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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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EU, NHRC Collaborate to Safeguard Human Rights in Nigeria

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EU, NHRC Collaborate to Safeguard Human Rights in Nigeria

Inaugurate Human Rights Defenders Forum

By: Michael Mike

The European Union (EU) and the National Human Rights Commission (NHRC) has collaborated in the fight against violation of human rights in Nigeria, joining forces to inaugurate the Human Rights Defenders Forum aimed at combating the numerous challenges of safeguarding human rights in the country.

Speaking at the Civil Society Consultation on the State of Human Rights in Nigeria and the Inauguration of the Human Rights Defenders Forum, which had in attendance Portugal Ambassador, Paulo Santos and Belgium Ambassador, Pieter Leenknegt, the Executive Secretary, NHRC, Tony Ojukwu lamented that in recent years, “we have witnessed alarming trends, including restrictions on the rights of individuals and organisations to operate freely, and threats against those who dare to speak truth to power.”

He insisted that: “These developments serve as a stark reminder that the protection of human rights is an ongoing struggle that requires continuous vigilance, action, and cooperation from all sectors of society.”

Ojukwu noted that: “Today marks a significant milestone in our collective efforts to advance human rights and protect the defenders who tirelessly work to uphold these rights, even in the face of adversity.

“We are gathered here not only to discuss the current state of human rights in our country but also to chart a way forward—one that ensures greater protection for civil liberties, fosters democratic consolidation, and safeguards the fundamental rights of all Nigerians, especially those who stand up for the rights of others.”

He said: “As we know, the human rights landscape in Nigeria is a complex and evolving one. While we have made strides, challenges remain, especially regarding the protection of civic space and the safety of human rights defenders.”

Ojukwu said: “Three major events preceded today’s events which are worth mentioning. First was the End bad governance protests in August. The second is the arraignment of minors recently witnessed in Abuja. Third was the presentation of the report of the Special Independent Investigative Panel on Human Rights Violations in Counter-Insurgency Operations in the North East.

“These three events underscore the state of human rights in Nigeria and present for us discussion points on our institutions and mechanisms. Their outcomes also present us with hope and opportunities to base our present and future actions that will ensure that human rights of vulnerable Nigerians are protected. I thank all those whose actions have been responsible for the outcomes of these historic events.”

He said: “We are deeply grateful to the European Union Delegation to Nigeria for partnering with the National Human Rights Commission in organizing this forum.

The EU’s unwavering commitment to promoting human rights and supporting civil society efforts across the globe is commendable, and we are honoured to work with them in Nigeria.

“The discussions we will have today are centered on three crucial themes that are at the heart of any democracy: the right to electoral participation and democratic consolidation, the protection of civil liberties, civic space and human rights defenders, and the pressing issue of digital rights and privacy protection. These issues are not merely theoretical—they are practical challenges that impact our daily lives and the future of Nigeria as a democratic state.”

He added that: “The inauguration of the Human Rights Defenders Forum today underscores the importance of creating a unified platform for those who work at the frontlines of human rights protection. The forum will serve as a space for defenders to share experiences, exchange ideas, and strategize on how to address the myriad challenges they face. It is crucial that we stand together to provide human rights defenders with the necessary support and ensure their safety at the frontlines.”

Also speaking at the occasion, the Deputy Head of Delegation, European Union Delegation to Nigeria and ECOWAS, Zissimos Vergos said human rights is “a topic that is not only essential but always incredibly timely and central to the European Union’s foreign policy, constituting our institutional core and soul: our unwavering support for a continuous active, open and transparent dialogue on the state of democracy and human rights around the world including our host country, Nigeria, this great country and its great people that you represent here today.”

He noted that: “We live in an era underlined by both remarkable advancements and unprecedented challenges; an era where we would have expected that global partnerships underlined by visionary and rationale conversations for a better and more inclusive world would have been the norm; instead we all see that the basic ingredients for such a successful recipe of hope and global solidarity are still missing; for us in the European Union, we firmly believe that democracy, inclusive societies and human rights are indispensable ingredients for such recipe to work; many solutions to the problems surrounding us originate from the inability to on-board the citizens of the world in a process of social, financial and political inclusion; simply to allow them to feel that they belong and that they can trust a shared societal project; we see it and feel it everywhere around us.”

He added that “global conflicts and geopolitical shifts have highlighted the importance of international cooperation and the protection of human rights.

“The collective consciousness on the urgent need to defend democracy and human rights is reflected upon the ever growing global citizens’ movements and advocacy for equality, justice, and inclusion; an urgent and pressing demand for societal change is present with youth in the forefront; it is important that we all listen and take stock.

“The world is in an urgent need for peace, healing and reconciliation. Human rights, with their universal and inalienable qualities, offer a solid framework for conversation. Narratives of authoritarianism, populism, extremism, conflict entrepreneurship, compounded by poverty, inequality and increasingly the adverse impact of climate change on livelihoods risk to derail essential conversations on urgently needed global corrections and critical decisions regarding investment in a common future.Efforts to safeguard human dignity, freedom, and equality remain crucial.”

