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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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2023 Elections: UN Asks Political Parties to Focus Campaign on Policies and Ideas

2023 Elections: UN Asks Political Parties to Focus Campaign on Policies and Ideas
By: Michael Mike
As Nigeria gears up for season of electioneering, the United Nations has called on political parties to focus their campaigns on policies and ideas, not insults or divisive rhetorics.
During a speech at the Roundtable on Hate-Free Politics in Nigeria on Monday in Abuja, the United Nations Resident and Humanitarian Coordinator in Nigeria, Mr. Mohamed Fall said as we head to the 2027 elections. “Allow me to share some recommendations. First, political parties must lead by example. Campaigns should focus on policies and ideas, not insults or divisive rhetoric.
“Second, parties should commit to codes of conduct that reject hate speech and promote information integrity. Third, cooperation with media and digital platforms is essential to ensure that harmful content is not amplified, while factual, reliable information reaches voters.
“Above all, we must remember that elections are about people, their dignity, their rights, their future. Hate speech strips people of their dignity and undermines the very foundation of democracy. As leaders, you have the power and the responsibility to set the tone, to show Nigerians that politics can be conducted with respect, truth, tolerance, and integrity.”
Fall added that: “On this International Day of Democracy, I call upon you today: let us work together to make democratic participation in Nigeria free from hate and grounded in information integrity and respect for human rights. Let us affirm that words matter and that in choosing our words carefully, we choose peace, unity, and progress for Nigeria. Let us act collectively to strengthen and protect democracy in and beyond Nigeria.”
He stated that this International Day of Democracy with theme “Democracy and Inclusion in an Age of Insecurity” should remind us that democracy is not only about holding elections, but about ensuring inclusion, pluralism, and public participation of everyone in a respectful and inclusive manner.
He noted that: “When falsehoods spread unchecked, especially during elections, they weaken public trust, mislead citizens, and undermine democratic choices. Promoting information integrity means ensuring that Nigerians can access reliable information, that public debate is grounded in facts, and that voters are empowered to make informed choices free from manipulation.”
He insisted that: “In Nigeria, the stakes are high. Vibrant political discourse and engagement should be moments of ‘no gree for anybody’, unity, and pride. But they can be harmful if hateful language and hostile narratives are allowed and accepted; it can incite hostility and result in violence. We know from history that hate speech has been a precursor to some of the worst atrocities, including genocide.
“The Rabat Plan of Action, endorsed by the United Nations, reminds us that advocacy of national, racial, or religious hatred that incites discrimination, hostility, or violence must be prohibited by law and that these laws must comply with international human rights standards, including the right of association, expression, and assembly.
“This is a cornerstone of democracy. Restrictions must be lawful, necessary, and proportionate, never a pretext to silence debate. The challenge before all of us here today is to strike the right balance: engaging in open political discourse while safeguarding freedom of expression and protecting Nigerians from the harms of hate speech.”
On his part, the Executive Secretary of National Human Rights Commission (NHRC), Dr. Tony Ojukwu noted that since the return to civilian rule in 1999, Nigeria has made notable progress in democratic development.
He said: “We have witnessed successive electoral cycles, the strengthening of civil society, and the expansion of political space. Yet, our democracy remains a work in progress. Challenges such as low voter turnout, weak internal democracy in political parties, electoral violence and malpractices, weak institutional accountability, and limited inclusion of women, youth, and persons with disabilities and harsh political climates continue to undermine public trust and democratic consolidation. Above all of these, our democratic and political processes including communication have often come under immense challenges of poor values, deep-seated hate-filled and divisive rhetoric threatening the core foundation of our nationhood.”
He noted: “The National Human Rights Commission has been at the forefront of efforts to promote ethical and hate-free politicsin Nigeria. In the 2023 elections.”
Ojukwu stated that hate speech is intricately related to human rights, either in its form or outcome, adding that: “To the person spreading hate speech, it is about right to freedom of expression, opinion, speech or belief. To the recipient of hate speech, it is a violation of the rights to dignity of human person and the freedom from discrimination based on religious belief, political, ethnic, gender, cultural or other affiliations, amongst many other human rights.
“When applied to politics, hate speech and unethical communications breed political divisions that facilitate violence, weak voter electoral participation, stifles plurality and social cohesion.”
He said: “As we count down to the 2027 General Elections, the NHRC is alarmed at the high level of hateful politics and unethical practices that seemed to have taken the centre stage with some of our political actors. Achieving a culture of responsible and value-laden political process continues to remain a challenge for Nigeria. From the independence of the election management body to unethical actions of political parties, their candidates and agents to the inappropriate use of security and law enforcement agencies.
“Vote buying and inducements of various sorts during past and recent elections have become worrisome indicators of the fragility of the Nigerian electoral culture with severe consequences on the freedom of association and the right to participation.”
He noted that: “The Roundtable on Ethical and Hate-Free Politics in Nigeria which we are convening today in partnership with the United Nations is aimed at forging a shared understanding of the drivers, patterns, and impacts of hate speech and unethical political communications in Nigerian electoral and democratic processes and to secure practical, rights-based commitments from key actors to promote ethical politics, reduce hate speech and protect pluralism and inclusive participation—especially for women, youth, persons with disabilities, and minority communities in the electoral processes leading to the 2027 elections and beyond.”
2023 Elections: UN Asks Political Parties to Focus Campaign on Policies and Ideas
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Troops recover rifle, ammunition during a raid on the hideout of a notorious gunrunner in Plateau

Troops recover rifle, ammunition during a raid on the hideout of a notorious gunrunner in Plateau
By: Zagazola Makama
Troops of 3 Division/Joint Task Force Operation Enduring Peace (JTF OPEP) have recovered arms and ammunition during a raid on the hideout of a notorious gunrunner in Plateau State.
Zagazola learnt that the operation was conducted in the early hours of Monday at Kurra Berom village in Barkin Ladi Local Government Area.
Items recovered included one AK-47 rifle, two AK-47 magazines and 38 rounds of 7.62mm special ammunition.
Sources said the operation was based on credible intelligence. However, the suspects fled the hideout before the troops arrived.
They assured that efforts were ongoing to track down and apprehend the fleeing suspects, while reiterating their commitment to mopping up illicit arms and ammunition in the area.
Troops recover rifle, ammunition during a raid on the hideout of a notorious gunrunner in Plateau
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AU, Nigeria sign MoU to strengthen fight against terrorism

AU, Nigeria sign MoU to strengthen fight against terrorism
By; Zagazola Makama
The African Union Commission and the Federal Republic of Nigeria have signed a Memorandum of Understanding (MoU) to strengthen collaboration in the fight against terrorism and violent extremism across the continent.
The agreement was signed on Sept. 8 by Amb. Bankole Adeoye, AU Commissioner for Political Affairs, Peace and Security, and Maj.-Gen. Adamu Garba Laka, National Coordinator, National Counter Terrorism Centre (NCTC).
The MoU provides a framework to enhance cooperation and coordination between the AU and Nigeria on counterterrorism initiatives.
Adeoye said the partnership underscored the commitment of both parties to addressing the growing threat of terrorism through coordinated strategies, capacity building and information sharing.
The areas of collaboration include real-time information sharing, deployment of NCTC experts to the African Union Counter-Terrorism Centre (AUCTC), joint research, as well as support for victim recovery, deradicalisation and reintegration.
A Joint Working Group is to be established to monitor progress and oversee the implementation of the MoU.
The agreement reflects the shared commitment of Nigeria and the African Union to promote peace and security across Africa.
AU, Nigeria sign MoU to strengthen fight against terrorism
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