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
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
ECOWAS Condemns Attempted Military Takeover in Benin
By: Michael Mike
The Economic Community of West African States (ECOWAS) has condemned the attempted military takeover of government in Benin Republic
A statement on Sunday by the ECOWAS office in Abuja read: “ECOWAS Commission has received with consternation reports of an attempted military take-over in the Republic of Benin.
“ECOWAS strongly condemns this unconstitutional move that represents a subversion of the will of the people of Benin.
“ECOWAS calls for the full respect of the Constitution of Benin and salutes the efforts of the Government and the Republican Army in bringing the situation under control.
“ECOWAS holds the leaders of the plot both individually and collectively responsable for
any loss to life and property occasioned by their action.
“ECOWAS will support the Government and the people in all forms necessary, including
the deployment of the regional standby force, to defend the Constitution and the territorial integrity of Benin.”
ECOWAS Condemns Attempted Military Takeover in Benin
NSCDC Arrests Three for Vandalization of Telecommunications Tower in Yobe
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has arrested three suspects allegedly involved in the vandalization of a vital telecommunications tower in Yobe State.
A statement on Friday by the spokesman of NSCDC, Afolabi Babawale said the Commandant General’s Special Intelligence Squad (CG’s SIS) of the Nigeria Security and Civil Defence Corps (NSCDC) has achieved a major breakthrough with the arrest of three suspects allegedly involved in the vandalism of a vital telecommunications tower in Yobe State.
He revealed that the operation was executed following a credible intelligence report that indicated unscrupulous elements were conniving with a terrorist group to vandalize a live telecommunications tower located at Savannah, in Potiskum Local Government Area of Yobe State.
He noted that the SIS operatives swiftly responded, resulting in the arrest of the suspects at the scene. The arrested suspects, all from Yobe State, are Ibrahim Jibrin, 44, from Damaturu; Dahiru Ibrahim Isa, 38, from Babban Layi, Potiskum; and Usman Ali Isa, 27, from Dabar Mai Chafa, Potiskum.
He said ongoing investigation has revealed that Mr. Ibrahim Jibrin, who specializes in the act, was allegedly hired to decommission the mast for N800,000 and had received an initial payment of N200,000 from an accomplice identified as Alhaji Kabiru from Kano before his arrest. Exhibits recovered from the suspects include vandalized components of the tower and various tools used in the criminal operation.
Babawale said in line with the Corps’ renewed mandate to confront criminality, the SIS also made several other arrests across different locations. Acting on intelligence received on November 15, 2025, concerning criminal elements snatching motorbikes and phones in the Kuje and Tungan Maje axis, SIS operatives arrested two suspects, David Moses and Nuhu Inusa, in the Gui suburb of Abuja. Stolen phones were recovered, and the duo confessed to the crime, revealing their mode of operation and naming an accomplice who paid them with two Bajaj motorbikes (valued at N400,000 and N350,000 respectively) in exchange for stolen items.
He revealed that three additional suspects Akawe Uter, Sunny Obasi, and Ezugwu Godwin were apprehended in connection with an earlier arrest of one George Nyitamen. Their charges relate to unauthorized connection and distribution of power,tampering with electrical installations, and harassment of Abuja Electricity Distribution Company (AEDC) staff.
Babawale said following a distress call, Vincent Haliru Maigari, 27, was arrested for stealing plumbing materials from an apartment he was contracted to fix, which was intended to be converted into a hotel near Didi/Madiba Casa Estate. Maigari confessed to the theft, and some of his accomplices who fraudulently purchased the stolen items have also been arrested.
He noted that the Corps Commandant General, Prof. Ahmed Audi has directed all specialized units to intensify efforts against critical infrastructure vandalism and various forms of economic sabotage.
Meanwhile, the Commander of the SIS, Commandant of Corps Samu Appollos Dandaura,l expressed strong optimism that with the sustained collaboration of the public, the Corps will discharge its mandate maximally, promising that all arrested suspects will be charged to court upon the completion of diligent investigation.
NSCDC Arrests Three for Vandalization of Telecommunications Tower in Yobe
“Road Home is Open”: Zulum Brings Hope to 12 000 Nigerian Refugees in Cameroon
Troops dislodged bandits camp as security forces rescue hostages in coordinated FCT operations
UN Expresses Deep Pains Over Schoolgirls Abduction in Nigeria
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
POLICE CHARGE ROOMS, A MINTING PRESS
-
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
-
Opinions4 years ago
POLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
News8 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
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
