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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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Nigeria Moves to Strengthen Climate Accountability with New Transparency Committee
Nigeria Moves to Strengthen Climate Accountability with New Transparency Committee
By: Michael Mike
The Federal Government has inaugurated a Project Steering Committee (PSC) to drive the implementation of the Global Environment Facility-backed Capacity Building Initiative for Transparency (CBIT), in a move aimed at improving Nigeria’s climate data systems and environmental accountability.
The initiative, coordinated by the Federal Ministry of Environment, is designed to enhance the country’s ability to track, report and verify climate actions, particularly in line with its obligations under the Paris Agreement.
Speaking during the inauguration in Abuja, the Director of Forestry at the ministry, Halima Bawa-Bwari, described the committee as a strategic mechanism to strengthen coordination and oversight of the project. Represented by Deputy Director Aiwuyo Christopher, she noted that the PSC would provide policy direction, ensure institutional alignment and address implementation challenges.
According to her, the CBIT programme—established under the Global Environment Facility following decisions reached at COP21 in Paris—supports countries in meeting enhanced transparency requirements under the Paris Agreement.
For Nigeria, she said, the project is critical to improving the generation, management and reporting of greenhouse gas emissions data across major sectors of the economy.
She explained that the initiative would reinforce institutional frameworks for data management, build technical capacity among stakeholders and support the development of a digital platform to promote transparent and accessible climate data.
Bawa-Bwari stressed that the success of the project would significantly improve Nigeria’s ability to meet its international reporting obligations with greater accuracy, consistency and credibility.
She also underscored the importance of collaboration, noting that effective implementation would depend on strong cooperation across sectors such as Agriculture, Forestry and Other Land Use (AFOLU), Energy, Transport, Industrial Processes and Product Use (IPPU), and Waste.
“The role of the committee is central to ensuring that the project achieves its objectives and contributes meaningfully to Nigeria’s climate commitments,” she said, urging members to demonstrate commitment and provide strategic leadership.
Also speaking, the Director of Planning, Research and Statistics at the ministry and GEF Operational Focal Point for Nigeria, Babagana Bukar, said the committee would play a key role in guiding implementation, resolving bottlenecks and aligning the project with national priorities, including the Energy Transition Plan and Nigeria’s Nationally Determined Contributions (NDCs).
He emphasised that transparency remains fundamental to credible climate action, describing it as the backbone of effective environmental governance rather than a mere procedural requirement.
In his remarks, the representative of the Food and Agriculture Organisation (FAO) in Nigeria and ECOWAS, Hussein Gadain—represented by Adesoji Adeyemi—reaffirmed the organisation’s commitment to supporting countries in meeting transparency requirements through improved data systems and stronger partnerships.
He noted that the CBIT initiative is specifically designed to help countries enhance their capacity to monitor emissions and track climate actions across key sectors.
Similarly, the Director-General of the Nigeria Conservation Foundation (NCF), Joseph Onoja, highlighted the importance of collaboration in achieving sustainable outcomes. He said the partnership reflects a shared commitment among stakeholders to ensure effective implementation and measurable impact.
Onoja stressed the need for coordinated efforts to avoid duplication and promote synergy, noting that unified approaches would deliver more sustainable and impactful results.
Also contributing, a representative of the National Council on Climate Change (NCCC), Ann Umas, said the initiative is aimed at building a strong, data-driven foundation for climate governance, enabling informed decision-making and long-term sustainability.
The inauguration event was organised by the Department of Forestry of the Federal Ministry of Environment in collaboration with FAO and the Nigeria Conservation Foundation.
With the establishment of the steering committee, Nigeria is taking a significant step toward strengthening its climate transparency framework, improving data integrity and positioning itself for greater credibility in the global climate space.
Nigeria Moves to Strengthen Climate Accountability with New Transparency Committee
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Nigeria Moves to Transform Career Guidance System as Ministries, UNESCO, GIZ Push New National Policy Framework
Nigeria Moves to Transform Career Guidance System as Ministries, UNESCO, GIZ Push New National Policy Framework
By: Michael Mike
Nigeria has taken a decisive step toward overhauling its career guidance and counselling system with the launch of a high-level policy dialogue aimed at developing a National Career Guidance and Counselling (CGC) Policy Framework.
