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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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Niger Military Report Confirms Loss of Equipment After Attack on GNN Position
Niger Military Report Confirms Loss of Equipment After Attack on GNN Position
By: Zagazola Makama
A classified internal military communication marked “Secret Defense” has confirmed significant losses of equipment following an attack on a Nigerien Gendarmerie Nationale (GNN) position in Kirtachi, in the Tillabéri Region in Niger Republic.
The internal radio message, dated May 22, 2026, indicated that the attack was carried out by suspected fighters of the Jama’at Nusrat al-Islam wal-Muslimin (JNIM), during which several military assets were reportedly seized.
According to the document, the attackers made away with three armed Toyota pickup vehicles. One of the vehicles was said to be mounted with a 12.7mm heavy machine gun, while the remaining two were fitted with M80-type weapons.
The report further stated that seven motorcycles, locally referred to as “Sababu,” were also taken, alongside GNN uniforms and related operational gear.
Preliminary figures contained in the same communication put the casualty toll at 12 security and defence force personnel killed, while four others were reported missing following the incident.
The document also reportedly urged heightened alertness across operational positions in the region, warning of possible further attacks ahead of the upcoming Tabaski celebrations.
Security sources have not yet issued an official public statement confirming the details contained in the leaked communication.
Niger Military Report Confirms Loss of Equipment After Attack on GNN Position
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Senior Military Officer Dies in Road Traffic Accident Along Kaduna–Zaria Expressway
Senior Military Officer Dies in Road Traffic Accident Along Kaduna–Zaria Expressway
By: Zagazola Makama
A senior military officer, Maj. S. Sayyadi of Headquarters Infantry Corps Command (ICC), has died in a road traffic accident along the Zaria–Kaduna Expressway near the Julius Berger gate, close to Jaji Military Cantonment.
Security sources disclosed that the incident occurred on May 21 when the officer’s vehicle reportedly collided with a Sino truck that had slowed down to access the China Civil Engineering Construction Corporation (CCECC) railway project site located at the New Barracks area in Jaji Military Cantonment.
Following the accident, medical teams from the Armed Forces Command and Staff College (AFCSC) and ICC were swiftly mobilised to the scene, where the officer was confirmed dead due to severe head injuries.
His remains were evacuated to a medical facility before being conveyed to Katsina State in a military ambulance for burial arrangements.
The late officer was laid to rest in Katsina State according to Islamic rites.
Sources said that Military authorities have expressed condolences to the family of the deceased, describing the incident as a tragic loss.
Senior Military Officer Dies in Road Traffic Accident Along Kaduna–Zaria Expressway
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Hidden Wounds Across Borders: Thousands of Women in Nigeria, Somalia Suffer in Silence as Obstetric Fistula Crisis Deepens
Hidden Wounds Across Borders: Thousands of Women in Nigeria, Somalia Suffer in Silence as Obstetric Fistula Crisis Deepens
By: Michael Mike
Thousands of women in Nigeria and Somalia are battling one of the world’s most devastating childbirth injuries — obstetric fistula — amid poverty, weak healthcare systems, insecurity and limited access to emergency maternal care, according to humanitarian medical workers.
A statement on Friday by Médecins Sans Frontières (MSF), stated that from northern Nigeria to southwestern Somalia, women who survived prolonged and obstructed labour are now living with chronic pain, incontinence, stigma and social isolation after losing control of their bladder or bowel following traumatic childbirth complications.
At Jahun General Hospital in northern Nigeria and Bay Regional Hospital in Somalia, according to the statement, teams from Médecins Sans Frontières (MSF) and local health authorities are struggling to provide life-changing reconstructive surgery and rehabilitation services to affected women whose lives have been shattered by the condition.
For many of the patients, the injury came after days of labour without access to emergency caesarean sections or skilled medical care — a reality that continues to endanger women in fragile and conflict-affected regions.
The statement said Aisha (not her real name), a young Nigerian woman from Yobe State, arrived at Jahun General Hospital emotionally broken after losing her baby during childbirth and suffering severe internal injuries that left her incontinent.
On the other side of the continent, Hodan (equally not her real name), a Somali woman married off as a teenager, endured eight years of silence and humiliation after a prolonged labour during her first pregnancy left her with the same condition.
“I did not know there was treatment,” Hodan said after finally reaching the fistula unit in Baidoa.
According to MSF, obstetric fistula occurs when prolonged obstructed labour damages tissues between the birth canal and the bladder or rectum, leaving women leaking urine or stool continuously. In about 90 per cent of cases, the baby does not survive.
Medical experts said the condition is closely linked to child marriage, teenage pregnancy, malnutrition, female genital mutilation and the collapse or absence of emergency obstetric services.
In both Nigeria and Somalia, those risk factors are compounded by insecurity, displacement, poor transportation and overstretched health systems, forcing many women to attempt childbirth at home or in poorly equipped facilities.
Dr. Raphael Kananga said many patients arrive at hospitals only after suffering irreversible injuries.
“Most of the women who reach us have already given birth somewhere else or tried to, often at home, and often after several days of labour,” he said.
“By the time they arrive at our hospital, they have already sustained an injury, often with additional infections and complications. Surgical repair is possible, but this should have been prevented from happening in the first place.”
The 55-bed fistula ward at Jahun General Hospital has become a critical lifeline for women across northern Nigeria. Since its establishment in 2008, more than 6,000 reconstructive surgeries have been carried out there.
In 2025 alone, 295 women were admitted, while 224 underwent surgery. Between January and March 2026, another 64 women were admitted, with 48 already receiving surgical treatment.
Care at the facility includes free surgery, physiotherapy, psychological counselling, nutrition support and long-term rehabilitation, with many patients spending up to three months recovering.
Aisha, who has already undergone two surgeries and is awaiting a third procedure, said meeting other survivors gave her hope.
“At first, I thought I would never be cured,” she said. “Then I came here and saw other women with the same condition. I realised I was not alone.”
In Somalia, the fistula unit at Bay Regional Hospital, opened in 2025 with support from MSF and Somalia’s Ministry of Health, remains one of the few specialised centres in the country capable of handling such cases.
Since its launch, only 38 women have received treatment there, even though several thousand more are estimated to require urgent care nationwide.
Frida Athanassiadis said many women live with fistula for years before learning that treatment exists.
“Fistula care is not only about surgery,” she said. “It is about listening, counselling, and helping women rebuild their confidence.”
Healthcare workers warn that demand for fistula care in both countries far exceeds available capacity.
Jahun General Hospital remains the only facility in Jigawa State capable of performing vesicovaginal fistula reconstructive surgery, while Bay Regional Hospital is the only specialised centre in Somalia’s Southwest State.
Humanitarian organisations said the persistence of obstetric fistula reflects deeper failures in maternal healthcare systems across parts of Africa, where preventable childbirth complications continue to claim lives and destroy futures.
Medical experts insisted that fistula is entirely preventable through proper antenatal care, access to trained midwives, timely referrals and emergency caesarean sections before prolonged labour causes permanent tissue damage.
MSF and health officials are now calling for urgent investments in maternal and newborn healthcare services, including skilled birth attendance, emergency obstetric care and expanded fistula treatment programmes for women already living with the condition.
For survivors like Aisha and Hodan, however, the struggle goes beyond physical healing — it is also about reclaiming dignity after years of pain, silence and exclusion.
Hidden Wounds Across Borders: Thousands of Women in Nigeria, Somalia Suffer in Silence as Obstetric Fistula Crisis Deepens
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