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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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NDLEA Intercepts Cocaine, Opioids Hidden in Carton Walls Bound for UK, Australia

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NDLEA Intercepts Cocaine, Opioids Hidden in Carton Walls Bound for UK, Australia

By: Michael Mike

The National Drug Law Enforcement Agency (NDLEA) has intercepted consignments of cocaine and opioids concealed in carton walls and destined for the United Kingdom and Australia, as the agency intensified its nationwide crackdown on drug trafficking and abuse.

The seizures were made by NDLEA operatives at a courier company in Lagos on Friday during the examination of export shipments. According to the agency, 170 grammes of cocaine carefully sealed in cellophane parcels were discovered hidden within the walls of a carton containing clothes bound for Australia.

In another shipment heading to the United Kingdom, the spokesman of the anti-narcotics agency, Femi Babafemi in a statement on Sunday, said officers uncovered a cache of opioids, including 200 ampoules of pentazocine injection, 1,100 capsules of tramadol, and 100 ampoules of promethazine injection concealed in a carton.

The anti-narcotics agency also recorded major breakthroughs in Delta State, where operatives raided forests and cannabis farms in separate operations supported by military personnel.

At Ejeonu village in Ukwuani Local Government Area, NDLEA officers destroyed 27,500 kilogrammes of skunk cultivated on 11 hectares of farmland and recovered an additional 22.9 kilogrammes of the substance. A suspect, 52-year-old Ifeanyichukwu Peter, was later arrested during a follow-up operation in Obiaruku.

Similarly, operatives raided Orogun village in Ughelli North Local Government Area, destroying another 37,500 kilogrammes of skunk grown on 15 hectares of farmland while recovering 55.4 kilogramsmes of the illicit drug. Thirty-year-old Godwin Vincent Osadera was arrested in connection with the operation.

The agency said the two operations resulted in the destruction of a total of 65,000 kilogrammes of skunk.

In Kaduna State, NDLEA operatives arrested 42-year-old Husaini Suleiman after recovering 361 kilogrammes of skunk during a raid at Dan Magaji area of Zaria town.

In a separate operation along the Abuja-Kaduna highway, officers intercepted 1,989 rounds of RLA 7.62mm ammunition concealed inside sacks of fresh cassava granules, popularly known as garri. The suspect, identified as 35-year-old Abdullahi Hassan, was apprehended while transporting the ammunition. NDLEA said both the suspect and the recovered ammunition had been transferred to another security agency for further investigation.

In the Federal Capital Territory, operatives arrested a 29-year-old businessman, Ogadi Peter, alleged to specialize in producing drug-laced cakes and cookies for parties and social gatherings.

The suspect was arrested at his residence in the Life Camp area of Abuja following intelligence reports. Officers recovered 800 grammes of skunk and 2.7 kilogrammes of drug-infused cookies from the premises.

Elsewhere, NDLEA operatives in Ogun State recovered 181 kilogrammes of skunk from a suspect, Aliyu Sani, during a raid in the Ogere area.

In Taraba State, 27-year-old Sufiyanu Mohammed Misa was arrested along the Zaki-Biam road in Wukari Local Government Area with 105,850 pills of opioids, including tramadol, diazepam, and exol-5.

Two suspects, Adeleke Aliyah, 20, and Aloba Abdulazeez, 25, were also arrested in Saki town, Oyo State, in connection with the seizure of 99 litres of skuchies, a cocktail of illicit substances.

In Edo State, NDLEA officers destroyed 1,388.4175 kilogrammes of skunk on two farms during a raid on Ago forest in Orhionmwon Local Government Area.

In Kano State, operatives recovered 1.2 kilogrammes of tramaking 225mg pills concealed in a 25-litre jerry can of palm oil at Kofar Ruwa motor park. Another suspect, Aminu Isa, was arrested with 30.5 kilogrammes of skunk at Sabuwar Sharada area of the state.

Beyond enforcement operations, the agency said its War Against Drug Abuse (WADA) sensitization campaign continued across the country with awareness lectures delivered in schools in Oyo, Niger, Lagos, Katsina, Ekiti, and Kano states.

Chairman and Chief Executive Officer of the NDLEA, Buba Marwa, commended officers of the agency’s commands in Delta, Kaduna, Oyo, Taraba, Kano, the FCT, and Edo states for the successful operations.

