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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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NIMC, NIPOST Integrate Identity, Digital Address Systems to Revolutionise Public Service Delivery
NIMC, NIPOST Integrate Identity, Digital Address Systems to Revolutionise Public Service Delivery
By: Michael Mike
The National Identity Management Commission (NIMC) and the Nigerian Postal Service (NIPOST) have launched a landmark initiative to integrate Nigeria’s National Identification Number (NIN) database with the country’s digital postcode system, a move expected to significantly transform public service delivery, strengthen digital governance and accelerate economic inclusion.
The collaboration, unveiled in Abuja, will allow Nigerians to verify their addresses and retrieve official digital postcodes through the NINAuth platform, effectively linking verified identity with authenticated location information on a single trusted digital infrastructure.
The initiative is expected to enhance the efficiency of government interventions, improve emergency response, facilitate financial inclusion, strengthen logistics and e-commerce operations, and provide more accurate data for national planning.
Director-General and Chief Executive Officer of NIMC, Engr. (Dr.) Abisoye Coker-Odusote, described the partnership as a major milestone in Nigeria’s digital transformation, saying it goes beyond inter-agency cooperation to establish the foundation for an integrated digital public infrastructure.
She disclosed that the recently enacted NIMC Act 2026 has significantly expanded the Commission’s mandate, making it the custodian of Nigeria’s Digital Public Infrastructure (DPI) for identity and the Root Certification Authority for the National Public Key Infrastructure (PKI).
According to her, the legislation provides the legal and technological framework for secure digital identity, electronic authentication, digital signatures and trusted online transactions across government and the private sector.
She, however, stressed that identity without location cannot deliver a fully digital economy.
“The National Identification Number tells us who a person is, while the National Postcode System tells us where that person can be reached. Bringing both together creates the trusted digital foundation required for efficient governance and inclusive economic development,” she said.
Coker-Odusote revealed that technical teams from both agencies had already completed the integration of postcode retrieval into the NINAuth platform, enabling citizens to seamlessly verify both their identity and address.
She noted that the integration aligns with the Federal Government’s digital transformation agenda by promoting interoperability across public institutions and delivering faster, safer and more efficient services to Nigerians.
She also described NIPOST as a critical partner whose nationwide addressing infrastructure would help extend digital services to every part of the country.
The NIMC chief added that the initiative supports President Bola Ahmed Tinubu’s Renewed Hope Agenda by deepening digital innovation, improving public service delivery and expanding economic opportunities.
In her remarks, Postmaster General and Chief Executive Officer of NIPOST, Omotola Odeyemi, said the collaboration represents a strategic investment in Nigeria’s foundational infrastructure.
She observed that every modern economy depends on two critical capabilities—knowing who people are and knowing where they are—and said integrating digital identity with a national postcode system would significantly improve governance, logistics, emergency response, commerce and access to government services.
Odeyemi said NIPOST is undergoing a major transformation from a traditional postal operator into a modern digital infrastructure institution that connects citizens, businesses and communities.
She identified the National Digital Postcode Initiative as one of the agency’s flagship reforms, noting that postal administrations around the world now play strategic roles in digital inclusion, e-commerce and national addressing systems.
According to her, NIPOST’s extensive nationwide presence and statutory mandate place it in a unique position to provide a reliable national addressing framework capable of supporting Nigeria’s digital economy.
She assured Nigerians that the implementation of the integrated platform would comply with the highest standards of data protection, cybersecurity and institutional accountability.
The partnership comes as the Federal Government intensifies efforts to build a robust Digital Public Infrastructure that enables secure identity verification, seamless access to public services and greater efficiency across sectors, with digital identity and verified location increasingly recognised as critical pillars of modern governance and economic development.
