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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
Israel Sends Life-Saving Ambulances, Medical Equipment to Nigeria
By: Michael Mike
Nigeria’s healthcare and emergency response capacity is set for a boost as Israel has donated a first batch of ambulances, medical equipment and wheelchairs to the country in what officials described as a demonstration of the growing humanitarian and health partnership between the two nations.
The consignment was handed over at the Port of Ashdod, Israel, with Nigeria’s newly appointed Ambassador to Israel, Ambassador Nkechi Linda Ufochukwu, receiving the items on behalf of Nigeria.
The development comes barely three weeks after Ufochukwu formally assumed her diplomatic assignment in Israel, following the presentation of her Letters of Credence to Israeli President Isaac Herzog on August 3. Her appointment has been linked to Nigeria’s renewed efforts to expand cooperation with Israel in healthcare, technology, innovation, agriculture, security and other strategic areas.
The medical donation, facilitated by Magen David Adom (MDA), Israel’s national emergency medical and disaster-response service, comprises fully equipped ambulances, medical devices and mobility aids, including wheelchairs.
The equipment is expected to strengthen emergency medical response and improve access to essential healthcare services, particularly for vulnerable populations and communities where emergency transportation and medical infrastructure remain inadequate.
Receiving the donation, Ambassador Ufochukwu expressed Nigeria’s appreciation to the Israeli Government and Magen David Adom, describing the gesture as an important expression of friendship and solidarity between the two countries.
She said the intervention would contribute to efforts to improve healthcare delivery and emergency response in Nigeria, while providing practical support to hospitals, emergency centres and communities in need.
The ambassador emphasised that the value of the donation went beyond the equipment itself, noting that stronger cooperation in healthcare could provide opportunities for knowledge sharing, technology transfer and the development of more resilient emergency medical systems.
The latest initiative also places healthcare among the practical areas through which Nigeria and Israel are seeking to translate their longstanding diplomatic relationship into tangible benefits for citizens.
Nigeria and Israel have maintained diplomatic relations for decades, with cooperation extending across agriculture, water technology, security, innovation, education and trade. Under the new diplomatic leadership in Tel Aviv, healthcare and technological cooperation have emerged as important areas for closer engagement.
Ufochukwu had, shortly after presenting her credentials, identified healthcare alongside trade and investment, agriculture and food security, technology and innovation, defence and security cooperation, and cultural and people-to-people exchanges as priority areas for her tenure.
The role of Magen David Adom in the initiative is also significant. Established in 1930, the organisation serves as Israel’s national emergency medical, disaster-response and blood-service organisation and operates an extensive emergency response network.
For Nigeria, where road crashes, insecurity, disasters and other emergencies continue to place pressure on already stretched emergency medical services, the availability of properly equipped ambulances can make a critical difference between delayed treatment and timely intervention.
Beyond transportation, modern emergency ambulances serve as mobile treatment units, allowing trained medical personnel to begin stabilising patients before they reach hospitals.
The donation therefore comes at a time when Nigeria is seeking to strengthen its emergency healthcare architecture and move towards a system capable of delivering faster and more coordinated responses to medical crises.
It is also expected to reinforce the humanitarian dimension of Nigeria-Israel relations, particularly as both countries explore practical areas of cooperation that can directly affect the welfare of their populations.
The consignment is expected to be deployed to appropriate healthcare and emergency-response facilities in Nigeria, where the equipment will support patient care, emergency transportation and disaster-response operations.
The handover was witnessed by officials of Magen David Adom, representatives of the Israeli Ministry of Health and members of the Nigerian diplomatic mission in Israel.
For Abuja and Tel Aviv, the initiative represents a shift from diplomatic goodwill to practical cooperation, with life-saving equipment becoming a visible symbol of a relationship increasingly focused on healthcare, innovation and technology transfer.
As Nigeria continues its drive to improve access to quality healthcare, the latest Israeli intervention could provide a foundation for broader cooperation in emergency medicine, medical technology, professional training and disaster preparedness.
The donation consequently offers more than immediate relief: it presents an opportunity for Nigeria to deepen technical collaboration with Israel and build emergency medical systems capable of responding more effectively when lives are at risk.
Israel Sends Life-Saving Ambulances, Medical Equipment to Nigeria
Kidnappers Kill Two Locals, Abduct Doctor and Hakimi’s Wife in Kaduna
By Zagazola Makama
Troops of Operation ENDURING PEACE (OPEP) have launched rescue and offensive operations following the abduction of a medical doctor and the wife of a Hakimi in Sanga Local Government Area of Kaduna State.
The incident occurred at about 7:40 a.m. on Sunday, August 23, 2026, at Abu village, Ninzo Ward, Sanga LGA.
According to a security source, troops of Sector 7, Sub-Sector 71, deployed at Raga General Duty location, responded to a report of the abduction of Dr. Ezekiel Audu and the wife of the local Hakimi.
Preliminary information indicated that the kidnappers opened fire after two local residents confronted them while they were fleeing with the abducted victims.
The two locals were reportedly killed in the attack.
Following the incident, troops immediately initiated rescue and offensive operations based on intelligence pointing to a possible hideout of the fleeing kidnappers.
The troops subsequently moved into the identified area in an attempt to intercept the criminals and rescue the victims.
However, no contact had been established with the kidnappers as of the latest security update.
The military said efforts remain ongoing to locate and rescue the abducted victims and apprehend the perpetrators.
Security forces are maintaining heightened surveillance across the area as the search operation continues.
Kidnappers Kill Two Locals, Abduct Doctor and Hakimi’s Wife in Kaduna
Three Cows Die After Suspected Poisoning in Plateau
By Zagazola Makama
Three cows belonging to one Alhaji Yusuf have died after allegedly grazing on a suspected poisonous substance at Jol area of Riyom Local Government Area of Plateau State.
The incident occurred in the early hours of Saturday, August 22, 2026, when troops of Sector 6, Operation ENDURING PEACE, deployed at Dokku, responded to a report of cattle poisoning in the area.
According to military sources, the troops arrived at the location and discovered three cows dead after reportedly grazing on a substance suspected to be poisonous.
The actual cause of death of the animals has, however, not been established.
An investigation has commenced to determine the substance involved and ascertain the circumstances surrounding the deaths.
Security personnel are also engaging relevant stakeholders as efforts continue to prevent the incident from escalating into further tension within the community.
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