He assured that the agency remained committed to sustaining a balance between reducing drug supply and intensifying drug demand reduction campaigns nationwide.

NDLEA Intercepts Cocaine, Opioids Hidden in Carton Walls Bound for UK, Australia

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PAIMUN President Calls for Urgent Action to Bridge Digital Divide in Education

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PAIMUN President Calls for Urgent Action to Bridge Digital Divide in Education

By: Michael Mike

The Presdent of the General Assembly of the Premiere Academy International Model United Nations (PAIMUN) 2026, H.E. Timilehin Adewuyi, has called on governments, international organisations and private institutions to intensify efforts toward bridging the digital divide and expanding access to technology-driven education across the world.p

Speaking during the second session of the PAIMUN General Assembly held at the United Nations House in Abuja, Adewuyi described digital transformation in education as a critical tool for achieving sustainable development and preparing future generations for global leadership.

Addressing delegates, diplomats and education stakeholders, the PAIMUN President said the world has entered an era where education can no longer remain dependent on traditional methods, stressing that technology has become central to building inclusive, innovative and sustainable societies.

“It is my profound privilege, as President of the General Assembly, to address this august gathering on the topic: ‘Digital Transformation of the Educational Sector as a Driver of Sustainable Development,’” he stated.

According to him, digital innovation has fundamentally changed the way knowledge is accessed, shared and applied globally, opening new opportunities for students to learn beyond geographical and economic limitations.

He noted that digital classrooms, virtual libraries, artificial intelligence and online learning platforms are equipping young people with critical 21st-century skills such as creativity, collaboration, problem-solving and digital literacy.

Adewuyi stressed that these skills are essential for achieving the Sustainable Development Goals (SDGs) and positioning young people to compete effectively in the global economy.

Despite the growing opportunities presented by technology, the PAIMUN President warned that millions of students, particularly in developing countries, still face severe barriers due to poor internet connectivity, lack of electricity and inadequate access to digital devices.

He said sustainable development would remain unattainable if educational opportunities continue to be unequal across regions and social groups.

“Governments, international organizations, and private institutions must work collectively to bridge the digital divide and ensure that no learner is left behind in this technological revolution,” he said.

Adewuyi further described digital education as more than an innovation, calling it a strategic investment in humanity’s future.

He urged delegates at the conference to remain committed to policies that promote responsible and inclusive technology adoption in education systems worldwide.

“By embracing technology responsibly and inclusively, we empower the next generation to drive economic growth, social progress and environmental sustainability,” he added.

The PAIMUN conference, hosted by Premiere Academy, brought together student delegates simulating the United Nations General Assembly to debate global issues and propose solutions through diplomacy, dialogue and policy engagement.

The event focused extensively on how digital transformation can strengthen education systems, reduce inequalities and accelerate sustainable development across nations.

PAIMUN President Calls for Urgent Action to Bridge Digital Divide in Education

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Troops Neutralise Two Terrorists in Night Ambush Operation in Borno

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Troops Neutralise Two Terrorists in Night Ambush Operation in Borno

By: Zagazola Makama

Troops of the Joint Task Force North-East, Operation Hadin Kai (OPHK), have neutralised two suspected terrorists during a night ambush operation in Konduga Local Government Area of Borno State.

Security sources said the operation, conducted under Operation Desert Sanity/Siege Operations, took place at about 11:05 p.m. on May 13, 2026, at Bazamri village, a location identified as a major crossing point for members of the ISWAP.

According to the sources, troops laying ambush at the location intercepted and engaged the terrorists in a firefight, resulting in the neutralisation of two insurgents.

Following the encounter, troops carried out exploitation of the area and recovered several items suspected to be logistics supplies for the terrorists.

Recovered items included 54 packs of 80-gram detergent, 32 packs of 500-gram salt and one carton of spaghetti.

Military authorities confirmed that no casualty was recorded among the troops during the operation.

The ambush team was said to have subsequently changed position and continued surveillance and waiting operations in the area as part of sustained offensive actions against terrorist movements.

Security sources added that troops’ morale and fighting efficiency remained satisfactory, while offensive operations across the theatre continued.

Troops Neutralise Two Terrorists in Night Ambush Operation in Borno

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