N A T I O N S N A T I O N S U N I E S

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U N I T E D N A T I O N S N A T I O N S U N I E S

THE SECRETARY-GENERAL

OP-ED ON THE SUMMIT OF THE FUTURE

By: Michael Mike

World Leaders Must Re-boot Global Cooperation for Today and Tomorrow

Final negotiations are underway in New York for this month’s Summit of the Future, where Heads of State will agree on reforms to the building blocks of global cooperation.

The United Nations has convened this unique Summit because of a stark fact: global problems are moving faster than the institutions designed to solve them.

We see this all around us. Ferocious conflicts and violence are inflicting terrible suffering; geopolitical divisions are rife; inequality and injustice are everywhere, corroding trust, compounding grievances, and feeding populism and extremism. The age-old challenges of poverty, hunger, discrimination, misogyny and racism are taking on new forms.

Meanwhile, we face new and existential threats, from runaway climate chaos and environmental degradation to technologies like Artificial Intelligence developing in an ethical and legal vacuum.

The Summit of the Future recognizes that the solutions to all these challenges are in our hands. But we need a systems update that only global leaders can deliver.

International decision-making is stuck in a time warp. Many global institutions and tools are a product of the 1940s – an era before globalization, before decolonization, before widespread recognition of universal human rights and gender equality, before humanity travelled into space – never mind cyberspace.

The victors of World War II still have pre-eminence in the UN Security Council while the entire continent of Africa lacks a permanent seat. The global financial architecture is heavily weighted against developing countries and fails to provide a safety net when they face difficulties, leaving them drowning in debt, which drains money away from investments in their people.

And global institutions offer limited space for many of the major players in today’s world – from civil society to the private sector. Young people who will inherit the future are almost invisible, while the interests of future generations go unrepresented.

The message is clear: we cannot create a future fit for our grandchildren with a system built for our grandparents. The Summit of the Future will be an opportunity to re-boot multilateral collaboration fit for the 21st century.

The solutions we have proposed include a New Agenda for Peace focused on updating international institutions and tools to prevent and end conflicts, including the UN Security Council. The New Agenda for Peace calls for a renewed push to rid our world of nuclear arms and other Weapons of Mass Destruction; and for broadening the definition of security to encompass gender-based violence and gang violence. It takes future security threats into account, recognizing the changing nature of warfare and the risks of weaponizing new technologies. For example, we need a global agreement to outlaw so-called Lethal Autonomous Weapons that can take life-or-death decisions without human input.

Global financial institutions must reflect today’s world and be equipped to lead a more powerful response to today’s challenges – debt, sustainable development, climate action. That means concrete steps to tackle debt distress, increase the lending capacity of multilateral development banks, and change their business model so that developing countries have far more access to private finance at affordable rates.

Without that finance, developing countries will not be able to tackle our greatest future threat: the climate crisis. They urgently need resources to transition from planet-wrecking fossil fuels to clean, renewable energy.

And as leaders highlighted last year, reforming the global financial architecture is also key to jump-starting desperately needed progress on the Sustainable Development Goals.

The Summit will also focus on new technologies with a global impact, seeking ways to close the digital divide and establish shared principles for an open, free and secure digital future for all.
Artificial Intelligence is a revolutionary technology with applications and risks we are only beginning to understand. We have put forward specific proposals for governments, together with tech companies, academia and civil society, to work on risk management frameworks for AI and on monitoring and mitigating its harms, as well as sharing its benefits. The governance of AI cannot be left to the rich; it requires that all countries participate, and the UN is ready to provide a platform to bring people together.
Human rights and gender equality are a common thread linking all these proposals. Global decision-making cannot be reformed without respect for all human rights and for cultural diversity, ensuring the full participation and leadership of women and girls. We are demanding renewed efforts to remove the historic barriers – legal, social and economic – that exclude women from power.

The peacebuilders of the 1940s created institutions that helped prevent World War III and ushered many countries from colonization to independence. But they would not recognize today’s global landscape.

The Summit of the Future is a chance to build more effective and inclusive institutions and tools for global cooperation, tuned to the 21st century and our multipolar world.

I urge leaders to seize it.

U N I T E D N A T I O N S N A T I O N S U N I E S

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HAJIYA BINTA (DADA) YAR’ADUA:

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HAJIYA BINTA (DADA) YAR’ADUA:

Nigeria Has Lost A Colossus, Iconic Woman – President Asiwaju Bola Ahmed Tinubu

……As VP Shettima leads FG’s delegation to late President Yar’Adua’s mother’s burial

By: Our Reporter

President Bola Ahmed Tinubu has expressed the nation’s profound grief over the passing of Hajiya Binta (Dada) Yar’Adua, mother of the late President Umaru Musa Yar’Adua and former Chief of Staff, Supreme Headquarters, Shehu Yar’adua.

As the nation bids farewell to the late revered matriarch of the Yar’Adua family, the President said the passing of Hajiya Yar’Adua who died on Monday night, is a loss not just for the immediate family or Katsina State alone, but it is for the entire nation.

The President spoke on Tuesday through his deputy, Vice President Kashim Shettima who led the federal government’s delegation to the burial of the late Hajiya Binta (Dada) Yar’Adua in Katsina State.

President Tinubu eulogized the late matriarch, describing her as “a colossus and iconic woman.”

The President noted that the loss of Hajiya Yar’Adua had impacted the whole nation, saying, “The loss is not just for the immediate family or Katsina State alone, but it is for the entire nation and all of us.”

He continued: “We are here to express his commitment to the governor, the government and Nigeria as a whole over the loss of the matriarch. We are sympathising with the family over this great loss. She was our mother and our grandmother.

“May Allah grant her soul eternal rest and reward her with Aljannah Firdaus. May Allah give the government, the family and people of Katsina State, the fortitude to bear this irreparable loss.”

The Vice President was accompanied to the burial by the Speaker of the House of Representatives, Hon. Tajudeen Abbas; Minister of Housing and Urban Development, Ahmed Dangiwa; Minister of Arts, Culture and the Creative Economy, Hannatu Musawa; former Secretary to Government of the Federation, Ambassador Babagana Kingibe; and Special Adviser to the President on General Duties, Aliyu Modibo.

Other dignitaries at the event included Governor of Katsina State, Dikko Radda; former Vice President Atiku Abubakar and former governor of Anambra State, Peter Obi.

Earlier, Senator Abdulaziz Musa Yar’Adua, son of the deceased and representative of Katsina Central Senatorial District, paid tribute to his mother’s legacy.

He said, “Our mother was a shining example of kindness, compassion, and piety. Her life was a testament to the values of hard work, dedication, and service to humanity.

“As a devout Muslim, she lived a life of unwavering faith, always seeking the pleasure of Allah (SWT). Her passing leaves a void that can never be filled, but we take comfort in the knowledge that she lived a fulfilling life and left behind a legacy of love, kindness, and generosity,” he added.

HAJIYA BINTA (DADA) YAR’ADUA:

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