NIMC, NIPOST Integrate Identity, Digital Address Systems to Revolutionise Public Service Delivery
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Troops foil suspected terrorist supply chain, arrest Chadian woman with drugs in Borno
Troops foil suspected terrorist supply chain, arrest Chadian woman with drugs in Borno
By: Zagazola Makama
Troops of Operation HADIN KAI have disrupted a suspected terrorist logistics network with the arrest of a Chadian woman allegedly transporting illicit drugs and alcoholic beverages to insurgents operating in the Lake Chad region.
The arrest was made by troops of Sector 3 of the Joint Task Force North East during an intelligence-driven operation along the Maiduguri–Monguno highway on Thursday.
According to a statement issued by the Acting Military Information Officer, Headquarters Joint Task Force (North East), Capt. Mohammed Goni, the suspect was intercepted while travelling towards Kwatan Doron Baga in Kukawa Local Government Area of Borno.
He identified the suspect as Mrs Rachael Samuel, 48, a citizen of the Republic of Chad from Kelo in Chari-Baguirmi Province.
“The operation followed actionable intelligence on suspected movements of logistics intended for terrorist elements within the Lake Chad Islands,” the statement said.
Items recovered from the suspect included seven compressed bundles of suspected cannabis sativa weighing approximately 30 kilogrammes, two 10-litre containers of hydromercuric chloride, popularly known as “Suck and Die,” one carton containing 48 bottles of dry gin and 61 bottles of herbal alcoholic beverages.
The troops also recovered a mobile phone, two Automated Teller Machine (ATM) cards, personal belongings and cash from the suspect.
Military authorities said the suspect had been taken into custody, while the exhibits would be handed over to the relevant law enforcement agency for detailed investigation and prosecution.
The statement said the operation represented another breakthrough in ongoing efforts to dismantle the supply networks sustaining terrorist groups in the North East.
It explained that intelligence reports had shown that terrorist fighters often relied on illicit drugs and intoxicants to enhance endurance, suppress fear and support their violent activities.
The Theatre Command praised the troops for their professionalism and vigilance, reiterating its commitment to intensifying operations against terrorists and those providing them with logistics and other forms of support.
It also appealed to residents to continue cooperating with security agencies by providing credible and timely information that could assist ongoing counter-terrorism operations across the region.
Troops foil suspected terrorist supply chain, arrest Chadian woman with drugs in Borno
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Army, NDLEA Arrest Three Suspected Drug Suppliers Linked to Terrorists in Katsina
Army, NDLEA Arrest Three Suspected Drug Suppliers Linked to Terrorists in Katsina
By Zagazola Makama
Troops of the Nigerian Army in collaboration with the National Drug Law Enforcement Agency (National Drug Law Enforcement Agency) have arrested three suspected drug peddlers allegedly supplying illicit substances to terrorists and other criminal elements in Katsina State.
Security sources told Zagazola Makama that the joint operation was conducted at about 5:15 p.m. on Tuesday by troops of the Forward Operating Base (FOB) Malumfashi deployed at Kafur, alongside operatives of the NDLEA Area Command, Malumfashi.
The operation targeted Kagara village in Kafur Local Government Area, where the security team raided suspected drug distribution points.
According to the sources, three suspects identified as Mohammed Lawan, 34, Muhawiya Haruna, 40, and Junadata Usman, 40, were arrested during the operation.
Items recovered from the suspects included substances suspected to be cannabis sativa, quantities of tramadol capsules, pregabalin, diazepam, Extol-5 tablets, rubber solution, and “Suck and Die” spirit.
The sources said preliminary investigations indicated that the suspects were allegedly involved in supplying hard drugs and other intoxicating substances to terrorists and criminal elements operating within Kafur and neighbouring communities.
The arrested suspects, along with the recovered exhibits, have been handed over to the NDLEA Area Command in Malumfashi for further investigation and possible prosecution.
The operation is part of ongoing efforts by security agencies to disrupt the logistics and supply networks supporting terrorism and other forms of criminality across Katsina State.
Army, NDLEA Arrest Three Suspected Drug Suppliers Linked to Terrorists in Katsina
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