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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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Eid-el-Kabir Celebration: NSCDC Deploys 4,500 Personnel in Abuja

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Eid-el-Kabir Celebration: NSCDC Deploys 4,500 Personnel in Abuja

By: Michael Mike

The Nigeria Security and Civil Defence Corps (NSCDC) has deployed 4500 personnel across the nooks and crannies of the federal capital territory (FCT), Abuja ahead of the Eid- el- Kabir celebration.

The deployment was ordered by the FCT Commandant of the NSCDC, Dr. Olusola Odumosu.

He noted that the deployment is in a bid to ensure security of lives and property as well as Critical National Assets and Infrastructure in the FCT and its environs before, during and after the celebration.

He explained that the deployment of officers and men cuts across specialized departments and units such as Female Strike Force, Arms Squad, Operation Adkasu, Critical National Assets and Infrastructure (CNAI), Chemical Biological Radiological Nuclear Explosives(CBRNE).

He revealed that there is also massive deployment to vulnerable locations and soft targets such as Shopping Malls, Recreational Centres, prayer grounds, Markets, Motor Parks, Amusement parks, City Gate, 3 Arms Zone, government buildings and areas housing Critical National Assets and Infrastructure.

Odumosu said in a bid to ensure proactiveness and prevent emergency or unforeseen circumstances, men of our under cover unit have already been deployed for covert operations and surveillance.

Black spots like uncompleted buildings that harbour criminals are also covered to avert security breeches.

Odumosu, also gave matching orders to all Area Commanders and Divisional Officers to ensure their various Area Councils are on top of their game and ensure their presence is felt to avoid security hitches.

He said: “All hands must be on deck, I will not tolerate any form of breeches, ensure you deploy your personnel adequately”.

He charged all officers to be of good conduct and work in synergy with other security agencies and adhere strictly to the rules of engagement, avoid harassment and intimidation of any citizen as well as accidental discharge.

He assured residents of FCT of a safe celebration by ensuring a secured environment before, during and after the festivity.

Odumosu also urged residents of the FCT to be vigilant and report any suspicious movements, individual or group to any security agency near them, “my personnel are ready to ensure you have a peaceful celebration, you have a part to play too by being proactive”.

He warned criminals and vandals to stay off Critical National Assets and Infrastructure stating that NSCDC covert officers are all over the capital city and will not hesitate to bring any offender to justice.

He wished the Muslim ummah in the FCT a joyous celebration and prayed for the well being of our Nation, Nigeria.

Eid-el-Kabir Celebration: NSCDC Deploys 4,500 Personnel in Abuja

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HOMEF Sympathises with Flood Victims, Calls for Government to be Proactive

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HOMEF Sympathises with Flood Victims, Calls for Government to be Proactive

By: Michael Mike

Flooding has become a persistent nightmare in Nigeria. In 2012, floods affected 33 out of the 36 states following the rain that fell between July and October that year. The floods displaced over 2 million people, resulting in more than 400 deaths and other associated destruction. In 2018, the Benue and Niger rivers overflowed due to heavy rainfall, causing flooding in 12 states, including Kogi and Niger. Four years later, in 2022, another severe flood killed over 600 individuals, displacing more than 2 million others. The impacts of these floods have been catastrophic for communities and states.
Health of Mother Earth Foundation (HOMEF) expresses sympathy for the families of the victims of the recent flood that struck Mokwa – a transit town for traders in Niger State, North Central Nigeria. It was reported that at approximately 3:00 am on Thursday, May 29, 2025, there was intense rainfall followed by a hazardous flood, which is said to have displaced over 3000 residents, destroyed properties, and claimed over 100 lives, with many individuals still unaccounted for.
While mourning this tragic loss, HOMEF emphasised that the government must take proactive measures to prevent similar or worse incidents from occurring in the future.
The Executive Director of HOMEF, Dr. Nnimmo Bassey, in his reaction to the recent flood event in Niger State, noted that communities and cities in flood-prone areas could seize to exist if nothing is done to address this menace.


“This is a horrendous recurring decimal. There is no word to describe our lack of preparedness and our ill-maintained infrastructure. Combined with insecurity and the fact that more rain is expected, the displacement problems will be compounded. There is no time for excuses. This is the time to declare an environmental state of emergency across board. This national emergency can impact our national wellbeing by leading to food scarcity, environmental degradation, mass displacement, increased poverty, water-borne diseases and exacerbate insecurity.”


Dr Bassey further responded on forecasts and early warnings from different agencies, including the National Emergency Management Agency (NEMA). He expressed his disappointment, emphasising that these warnings become meaningless if provisions are not made to move people and settle them on safe and higher ground.
“Nigeria needs to be proactive; our government needs to have emergency preparedness and be able to relocate people when these warnings and forecasts are made, to avert the kinds of disasters we see when flooding events like this occur. We sympathise with the families affected by the floods and stand in solidarity with the communities that have been impacted.”


Stephen Oduware, Programme Manager of Fossil Politics at HOMEF, noted that flood damage continues to escalate, making recovery challenging and problematic.
“The rains are just beginning, and there are signs of more flash floods. Apart from the usual palliative measures and reactionary responses, what plans are in place to ensure that the already predicted localised heavy rainfalls do not result in the kinds of catastrophes we witness during floods? What is the Nigerian government doing to address the issues of flooding holistically? When floods occur, they leave a trail of destruction, causing damage to properties, loss of lives, livelihoods, and other socioeconomic impacts.”


HOMEF believes that flooding is both a consequence of climate change and a result of poorly planned urban areas and inadequate emergency preparedness. While the effects of climate change are widespread, many Nigerian cities and towns are also beset by the latter.


HOMEF calls for immediate measures to address the root cause of climate change, for improvement on practices that preserve natural habitats and wetlands, and investment in infrastructure that can help reduce the frequency and seriousness of flooding.


HOMEF calls on all relevant agencies to work together in a fully synchronised manner to ensure that every facet of the disaster is addressed and succour is extended to the impacted people.

HOMEF Sympathises with Flood Victims, Calls for Government to be Proactive

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Suspected bandit dies in custody after arrest in Benue, 10 others in detention

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Suspected bandit dies in custody after arrest in Benue, 10 others in detention

By: Zagazola Makama

A suspected bandit, Abu Alhaji, who was arrested during a security operation in Katsina-Ala Local Government Area of Benue, has died while receiving treatment at the Benue State Teaching Hospital, Makurdi.

Zagazola Makama gathered that the deceased was arrested on June 1, following a tip-off about the presence of armed bandits allied to the notorious gang leader, Amakaa Akwaza, popularly known as “Konyo,” at a hideout in Nagu, Katsina-Ala LGA.

“Upon receipt of the intelligence at about 1140hrs, security personnel mobilised to the location and engaged the armed bandits in a fierce gun battle.

One Abu Alhaji ‘m’ was overpowered and arrested with an AK-47 rifle loaded with 16 rounds of live ammunition. Ten other suspects believed to be working with the Konyo gang to destabilise the Sankera axis were also apprehended and taken into custody at the Operation Zenda detention facility in Makurdi.

However, police sources said that at about 0305hrs on June 3, the suspect, Abu Alhaji, developed health complications and was rushed to the Benue State Teaching Hospital where he later died while receiving treatment.

The corpse has since been deposited at the hospital’s morgue for autopsy.

The sources said investigation into the activities of the remaining suspects was ongoing.

Suspected bandit dies in custody after arrest in Benue, 10 others in detention

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