Uncategorized
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
Burkina Faso weaponising emergency landing to attack Nigeria after Benin fails coup
By: Zagazola Makama
The Burkinabè military junta is using the precautionary landing of a Nigerian Air Force (NAF) C-130 aircraft as a pretext to demonstrate growing hostility toward Nigeria, following Abuja’s role in helping avert the recent coup attempt in the Benin Republic.
The continued detention of 10 NAF personnel in Bobo-Dioulasso, despite their aircraft making a technical precautionary landing fully compliant with International Civil Aviation Organisation (ICAO) regulations, “confirms a disturbing pattern of petty retaliation, insecurity and reckless behaviour by the Burkinabè junta.”
Emergency landings are globally recognised safety procedures, and ICAO rules demand that aircrews must not only be protected but provided immediate assistance. Burkina Faso’s decision to turn a routine safety measure into a diplomatic confrontation “is nothing short of childish and vindictive.”
The Nigerian Air Force earlier issued a statement confirming that the crew carried out a precautionary landing “in accordance with standard safety procedures and international aviation protocols,” and reported receiving cordial treatment at the initial stage. However, diplomatic sources told Zagazola that the continued withholding of the crew contradicts that assurance.
The action by Burkina Faso did not occur in a vacuum. The hostility followed Nigeria’s military intervention that helped Benin Republic’s constitutional order resist a coup attempt widely believed to have had tacit backing or sympathy within elements of the Alliance of Sahel States (AES), of which Burkina Faso is a leading member.
The junta’s behaviour was now consistent with a bloc increasingly defined by militarism, paranoia and antagonism toward democratic neighbours, especially Nigeria, whose regional influence has consistently frustrated destabilisation efforts in West Africa.
Detaining an emergency crew is not an accident. It is an act of vengeance. Burkina Faso is attempting to send a message to Nigeria after the failed coup in Benin, but the message only exposes their irresponsibility and insecurity.
Burkina Faso’s conduct is an “embarrassing display of hostility,” warning that weaponising ICAO-governed emergency procedures for political grudges undermines aviation safety across the region.
If the junta’s behaviour is allowed to stand, it could endanger future emergency operations, discourage pilots from declaring technical concerns, and jeopardise lives. If Nigeria were to apply the same hostility, lives would be lost. Burkina Faso’s action is a threat to global aviation safety.
Given the seriousness of the violation, we advised that the Nigerian Government to immediately summon the Burkinabè Ambassador to provide formal explanation for the junta’s “reckless, unprofessional and unlawful” actions. Nigeria must “respond strongly to prevent further AES provocations.”
We also urged West African and international aviation authorities and every other body to condemn this blatant and dangerous breach of global norms,” while insisting that the detained NAF crew must be released immediately and unconditionally.
The world must not allow a reckless military regime to twist an aviation safety incident into a political attack on Nigeria
End
Uncategorized
Two fulani women rescued from forest after month-long abduction in Adavi forest in Kogi
Two fulani women rescued from forest after month-long abduction in Adavi forest in Kogi
By: Zagazola Makama
Police in Kogi State have rescued two women who were kidnapped nearly a month ago from Irewagere Fulani Camp in Adavi Local Government Area.
Zagazola report that the victims, Safara Yakubu and Habibat Aminu, both aged 25 and of Fulani descent, were abducted on Nov. 3, 2025, at about 11:00 p.m.
Sources said that the Divisional Police Officer, Osara, mobilized a team based on credible intelligence and rescued the victims along the Osara-Oshokoshoko Obajana Forest on Sunday at about 2:00 p.m.
The rescued women are currently receiving medical attention at a local medical center.
End
Nigeria Condemns Attempted Military Takeover of Government in Benin
By: Michael Mike
Nigerian government has condemned the attempted military takeover of government in neighbouring Benin Republic.
A statement by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa read: “The Government of the Federal Republic of Nigeria has received with grave concern and unequivocally condemns in the strongest possible terms the attempted forcible seizure of power in our friendly neighbour and brotherly nation, the Republic of Benin in the early hours of Sunday 7th December, 2025.
“This act of destabilization represents a direct assault on democracy, constitutional order, and the collective will of the Beninese people, who have consistently demonstrated their commitment to peaceful political transitions.
“Nigeria stands in firm solidarity with the Government and people of the Republic of Benin, and applauds the swift action taken by Beninese authorities to protect its legitimate institutions and preserve the peace.”
“We commend the courage and professionalism of the Beninese security forces in defending the constitutional order and guaranteeing the safety of the President. Their dedication ensured that the unfortunate attempt to subvert democracy was decisively repelled,” the statement added.
The statement further read: “Nigeria reiterates its strong commitment to the principles of democracy, good governance, and the rule of law as fundamental pillars for peace, development and regional stability. Unconstitutional changes of government are an unacceptable and retrogressive step that threatens the hard-earned democratic gains and socio-economic progress of our sub-region.
“As a steadfast partner within the Economic Community of West African States (ECOWAS) and the African Union, Nigeria calls on all member states and the international community to unite in condemning this act and in reaffirming our shared commitment to the African Union’s Charter on Democracy, Elections and Governance, and the ECOWAS Protocol on Democracy and Good Governance.
“We urge all parties in the Republic of Benin to remain calm, uphold the rule of law, and continue to channel any political discourse through peaceful, constitutional, and democratic means.
“The Federal Government of Nigeria reassures the Government of the Republic of Benin of its full support and continued cooperation as we work together, as brothers and partners, to deepen democracy and ensure lasting peace and prosperity for our peoples and the entire West African region.”
Nigeria Condemns Attempted Military Takeover of Government in Benin
Burkina Faso weaponising emergency landing to attack Nigeria after Benin fails coup
Burkina Faso’s reckless violation of icao rules over emergency landing exposes AES hostility toward Nigeria
AT PRESIDENT QUATTARA’S INAUGURATION:
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
FAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
News8 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
