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

Published

2 years ago

April 9, 2024

Ochuwa Ibrahim

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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NSCDC Arrests Three for Vandalization of Telecommunications Tower in Yobe

Published

22 hours ago

December 6, 2025

Ochuwa Ibrahim

NSCDC Arrests Three for Vandalization of Telecommunications Tower in Yobe

By: Michael Mike

The Nigeria Security and Civil Defence Corps (NSCDC) has arrested three suspects allegedly involved in the vandalization of a vital telecommunications tower in Yobe State.

A statement on Friday by the spokesman of NSCDC, Afolabi Babawale said the Commandant General’s Special Intelligence Squad (CG’s SIS) of the Nigeria Security and Civil Defence Corps (NSCDC) has achieved a major breakthrough with the arrest of three suspects allegedly involved in the vandalism of a vital telecommunications tower in Yobe State.

He revealed that the operation was executed following a credible intelligence report that indicated unscrupulous elements were conniving with a terrorist group to vandalize a live telecommunications tower located at Savannah, in Potiskum Local Government Area of Yobe State.

He noted that the SIS operatives swiftly responded, resulting in the arrest of the suspects at the scene. The arrested suspects, all from Yobe State, are Ibrahim Jibrin, 44, from Damaturu; Dahiru Ibrahim Isa, 38, from Babban Layi, Potiskum; and Usman Ali Isa, 27, from Dabar Mai Chafa, Potiskum.

He said ongoing investigation has revealed that Mr. Ibrahim Jibrin, who specializes in the act, was allegedly hired to decommission the mast for N800,000 and had received an initial payment of N200,000 from an accomplice identified as Alhaji Kabiru from Kano before his arrest. Exhibits recovered from the suspects include vandalized components of the tower and various tools used in the criminal operation.

Babawale said in line with the Corps’ renewed mandate to confront criminality, the SIS also made several other arrests across different locations. Acting on intelligence received on November 15, 2025, concerning criminal elements snatching motorbikes and phones in the Kuje and Tungan Maje axis, SIS operatives arrested two suspects, David Moses and Nuhu Inusa, in the Gui suburb of Abuja. Stolen phones were recovered, and the duo confessed to the crime, revealing their mode of operation and naming an accomplice who paid them with two Bajaj motorbikes (valued at N400,000 and N350,000 respectively) in exchange for stolen items.

He revealed that three additional suspects Akawe Uter, Sunny Obasi, and Ezugwu Godwin were apprehended in connection with an earlier arrest of one George Nyitamen. Their charges relate to unauthorized connection and distribution of power,tampering with electrical installations, and harassment of Abuja Electricity Distribution Company (AEDC) staff.

Babawale said following a distress call, Vincent Haliru Maigari, 27, was arrested for stealing plumbing materials from an apartment he was contracted to fix, which was intended to be converted into a hotel near Didi/Madiba Casa Estate. Maigari confessed to the theft, and some of his accomplices who fraudulently purchased the stolen items have also been arrested.

He noted that the Corps Commandant General, Prof. Ahmed Audi has directed all specialized units to intensify efforts against critical infrastructure vandalism and various forms of economic sabotage.

Meanwhile, the Commander of the SIS, Commandant of Corps Samu Appollos Dandaura,l expressed strong optimism that with the sustained collaboration of the public, the Corps will discharge its mandate maximally, promising that all arrested suspects will be charged to court upon the completion of diligent investigation.

NSCDC Arrests Three for Vandalization of Telecommunications Tower in Yobe

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Southern Borno: Zulum Spends Night in Uba, Condoles Communities in Warebe and Uba

Published

2 days ago

December 5, 2025

Ochuwa Ibrahim

Southern Borno: Zulum Spends Night in Uba, Condoles Communities in Warebe and Uba

By: Our Reporter

Borno State Governor, Prof. Babagana Umara Zulum, has continued his tour of southern Borno following recent attacks in parts of Gwoza and Askira-Uba Local Government Areas. The Governor spent the night in Uba and paid condolence visits to affected communities in Warebe and Uba.

During the visit, Zulum acknowledged and commended the efforts of the Civilian Joint Task Force and local hunters for their unwavering commitment to protecting their communities despite ongoing security challenges.

The Governor also inspected the ongoing construction of the Uba General Hospital and the Emir’s Palace, where he expressed satisfaction with the quality of work and encouraged the contractor to maintain the standard. He further directed the Ministry of Health to conclude arrangements for deploying doctors and nurses ahead of the hospital’s completion.

Similarly, Zulum visited Lassa General Hospital, several schools, and Uvu community area in Askira-Uba, where he assessed ongoing projects and assured residents of the government’s commitment to improving healthcare, education, and community security.

Additionally, the Governor approved the rehabilitation of Central Secondary School, Uba, as part of efforts to strengthen education infrastructure in the region.

Southern Borno: Zulum Spends Night in Uba, Condoles Communities in Warebe and Uba

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Insecurity gulps over N100b in Borno state

Published

2 days ago

December 5, 2025

Ochuwa Ibrahim

Insecurity gulps over N100b in Borno state

By: Bodunrin Kayode

The Governor of Borno State, Prof Babagana Zulum has said that he has spent about N100b cumulatively in 2025 to improve security in the state.

He made the revelation recently when
visited the Emir of Uba Ali Ibn Mamza at his Palace.

The Governor noted that the visit aims at assessing the current security situation in Askira/Uba council area of the state and its environs and preparing to step up where there are obvious challenges in the security architecture.

The Governor however acknowledged that he is aware that the lingering insecurity situation actually scares road contractors who have been hired to construct road networks in and around the communities.

He nonetheless assured the Monarch and residents of more road constructions in the near future with a proposal for the establishment of a tertiary institution a computer training institution and more.

” I am on a tour most especially to asses the security situation in this area of the state. I will meet with the security agents to make sure we have greater input in the security in Askira/Uba.

” Security is important without it, peace cannot be guaranteed. I have plans to construct roads but the problem is no contractor will want to come down here and work.

“That’s why I will be establishing a quarry in Gworza which will be backed by the purchase of 100 trucks so that our road maintenance agency can construct roads easily.

“On higher institution I assure you, i will build a higher institution before I leave office. I will also build a Computer Institute, Jamb training center and a tertiary institution in Uba. We have a lot of plans for education, health and more. We spent a lot to make we put structures on ground”.

Responding the Emir of Uba Alhaji Ali Ibn Samaila (ii) said “You’ve done a lot for us with many projects. If not for you we will be suffering.

“If the Constitution was amenable we would want you to continue with the good works. May God bless you”.

Tragedy struck the council area recently when about 13 female farmers were abducted in Askira Uba. While residents lamented their plight, one escaped back home leaving 12 others in the Sambisa who were later rescued by hunters.

Insecurity gulps over N100b in Borno state