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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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Marwa: NDLEA officers’ welfare ‘ll continue to be my priority

Marwa: NDLEA officers’ welfare ‘ll continue to be my priority
By: Michael Mike
Chairman/Chief Executive of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Buba Marwa (Rtd) has said he will continue to make the welfare of his officers, men and women priority to ensure that they are physically and mentally fit to carry out their responsibility of curbing the scourge of substance abuse and illicit drug trafficking in the country.
Marwa, who gave the assurance on Monday during a brief ceremony to commission a state-of-the-art fitness centre for the agency’s personnel at its headquarters in Abuja, said his decision to build the gym reinforces his commitment to the health, strength, and overall well-being of officers , men and women of NDLEA, which is in line with President Bola Tinubu’s renewed hope agenda.

He highlighted the significance of the facility in ensuring that officers remain physically and mentally fit to tackle the enormous responsibilities of combating the menace of substance abuse and illicit drug trafficking.
According to him, “the fight against substance abuse and illicit drug trafficking is not just a battle of intelligence and strategy—it is also one that demands physical endurance, agility, and resilience. The nature of our work places extraordinary demands on our bodies and minds. From long hours of surveillance and enforcement operations to high-risk engagements, we must always be in top form to protect our society from the dangers of illicit drugs”
He said regular exercise must not be seen as a luxury but a necessity, adding that “a fit officer is a more effective one who can withstand stress, react swiftly in the field, and make sound decisions under pressure. Beyond operational readiness, fitness also promotes overall health, reducing the risk of lifestyle related diseases and enhancing mental sharpness.

“This fitness centre is more than just a gym; it is an investment in our most valuable asset—our people. This is why we hope to replicate similar facilities across zonal and state commands as funds become available. Therefore, I urge every personnel of the Agency within Abuja to take full advantage of this facility. Let it not be a mere structure but a place of daily transformation, where we strengthen not only our muscles but also our resolve to serve with excellence.”
He urged officers to see the commissioning of the facility as a reminder that their work requires them to be at their best physically, mentally, and professionally. “As we commission this centre today, let it serve as a constant reminder that our work requires the best version of ourselves physically, mentally, and professionally. Together, let us continue to build an NDLEA that is strong, resilient, and ever-ready to fulfill its mandate.”
Marwa: NDLEA officers’ welfare ‘ll continue to be my priority
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NDLEA arrests fleeing auto spare parts dealer over 77.50kg cocaine, phenacetin seizure

NDLEA arrests fleeing auto spare parts dealer over 77.50kg cocaine, phenacetin seizure
By: Michael Mike
An automobile spare parts dealer Levi Ubodoeze have been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) barely three weeks after a manhunt was launched for him over a recent attempt to export two kilogrammes of cocaine concealed in vehicle propellers to Angola.
A statement by the spokesman of the anti-narcotics agency, Femi Babafemi on Sunday read: Following the seizure of the cocaine consignment at a logistics company in Aspanda, Trade Fair Complex, Ojo area of Lagos on 21st February 2025, swift contacts were made with Angolan authorities who in turn arrested the supposed recipient of the illicit drug in Angola, after which the identity of the sender was unraveled.
He said this resulted in NDLEA operatives tracking Ubodoeze to his house in Ago palace way area of Isolo, Lagos where he was caught in a KIA Sport Utility Vehicle trying to escape last Thursday.

According to Babafemi, a search of the vehicle led to the recovery of a large quantity of phenacetin, a cutting agent for cocaine weighing 75.5 kilogrammes packaged and branded as semolina, while a digital scale used in weighing illicit drugs was recovered from his house.
The NDLEA spokesman said in his statement, Ubodoeze admitted dealing in cocaine while selling motor spare parts at Ladipo market, Mushin area of Lagos. He stated that the supposed recipient of the illicit consignment in Angola alerted him the moment he was arrested in Angola hence his bid to evacuate his house and flee from the area shortly before NDLEA officers swooped on him.
In another clampdown, NDLEA operatives at the import shed of the Murtala Muhammed International Airport, Lagos have intercepted a cargo of cannabis candies imported from the United Kingdom and meant for sale at a Kiddies Mart, located at 46 Ogunlana drive, Surulere, Lagos.
The consignment, according to Babafemi, was seized on 27th February upon its arrival as a consolidated cargo on Allied Airways. He said preliminary field test and subsequent forensic analysis of the candies established that the substance was laced with a strong strain of cannabis, and as a result, the recipient of the shipment, Adedamola Taylor, was arrested last Tuesday after initial arrest of a freight agent.

