Connect with us

Uncategorized

Corporate Affairs Commission places First Bank record on caveat as board crisis worsens

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

Embrace peace-building via education – CDS tells youth 

Published

on

Embrace peace-building via education – CDS tells youth 

By: Zagazola Makama

The Chief of Defence Staff (CDS), Gen. Christopher Musa, has called on Nigerian youths to embrace peace-building through education and social media.


He, however, ddescribed Nigerian youth as the country’s most potent force against violent extremism, terrorism, and insurgency.
Musa made the call while addressing a students, civil society organisations, traditional leaders and security officials at a Multi-sector conference on countering extremism ideology and insurgency on Saturday in Maiduguri.

The event was organised by the Kaltu Foundation for Peace, Network of Civil Society Organisation.
The event which  focused on “Building Resilience Against Violent Extremism Through Youth Engagement and Civic Dialogue,” featured the unveiling of a new book.


The book is titled Stand Against Violence, Terrorism, and Extremism: An Admonition to Nigerian Youths, co-authored by Gen. Musa and other senior defence stakeholders.
In his keynote address, the Defence Chief emphasised that the burden of national security and peace cannot rest solely on the military, stressing that “the future of Nigeria lies in the hands of its youth.


“If we want to defeat insurgency, it is the youth that will do it. If we want to prevent violent extremism and reclaim our schools, our homes and our dignity, it is the youth that must lead the charge,” Musa declared.
Drawing from his personal military experience in the region, Gen. Musa reflected on his service in the North-East as Theatre Commander of Operation Hadin Kai and Commander of the Multinational Joint Task Force, stressing the resilience of the people and the importance of civic support to military success.


He thanked the people of Borno for their sustained cooperation with the armed forces, adding that  the current military leadership under Maj.-Gen. Abdulsalam Abubakar as “capable and committed.


“Nation building is a continuous, painstaking, and tireless effort, especially for patriotic and well-meaning Nigerians like you,” he said. “We must not relent.


“Things are improving. With your support, we will achieve total peace,” he said.
Speaking on the power of information in the digital age, Musa warned against the misuse of social media platforms by extremist elements, calling on the youth to use technology to promote peace, unity, and truth.


“Social media today does not merely shape opinions, it influences behaviour, identity, and belief systems.
“We must repurpose it as a tool for civic education, truth-telling, countering disinformation, and supporting our security forces,” the CDS said.


He urged students and youth to become “ambassadors of peace,” leveraging peer influence and community engagement to challenge radical ideologies and reclaim their spaces from those who sow division and hatred.


“Let us start a new movement. A movement of young Nigerians committed to rebuilding their communities through values that reflect our collective national identity – peace, unity, truth, and purpose,” Musa said. 


The CDS, however, expressed optimism that the publication would become a key resource in educational and security institutions, saying he welcomed reviews and constructive criticism.


“There are no perfect solutions to the complex issues we face but through multilateral collaboration and thoughtful dialogue, we can sharpen our strategies and outpace the ever-evolving tactics of non-state actors,” he added.


Musa also paid tribute to the Borno government, traditional rulers, scholars and members of the academic and civil society for what he described as their “unwavering commitment to peace.”


The event was attended by top officials from the military, Borno Government, Network of Civil Society Organisations, youth groups, and students from tertiary institutions across the North-East.

Embrace peace-building via education – CDS tells youth 

Continue Reading

Uncategorized

Two arrested over beating death of teenager over missing phone in Yobe

Published

on

Two arrested over beating death of teenager over missing phone in Yobe

By: Zagazola Makama

Two young men have been arrested in Ngalda town, Fika Local Government Area of Yobe State, for allegedly beating an 18-year-old boy, Abbas Zakari, to death over a missing phone and power bank.

Zagazola gathered from sources that the incident occurred on Friday, June 27, at about 5:00 p.m., when the suspects, identified as Musa Sale, 25, and Muntari Suleiman, 23, accused the deceased of stealing two mobile phones (an Android and a keypad model) and a power bank.

According to a relative, Hussaini Zakari, who reported the matter to the police, the suspects apprehended Abbas in Potiskum, where he had reportedly gone to sell the items, and recovered the handsets from him.

Instead of handing him over to the police upon returning to Ngalda, the suspects allegedly took matters into their own hands and severely beat the teenager with sticks.

The victim was rushed to the General Hospital in Fika by police officers, but was confirmed dead on arrival by a medical doctor. His remains were released to his family for burial in accordance with Islamic rites.

The suspects have since been arrested and have reportedly confessed to the assault during preliminary interrogation.

Police say the case will be transferred to the State Criminal Investigation Department (SCID) for further investigation and prosecution.

Two arrested over beating death of teenager over missing phone in Yobe

Continue Reading

Uncategorized

Tinubu Commissions Locally Made Electric Vehicles in Nasarawa

Published

on

Tinubu Commissions Locally Made Electric Vehicles in Nasarawa

By: Michael Mike

President Bola Ahmed Tinubu has officially commissioned indigenous electric vehicles, tricycles and motorcycles in Nasarawa State,

This marks an important milestone in Nigeria’s transition to sustainable transportation.

The event, which also featured the launch of several legacy infrastructure projects, showcased the commitment of Governor Abdullahi Sule’s administration to innovation and environmental sustainability.

The commissioning ceremony signifies the formal establishment and operation of electric vehicle technology in the state—an initiative aligned with President Tinubu’s national policy on sustainable transportation.

Governor Sule revealed plans to empower residents across Nasarawa with electric vehicles, a move aimed at easing transportation challenges and reducing reliance on fossil fuels.

Speaking at the event, the Chief Executive Officer of Electric Motor Vehicle Company (EMVC), Prince Mustapha Audu, expressed gratitude to both President Tinubu and Governor Sule for supporting local innovation and embracing the future of transportation.

Audu described EMVC as one of Nigeria’s leading electric vehicle manufacturers, with branches in other states. He commended Governor Sule for pioneering the future of mobility in Nasarawa, noting the global shift towards electric vehicles, especially as many countries move to phase out compressed natural gas (CNG) vehicles by 2030.

He said: “We have SUVs that can travel 1,200 km per charge, and sedan models suitable for ride-hailing services with a 400 km range. We also have locally made tricycles and motorcycles—popularly known as Igwe—that are affordable and built for Nigerian roads.”

Highlighting innovation in infrastructure, Audu explained that the vehicles will be supported by solar-powered charging stations. “Our charging stations can power three vehicles simultaneously without relying on the national grid or generators. We plan to increase them to five stations shortly,” he stated.

He explained that with just ₦5,000, vehicle owners can fully charge their cars depending on battery capacity.

He said the electric vehicles are powered by lithium batteries designed to reduce carbon emissions and enhance clean energy usage. To support long-term adoption, EMVC is also setting up battery assembly lines, EV repair centers, and training hubs across the state.

He further said: “Each electric vehicle comes with a minimum two-year warranty,” noting that: “Unlike traditional vehicles with over 25,000 components, electric vehicles have fewer than 300 parts—most of which are cosmetic. This greatly reduces maintenance costs and complexity.”

He emphasized that common issues will mostly be electrical, and the company already has trained technicians on the ground, with plans to train more as demand grows.

Audu acknowledged challenges such as poor road conditions and climate, but assured that the vehicles were designed with Nigerian realities in mind.

He expressed confidence in the durability of the locally manufactured electric vehicles, tricycles, and motorcycles, urging Nigerians to embrace the cleaner, cheaper alternative to transportation.

Tinubu Commissions Locally Made Electric Vehicles in Nasarawa

Continue Reading

Trending

Verified by MonsterInsights