The initiative, convened at the United Nations House in Abuja, brought together key stakeholders from the Federal Ministry of Education, Federal Ministry of Labour and Employment, Federal Ministry of Youth Development, United Nations Educational, Scientific and Cultural Organisation (UNESCO), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and other development and technical partners.
Speaking at the opening session, the Permanent Secretary, Federal Ministry of Education, Mr. Abel Enitan, described the workshop as a milestone in ongoing education reform efforts, emphasizing that career guidance must be repositioned as a strategic pillar rather than a peripheral service in Nigeria’s education system.
He noted that the changing global economy—driven by automation, digital transformation, and industrial shifts—demands that students are equipped not only with academic knowledge but with structured guidance that connects learning to real labour market opportunities.
According to him, the proposed framework will help align individual aspirations with national economic needs, particularly in priority sectors such as agriculture value chains, construction, and digital skills.
“Counselling in our institutions has been treated as a secondary service rather than a strategic necessity,” he said. “In today’s world, students need more than a syllabus; they need a compass.”
He further stressed that institutionalizing a national policy would ensure integration of labour market intelligence into school counselling systems, elevate Technical and Vocational Education and Training (TVET) as a first-choice pathway, and improve employment outcomes as a measurable result of education investments.
Also speaking, the Acting Head of Education Sector at UNESCO Abuja, Mr. Oladeji Adeyemi, reaffirmed that career guidance and counselling is the critical bridge between education and employment, warning that even strong education systems cannot achieve their full impact without a coordinated CGC structure.
He explained that the new framework is designed to move Nigeria from fragmented interventions to a fully integrated system that connects education, labour, and youth development sectors.
“Career Guidance and Counselling is not an add-on — it is the bridge that connects learning to livelihoods,” he said.
Adeyemi emphasized the need for stronger institutional collaboration and shared ownership, noting that no single institution can effectively deliver career guidance in isolation. He called for a system where roles are clearly defined and stakeholders are fully accountable for implementation.
He also stressed the importance of alignment among stakeholders, describing the workshop as a platform to harmonize perspectives, validate earlier technical work, and agree on a coherent implementation pathway for the policy.
Over the next two days, participants are expected to engage in technical discussions, review international best practices, and jointly define the structure and pillars of the proposed national framework.
Both speakers underscored the urgency of moving from a system of “career by chance” to one of “career by choice,” where young Nigerians are equipped with structured pathways to education, skills development, and sustainable employment.
Development partners, including UNESCO under its Better Education for Africa’s Rise (BEAR III) initiative and GIZ, reaffirmed their continued support for Nigeria’s education and skills reform agenda.
The workshop is expected to produce a consolidated draft framework that will guide the future of career guidance and counselling in Nigeria’s education and labour systems.
Nigeria Moves to Transform Career Guidance System as Ministries, UNESCO, GIZ Push New National Policy Framework
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Air Strikes Eliminate ISWAP Shura Council Members, Foreign fighter wounded in Major Blow to Insurgent Leadership
Air Strikes Eliminate ISWAP Shura Council Members, Foreign fighter wounded in Major Blow to Insurgent Leadership
By Zagazola Makama
Recent air strikes by security forces in Borno State have eliminated key members of an insurgent Shura council, in what sources describe as a significant blow to the group’s leadership structure.
Security sources said the strikes, carried out about three to four days ago at a location west of Dogon Chukun, targeted a of senior insurgent figures.
The sources disclosed that three Shura council members were among those neutralised, alongside two senior field commanders known as “Munzirs” and several fighters believed to be serving as bodyguards.
According to the sources, the operation has disrupted the command hierarchy of the group, as the Shura council plays a central role in strategic decision-making and operational coordination.
According to the sources, another top figure identified as Yaa Bashir, also a senior member of the Shura council, sustained a serious thigh fracture in the strikes.
They further revealed that a foreign fighter identified as Abu Khalid, believed to be an Arab national, also suffered severe injuries during the same operation.
The sources added that efforts are ongoing to ascertain the identities of others affected while assessment of the full impact of the strikes continues.
They noted that the operation forms part of sustained efforts by Operation Hadin Kai to degrade insurgent leadership and disrupt their operational capabilities in the North-East.
Air Strikes Eliminate ISWAP Shura Council Members, Foreign fighter wounded in Major Blow to Insurgent Leadership
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