Babafemi said in his statement, Adedamola claimed the consignment was sent to him by his UK-based brother Babatunde Alabi, to deliver to one Musurat Lawal, who operates the Kiddies shop owned by Alabi in Surulere area of Lagos. A follow up operation at the shop led to the arrest of Musurat.
Two suspects: China Michael and Igbo Ekene were arrested last Friday when their commercial truck was intercepted by NDLEA operatives at Shibiri area of Ojo, Lagos. A search of the vehicle revealed 248 compressed blocks of Ghanaian Loud, a strain of cannabis, weighing 128 kilogrammes were concealed in the underbelly of the truck.
In another interdiction operation in Lagos, three suspects: Osinachi Nwachukwu; Tochukwu Okafor and John Mbakwe were last Friday arrested at Mosalasi junction, Mushin, with 301,600 pills of tramadol and other opioids.
In Kano, 65-year-old Yahaya Haruna was nabbed with 19.2 kilogrammes skunk along Gadar Tamburawa road last Thursday while 60-year-old Musa Bello (a.k.a Jajere) was arrested with 212 bottles of codeine-based syrup at Medile, Kumbotso local council area.
No fewer than 442,594 pills of tramadol and other opioids as well as 1,274 bottles of codeine syrup were recovered by NDLEA operatives who raided the house and warehouse of a 37-year-old suspect, Blessing Okoronkwo at 19 Ubani Street, Aba, Abia state last Tuesday.
In Benue state, 50,000 pills of tramadol and exol-5 were recovered from two suspects: Nwaeze Onyeabor, 47, and Tombo Thomas, 23, last Wednesday when their vehicle was intercepted by NDLEA operatives at Ugbema junction, Katsina Ala area of the state.
In Osun state, a suspect, Asimiyu Muibi, 50, was arrested on last Tuesday with 162 kilogrammes skunk at Modakeke, Ife East local government area while 95 kilogrammes of same substance was recovered from a Toyota Camry car marked KSF 72 GW during a raid in Ede same day.
A suspect, Etim Stephen, 55, was arrested when NDLEA officers last Wednesday raided the Amahor community forest, in Igueben area of Edo State where 9,514.625 kilogrammes skunk was destroyed on 3.805846 hectares of cannabis farm land.
Babafemi said with the same vigour, commands and formations of the Agency across the country continued their War Against Drug Abuse, WADA, sensitization activities to schools, worship centres, work places and communities among others in the past week.
Meanwhile, while commending the officers and men of MMIA, Lagos, Kano, Abia, Benue, Osun and Edo Commands of the agency for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd) stated that their operational successes and those of their compatriots across the country especially their balanced approach to drug supply reduction and drug demand reduction efforts are well appreciated.
NDLEA arrests fleeing auto spare parts dealer over 77.50kg cocaine, phenacetin seizure
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IHVN Staff Found Dead in Abuja Hotel Room

IHVN Staff Found Dead in Abuja Hotel Room
By: Zagazola Makama
A staff member of the Institute of Human Virology of Nigeria (IHVN), Meshach Thomas Panwal, was found dead in his hotel room at Grand Pella Hotel, Durumi, Abuja, on March 7, 2025.
According to sources, the deceased had checked into Room 224 alongside colleagues attending a seminar. His body was discovered at about 12:00 p.m. by his colleagues, prompting an immediate report to the Durumi Police Division by the hotel’s Chief Security Officer (CSO), Orlando Okpete.
Police detectives visited the scene and conducted preliminary investigations. No marks of violence were found on his body. Among the items recovered from the room were: Various medications in an H-Medix leather bag, an Omron blood pressure monitor and other Personal belongings
Sources revealed that Panwal had complained of a headache the previous day and had gone for medical treatment before returning to his room.
His sudden death has been classified as Sudden and Unnatural Death (SUD) pending further medical certification.
His remains were evacuated to the Federal Medical Center, Jabi, while his brother, Joseph Panwal, an official of the Federal Inland Revenue Service (FIRS), was notified.
The family, not suspecting foul play, requested the release of the body for burial, which was granted.
IHVN Staff Found Dead in Abuja Hotel Room
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