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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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Fertiliser Supply Stabilised as FG Strengthens Centralised Procurement System Ahead of 2026 Farming Season

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Fertiliser Supply Stabilised as FG Strengthens Centralised Procurement System Ahead of 2026 Farming Season

By: Michael Mike

Nigeria has said it has significantly strengthened fertiliser availability and price stability ahead of the 2026 wet season through a tightened central procurement and distribution framework under the Presidential Fertiliser Initiative (PFI NPK), designed to shield farmers from global supply shocks and domestic market volatility.

Under the arrangement, PFI NPK Limited—operating under the Ministry of Finance Incorporated—coordinates bulk purchase of fertiliser raw materials, while distribution and blending activities are executed through a regulated national network of plants and warehouses. The system is structured to ensure that inputs remain under central control until verified sales are completed and financial settlements are concluded.

To reinforce transparency and accountability across the supply chain, independent Collateral Management Agents have been deployed to oversee storage facilities nationwide. Their role includes verifying stock levels, monitoring movements, and ensuring that fertiliser inputs are properly secured throughout the distribution process.

The operational framework is guided by standard procedures developed in collaboration with the Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN), while quality assurance and regulatory enforcement remain under the supervision of the National Agency for Food and Drug Administration and Control (NAFDAC) and the Standards Organisation of Nigeria (SON).

Security and operational clearance from the Office of the National Security Adviser (ONSA) continues to serve as a critical requirement for nationwide logistics coordination and scaling of operations.

Officials said the system has already begun delivering results, with fertiliser raw materials either arriving in-country or currently in transit, while blending plants across the country continue to receive steady supply inputs ahead of peak farming demand.

The government argued that the intervention has reduced exposure to sudden international price spikes and supply chain disruptions that previously affected farmers during critical planting periods.

Dr. Takang, Managing Director of PFI NPK Limited, said the priority is ensuring that farmers are not only able to access fertiliser on time but also at stable and affordable prices that support production rather than undermine it.

“What matters is that the farmer can access fertiliser when needed and at a price that does not undermine production. By stabilising supply and managing cost exposure at the procurement stage, we are supporting that outcome at scale,” he said.

Looking forward, PFI NPK said it is expanding government-to-government sourcing arrangements with international partners to further secure raw material supply lines. It is also developing a digital monitoring platform that will provide real-time tracking of procurement, inventory levels, and nationwide distribution flows.

As the 2026 farming season approaches, authorities said the system is expected to play a key role in improving agricultural productivity by ensuring predictable fertiliser availability, reducing market uncertainty, and strengthening food production capacity across the country.

Fertiliser Supply Stabilised as FG Strengthens Centralised Procurement System Ahead of 2026 Farming Season

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UN Women, TY Danjuma Foundation Boost Rural Women’s Livelihoods with Agro-Processing Centre in Abuja Community

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UN Women, TY Danjuma Foundation Boost Rural Women’s Livelihoods with Agro-Processing Centre in Abuja Community

By: Michael Mike

Rural women in Great Sheda Community of Kwali Area Council, Abuja, have received a major economic boost following the inauguration of a modern agro-processing centre designed to ease cassava processing and expand income-generating opportunities for women farmers and processors.

The facility, established through a partnership between UN Women and the TY Danjuma Foundation, was officially launched on Monday in the community, with stakeholders describing the intervention as a significant step toward strengthening women’s economic empowerment and rural development.

At the heart of the project is a cassava peeling and grinding machine that is expected to transform the production of Akpu, a staple food that serves as a major source of livelihood for many women in the area. For years, local processors relied largely on manual methods that demanded long hours of labour and limited production capacity. The new facility is expected to reduce processing time, improve efficiency and enable women to devote more time to other productive ventures.

Speaking during the inauguration, the UN Women Representative to Nigeria and ECOWAS, Beatrice Eyong said the initiative goes beyond providing equipment, stressing that it represents an investment in the productivity and economic future of rural women.

According to her, reducing the burden associated with manual cassava processing would help women increase their earnings, pursue additional economic activities and contribute more effectively to the development of their families and communities.

Chairman of the Board of Trustees of the TY Danjuma Foundation, Hannatu Gentles, reaffirmed the foundation’s commitment to supporting underserved communities through strategic interventions in health, education and economic empowerment.

She described women as the backbone of the rural economy and expressed confidence that members of the Akpu Women Association would utilise the facility to expand their businesses and improve the welfare of their households.

Also speaking at the event, former FCT Mandate Secretary and Director-General of the Mariam Babangida Centre, Adedayo Benjamins-Laniyi, noted that access to modern processing tools would not only improve cassava production but also strengthen food security, stimulate economic growth and enhance community resilience.

Residents of Great Sheda welcomed the intervention, describing it as a transformative project capable of increasing productivity, raising household incomes and stimulating economic activities across the community and neighbouring settlements.

The agro-processing centre is expected to serve women processors within Great Sheda and surrounding communities, creating opportunities for improved food processing practices, higher earnings and stronger local economic growth.

The project underscores growing efforts by development partners and philanthropic organisations to support women as key drivers of economic development, food security and sustainable community growth in rural Nigeria.

UN Women, TY Danjuma Foundation Boost Rural Women’s Livelihoods with Agro-Processing Centre in Abuja Community

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Police Arrest 21 Suspects, Recover 20 Motorcycles in Zamfara Crackdown

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Police Arrest 21 Suspects, Recover 20 Motorcycles in Zamfara Crackdown

By: Zagazola Makama

The Zamfara State Police Command says it has arrested 21 suspects and recovered 20 motorcycles during a special operation targeting reckless motorcycle riders and public disturbances in parts of Gusau Local Government Area.

The command disclosed this in a statement issued on Thursday in Gusau.

According to the statement, the operation followed repeated complaints from residents of Birnin Ruwa, Tullukawa and Yar Gada communities over the activities of groups of youths popularly known as “Arlet Boys.”

The police said the youths were allegedly involved in reckless motorcycle riding and other acts capable of causing public disorder in the affected communities.

The statement explained that on June 7 at about 7:30 p.m., police operatives carried out coordinated raids on identified criminal hideouts and black spots within the three communities.

It said the operation led to the arrest of 21 suspects and the recovery of 20 motorcycles.

“The arrested suspects will be subjected to thorough screening and investigation, while those found culpable will be charged to court accordingly,” the statement said.

The command assured residents that the operation would be sustained to rid the affected communities of criminal elements and enhance public safety.

It also urged members of the public to continue providing timely and credible information to security agencies to support crime prevention efforts across the state.

The police reiterated their commitment to maintaining law and order as well as protecting lives and property throughout Zamfara.

Police Arrest 21 Suspects, Recover 20 Motorcycles in Zamfara Crackdown

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