The notion of global leadership in the mind of the citizens anywhere in the world, is strongly correlated with footprints of social, financial and political inclusion; the degree of success of such citizens’s value chain’ depends on the fundamentals of inclusive democratic governance and human rights; there are no shortcuts and where they are tried they just disrupt and generate conflict and division.”

He noted that: “Nigeria, as the largest democracy in Africa, plays a pivotal role in the continent’s political landscape. The other African countries, but also the world rightly so, are looking up to Nigeria and its multi-ethnic and multi-religious democratic trajectory and paradigms.

“The European Union, recognises the importance of partnering with Nigeria in itinerary to democratic governance and human rights.”

EU, NHRC Collaborate to Safeguard Human Rights in Nigeria

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UNICEF: Over 9 million youth empowered through innovative partnerships in Nigeria

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UNICEF: Over 9 million youth empowered through innovative partnerships in Nigeria

By Our Reporter

The UNICEF Generation Unlimited Nigeria (GenU 9JA) Public-Private-Youth-Partnership Platform today convened its annual Steering Committee at the Airtel Headquarters in Lagos to celebrate three years of groundbreaking achievements and set ambitious targets for the future. This meeting reaffirmed GenU 9JA’s commitment to transforming the lives of millions of Nigerian youths by connecting them to opportunities for skills development, digital learning, and livelihood pathways. The meeting was attended by GenU 9JA partners from the government, private sector, civil society, UN organizations, and young people from across Nigeria.

Since its inception, UNICEF GenU 9JA has empowered over 9 million young Nigerians, surpassing the three-year target of 7.5 million. This milestone positions the initiative well on its journey to achieving its 2030 goal of connecting 20 million young people with opportunities for growth and impact. The committee reviewed progress across its three core pillars: connectivity and digital learning, workplace readiness, and youth engagement. Key partners presented updates on their respective contributions, underscoring how collaboration has driven success.

Speaking at the event, Carl Cruz, CEO of Airtel Nigeria, emphasized the transformative potential of digital access, citing the ongoing UNICEF-Airtel Reimagine Education Program, a part of the GenU 9JA initiative. “Airtel is proud to play a role in ensuring no young Nigerian is left behind in this digital age. We are encouraged by the success recorded so far among the 1,260 schools connected through our partnership,” he said.

Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation (TEF), highlighted the impact of youth entrepreneurship: “Young people are the engines of Africa’s economic transformation. Since 2015, the TEF Entrepreneurship Programme has empowered over 20,000 young entrepreneurs, creating more than 400,000 jobs. Our BeGreen Africa initiative will now support over 400 young entrepreneurs in Nigeria, Kenya, Morocco, Senegal, and South Africa with green-focused training, mentorship, and seed capital to advance sustainable ventures.”

Cristian Munduate, UNICEF Nigeria Representative, reiterated the urgency for continued investment in youth: “The future of any nation lies in the hands of its children and youth. By providing skills, opportunities, and a platform for engagement, we are not only changing individual lives but also shaping a brighter future for Nigeria.”

UNICEF: Over 9 million youth empowered through innovative partnerships in Nigeria

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Borno: Primary School Teachers Jubilate as N70k Minimum Wage Hit Accounts

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Borno: Primary School Teachers Jubilate as N70k Minimum Wage Hit Accounts

… Zulum pays the best wage in Northeast so far -NLC

By: Michael Mike

Thousands of primary school teachers in Borno State were thrown into excitement on Friday when Borno State Governor, Babagana Zulum, approved the implementation of N70,000 minimum wage.

This was one week after the N70k minimum wage was paid to civil servants working for Borno State Government for their October salaries.

The new salary hit the accounts of primary school teachers on Thursday as many posted screenshots of their alerts on different social media platforms.

Zulum announced the approval of the pay rise for workers in the state on October 10 in a meeting with the minimum wage implementation committee members. During this meeting, he also approved N3 billion for the payment of entitlements to families of civil servants that died in Borno State.

Meanwhile, the Nigerian Labour Congress, Borno State Chapter, has described the minimum wage paid by Borno State government as the best so far in the northeast region.

The Chairman of NLC, Comr Inuwa Yusuf, made the commendation last week in Maiduguri.

“Let me also join in commending the Executive Governor of Borno State, Professor Babagana Umara Zulum, for serving our people, especially the workers,” Comr Yusuf reiterated.

He added, “After a series of meetings, we harmonised the wage table which was applied in the last couple of days. Our members (civil servants ) have called in and expressed their gratitude. We felt it was a very nice one, and we believe other states in the northeast can not be better than us; we have seen what a few other States have paid, and we don’t know of other states that will pay later as now, our state is leading. We have to commend His Excellency for this giant stride.”

Borno: Primary School Teachers Jubilate as N70k Minimum Wage Hit Accounts

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