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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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Troops rescue kidnap victim in kogi

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Troops rescue kidnap victim in kogi

By: Zagazola Makama

Troops of 12 Brigade, Nigerian Army, have rescued a kidnap victim during a patrol operation in Yagba West Local Government Area of Kogi.

Zagazola report that the rescue was carried out at about 2:07 p.m. on April 10 by troops deployed at the Forward Operating Base (FOB) Egbe.

Sources said the troops, while on patrol within the general area of Aaru Cashew Plantation, located the victim who had been abandoned by his captors.

Preliminary interrogation revealed that the victim was abducted on April 1 at Ejiba Community in the same local government area.

He further disclosed that the kidnappers fled and abandoned him upon sighting troops advancing towards the Dadi Kowa general area.

The victim was subsequently debriefed and safely reunited with his family.

Troops rescue kidnap victim in kogi

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Troops foil motorcycle snatching attempt, rescue victims in Kaduna

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Troops foil motorcycle snatching attempt, rescue victims in Kaduna

By: Zagazola Makama

Troops of 4 Demonstration Battalion have foiled an attempted motorcycle snatching and rescued two civilians along the Zaria–Kaduna highway in Igabi Local Government Area of Kaduna State.

Security sources said the incident occurred at about 5:45 a.m. on April 10 near Old Berger Camp.

The sources disclosed that troops deployed at the Forward Operating Base (FOB) Birnin Yero responded swiftly to a distress call about an attack on two civilians riding a motorcycle towards Zaria.

“On arrival, the troops discovered that the victims had been forced to stop by a vehicle conveying suspected criminals, who were in the process of loading the motorcycle into their car trunk.

“However, the criminals abandoned the motorcycle and fled the scene upon sighting the troops,” the source said.

The injured victims were evacuated for medical attention, while the recovered motorcycle is in the custody of the troops.

Efforts are ongoing to track down the fleeing suspects and bring them to justice.

Troops foil motorcycle snatching attempt, rescue victims in Kaduna

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NHRC Raises Alarm Over Rising Human Rights Violations, Records 659,617 Complaints in Q1 2026

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NHRC Raises Alarm Over Rising Human Rights Violations, Records 659,617 Complaints in Q1 2026

By: Michael Mike

The National Human Rights Commission (NHRC) has raised fresh concerns over a worsening human rights and security situation in Nigeria, disclosing that it received 659,617 complaints and recorded 992 killings in the first quarter of 2026, amid rising cases of discrimination, insecurity, and abuse across the country.

Presenting the January–March 2026 Human Rights Situation Dashboard in Abuja, the Senior Adviser to the Commission, Hilary Ogbona, said the data reflected both an escalation in violations and improved public reporting, warning that the trends point to deepening national challenges in governance, security, and social protection.

Ogbona explained that complaints increased consistently across the quarter, with 180,341 cases in January, 223,144 in February, and 256,132 in March, adding that the dominant category of complaints remained freedom from discrimination, followed closely by cases linked to law enforcement misconduct and violations of human dignity.

“For the months of January to March 2026, we recorded 659,617 human rights complaints in the Commission.”

He said the Commission’s Human Rights Observatory also captured incidents beyond formal petitions, revealing widespread insecurity-related abuses, including killings, abductions, communal violence, and sexual and gender-based violence across multiple states.

According to him, mass killings peaked in February 2026, making it the deadliest month of the quarter, driven largely by insurgent attacks, banditry operations, communal clashes, and mob violence in several regions.

“Mass killings across Nigeria reached an all-time high, especially in the month of February.”

The report showed that the North-Central zone recorded the highest number of complaints, followed by the North-West and North-East, with Abuja (FCT), Benue, Niger, Plateau, and Kaduna among the most affected states. Ogbona noted that reporting structures in the FCT also contributed to its high ranking due to combined data from multiple NHRC offices.

The adviser further highlighted growing concerns over gender-based violence and violations against children, including sexual assault, abandonment, trafficking risks, and denial of access to care. He described the situation as a “serious protection crisis,” especially for vulnerable populations.

“We have seen an upsurge in gender-based violence and discrimination.”

He also disclosed that child rights violations remained widespread, with child abandonment emerging as the most frequent category, alongside rising incidents of exploitation and domestic abuse. In addition, mob justice and “home action killings” were identified as increasing contributors to overall fatalities.

The NHRC report further indicated that out of the 992 killings recorded, a significant proportion were attributed to bandit groups, Boko Haram insurgents, and unknown gunmen, while others stemmed from communal clashes, cult-related violence, and mob actions. Road and boat accidents were separately recorded at 197 deaths and not included in the main security tally.

Justice sector institutions and partners at the event commended the NHRC for strengthening transparency through its dashboard system.

A representative of the Police Service Commission, Barista Dada, described the dashboard as a critical accountability mechanism for monitoring police conduct and enforcing discipline within the Nigeria Police Force.

“The dashboard has become an official platform upon which human rights compliance in Nigeria can be assessed monthly, quarterly.”

He added that findings from the NHRC reports are increasingly being used to validate allegations of misconduct and guide disciplinary action against officers.

Similarly, Barista Bamidele, speaking on behalf of the Director-General of the Legal Aid Council of Nigeria, said the dashboard exposed systemic weaknesses in Nigeria’s justice system, particularly delays in investigations and trials.

“The incessant abuse of human rights and systemic delays in handling of investigations, criminal trials, ineffective administration creates justice gaps.”

He stressed that the Legal Aid Council views the initiative as essential for improving access to justice and supporting victims of human rights violations across the country.

The Executive Secretary of the NHRC, Dr. Tony Ojukwu, said the dashboard has continued to receive international recognition, including presentations at the United Nations in Geneva, where it was highlighted as an innovative model for human rights monitoring.

“I was recently honoured to speak on the Dashboard at the United Nations in Geneva, reflecting global recognition of our efforts.”

He added that the Commission is working to sustain the dashboard beyond donor support, describing it as a permanent tool for accountability, transparency, and policy guidance.

The NHRC warned that the first quarter 2026 figures underscore urgent national challenges requiring coordinated action across all levels of government. It called for stronger institutional accountability, improved security responses, and deeper collaboration with civil society, development partners, and the media to curb rising human rights violations and restore public confidence in governance and justice systems.

NHRC Raises Alarm Over Rising Human Rights Violations, Records 659,617 Complaints in Q1 2026

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