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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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Woro attack: how Sahel-linked terror networks are creeping into Kwara’s border communities
Woro attack: how Sahel-linked terror networks are creeping into Kwara’s border communities
By: Zagazola Makama
The deadly attack on Woro Village in Kaiama Local Government Area of Kwara State, which has claimed at least 35 lives, draws attention to a worrying expansion of Sahel-linked terrorism into Nigeria’s North-Central corridor, analysts say.
The lawmaker representing Kaiama in the Kwara State House of Assembly, Hon. Saidu Baba Ahmed, confirmed the death toll on Wednesday, adding that many residents were still missing in the surrounding bush after fleeing the community during the attack.
Security sources said the assault occurred at about 7:07 p.m. on Feb. 3, when terrorists suspected to be Jama’atu Ahlis Sunna Lidda’awati wal-Jihad (JAS) stormed Woro, setting houses and shops ablaze as residents fled in panic.
Although the attackers reportedly withdrew after spotting an approaching aircraft, intelligence suggests they may still be lurking in nearby forests, waiting for security pressure to ease before attempting to return.
The Woro incident fits a broader pattern. Terrorist operations have intensified across the North-West (NW) and North-Central (NC), with attacks spilling into border communities near the Republic of Benin, particularly in Kwara and Niger States.
Security experts say fighters infiltrating from the Sahel axis have merged with local criminal groups, creating hybrid networks that combine ideological violence with banditry. Two major groupings – JNIM/AQIM and IS Sahel are said to be competing for space, carving out forest corridors and borderlands as launch pads for further attacks.
While parts of the North West are experiencing encroachment by ISIS-linked elements along Niger’s borders with Sokoto and Kebbi, JNIM’s operational reach reportedly stretches from the W-Arly-Pendjari (WAP) Forest Complex into Benin, diverting into North-Central Nigeria through porous routes.
Zagazola note that Kaiama’s location close to forested border corridors makes it vulnerable to transit and staging by mobile terror cells. Once embedded, these groups exploit local grievances, criminal economies and weak surveillance to sustain operations.
The burning of homes and shops in Woro is seen as tactical messaging: displace communities, disrupt local economies and demonstrate reach beyond traditional theatres of conflict.
The Woro attack is not an isolated Kwara problem but part of a wider Sahelian security crisis pushing southward into Nigeria’s heartland. Regional cooperation between NIGERIA with BENIN and NIGER Republic is therefore required to shut down these cross-border routes.
Woro attack: how Sahel-linked terror networks are creeping into Kwara’s border communities
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KACRAN Appeals for Resolution of Diplomatic Tensions Between Nigeria and Niger
KACRAN Appeals for Resolution of Diplomatic Tensions Between Nigeria and Niger
By: Michael Mike
The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has called on President Bola Tinubu and the leadership of the Republic of Niger to resolve ongoing diplomatic tensions through dialogue and mutual understanding.
In a statement issued on Tuesday by its National President, Hon. Khalil Bello, the association urged both countries to restore their long-standing relationship, stressing that Nigeria and Niger share deep historical, cultural and economic ties that predate colonial boundaries.
KACRAN highlighted that the two nations are connected by an extensive border stretching over 1,600 kilometres, linking Niger with several northern Nigerian states, noting that communities across the border share common ethnic identities, languages and religious beliefs, with many families divided between both countries.
The group noted that these close social connections were a major reason many residents of Northern Nigeria expressed opposition to any form of military action against Niger following the recent political changes in the country.
Beyond social ties, KACRAN emphasized the existence of strong economic interdependence between the two neighbours. It stated that Nigerian markets, especially in Kano and border towns, serve as major commercial hubs for Nigerien traders, while Nigerian business activities are also prominent within Niger.
The association warned that the current strain in diplomatic relations is having a negative impact on trade and pastoral livelihoods. It explained that seasonal livestock migration, particularly by herders from states such as Yobe who move into Niger during the rainy season to avoid farmland conflicts, has been disrupted. This disruption, KACRAN said, affected livestock supply during the recent Eid-el-Kabir festivities.
KACRAN also stressed the need for joint security efforts, noting that challenges such as insurgency and banditry affect both countries and require coordinated action rather than isolation.
Calling for restraint, the association urged Nigeria, Niger and the Economic Community of West African States (ECOWAS) to prioritize diplomacy over confrontation. It maintained that peaceful engagement remains the most effective path to stability, economic growth and regional security.
The group appealed to leaders in the sub-region to place the welfare of citizens above political disagreements and preserve the spirit of cooperation that has long defined Nigeria-Niger relations.
KACRAN Appeals for Resolution of Diplomatic Tensions Between Nigeria and Niger
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Army troops foil bandits’ attack on anyagba village in benue
Army troops foil bandits’ attack on anyagba village in benue
By: Zagazola Makama
The Nigerian Army troops of the Joint Task Force Operation Whirl Stroke (OPWS) have foiled a planned attack by armed bandits on Anyagba village in Benue State, neutralising one assailant and recovering a firearm and ammunition.
Sources told Zagazola Makama that the joint team,comprising Army, PMF elements and state-backed civil protection guards, was alerted at about 4:00 p.m. to the movement of armed bandits toward Anyagba community, apparently with intent to launch an attack.
“The troops mobilised immediately toward the Utange axis where the bandits were sighted,” the source said.
“On sighting the joint team, the bandits opened fire, leading to a brief exchange. One suspect was fatally wounded during the encounter and later died while being evacuated for medical attention.”
The source said the corpse was deposited at a morgue, while the remaining suspects fled into nearby bushes.
Items recovered at the scene include one AK-47 rifle with breech number 22446, two magazines, three rounds of 7.62mm live ammunition and several expended shells.
“No casualty was recorded on the side of the joint forces,” the source added.
Following the incident, troops intensified combing operations in surrounding bushes to track and apprehend the fleeing suspects.
In a related development along the Katsina-Ala axis, a patrol team on stop-and-search duty recovered a locally fabricated pistol and a cartridge from a bag abandoned by a suspect who escaped on sighting the troops.
The military urged residents to remain vigilant and continue to provide timely information to security agencies to help prevent attacks and protect communities across the state.
Army troops foil bandits’ attack on anyagba village in benue
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