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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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Operation Enduring Peace intervenes in farmland grazing dispute, parties reach amicable settlement in Plateau

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Operation Enduring Peace intervenes in farmland grazing dispute, parties reach amicable settlement in Plateau

By Zagazola Makama

Troops of Sector 1, Operation Enduring , have intervened in a farmland grazing incident in Jos East Local Government Area of Plateau State, leading to an amicable resolution between the affected farmer and the livestock owner.

Security sources told Zagazola Makama that the incident occurred at about 7:50 p.m. on July 15 when troops on a night patrol intercepted 11 cows grazing on a farm belonging to Meshak Abdul along the Gora Village road.

According to the sources, the troops immediately moved the livestock to a safe location to prevent further damage and forestall any breakdown of law and order.

The owner of the cattle, identified as Muhogi Idris, was subsequently contacted by the troops, after which both parties engaged in dialogue.

Military sources said the dispute was resolved amicably through the intervention of the security personnel, with both the farmer and the cattle owner reaching a peaceful settlement.

The intervention forms part of Operation Enduring Peace ongoing efforts to promptly address farmer-herder disputes and prevent isolated incidents from escalating into communal violence in Plateau State.

Operation Enduring Peace intervenes in farmland grazing dispute, parties reach amicable settlement in Plateau

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Tourism: FG Turns to Diaspora to Rebrand Nigeria, Attract Investment

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Tourism: FG Turns to Diaspora to Rebrand Nigeria, Attract Investment

…NiDCOM, NTDA forge strategic alliance to transform tourism assets, project Nigeria’s positive image globally

By: Michael Mike

Nigeria has begun a fresh push to harness its vast tourism potential and the resources of its global diaspora as part of a broader strategy to reshape the country’s international image, attract investment and create jobs.

The initiative emerged from a strategic partnership between the Nigerians in Diaspora Commission (NiDCOM) and the Nigerian Tourism Development Authority (NTDA), with both agencies agreeing to work together to rebrand the nation’s tourism assets and position the sector as a major instrument of economic development and cultural diplomacy.

The partnership was unveiled in Abuja on Wednesday during a strategic meeting between the Chairman/Chief Executive Officer of NiDCOM, Hon. Abike Dabiri-Erewa, and the Director-General of the NTDA, Dr. Olayiwola Awakan.

The meeting came against the backdrop of growing concerns over Nigeria’s failure to fully convert its vast cultural, historical and natural attractions into sustainable economic opportunities, despite the country’s enormous tourism potential.

Dabiri-Erewa said the country could no longer afford to allow its tourism assets and national story to be defined largely by outsiders or negative international narratives.

She said Nigeria must take ownership of its story, rebrand its tourism destinations and deliberately project the country’s positive identity to the world.

According to her, the collaboration between NiDCOM and the NTDA would strengthen the link between Nigeria’s tourism industry and the millions of Nigerians and people of Nigerian descent living across the world.

She said the diaspora represented not only a source of remittances but also a vast reservoir of investment capital, professional expertise, global networks and cultural influence that could be deployed to transform the nation’s tourism sector.

Dabiri-Erewa emphasised the need to develop and promote tourism assets across the 36 states and the Federal Capital Territory, arguing that a coordinated approach would encourage domestic tourism while creating opportunities for international visitors.

She drew particular attention to the historic Badagry Door of Return Festival, which reconnects members of the African diaspora with the homeland of their ancestors and the painful history of the transatlantic slave trade.

The NiDCOM chief described the experience as one that carries deep spiritual, emotional, psychological, economic and historical significance.

“It is a spiritual, emotional, psychological, economic and historical experience. It cuts deep into their psyche as many shed tears as they pass through the slave routes,” she said.

For her, the emotional power of such historical sites represents an enormous opportunity for Nigeria to use tourism not only to generate revenue but also to promote healing, cultural reconnection and a deeper relationship with the global African community.

She urged the NTDA to sustain strategic partnerships with relevant government institutions, private-sector operators and diaspora communities, stressing that Nigerians must become the principal narrators of the Nigerian story.

“We must take ownership of our national narrative,” she said in substance, insisting that the country’s international image could not be transformed without a deliberate effort by Nigerians themselves to tell their own stories.

The NTDA Director-General, Awakan, said the agency was committed to repositioning Nigeria’s tourism assets and making them competitive with destinations around the world.

He said Nigeria possessed abundant cultural, historical and natural attractions but needed a comprehensive strategy to upgrade the assets, improve visitor experience and create an efficient tourism ecosystem.

Among the priorities, he identified the development of a professional tour guide system, improved standards for tour guides, the upgrading and beautification of tourism assets, tourism expos, increased private-sector participation, professionally designed tour packages and the development of tourism bureaus.

Awakan said the success of the sector would depend on stronger collaboration among government agencies, the private sector, local communities and Nigerians in the diaspora.

He also linked the development of tourism to wider national challenges, saying a vibrant tourism industry could create jobs, stimulate local economies, attract investment and help reduce social tensions by expanding economic opportunities.

The NTDA chief said Nigeria’s cultural strength was already evident in the numerous festivals, entertainment events and traditional celebrations held across the country.

However, he lamented that the country’s international image was often overshadowed by negative narratives, making it necessary for Nigeria to develop a more deliberate strategy for projecting its achievements, culture and identity.

He described Nigerians in the diaspora as key ambassadors of the country and said their strategic involvement could significantly influence how Nigeria is perceived globally.

As part of the new vision, Awakan disclosed plans for the proposed NAIJA FEST, a national festival expected to showcase the culture, cuisine, music, arts, traditions and heritage of all 36 states and the Federal Capital Territory.

The proposed festival is expected to create a single national platform for Nigeria’s cultural diversity while providing opportunities for tourism promotion, investment, entertainment and international exposure.

Awakan also disclosed plans for a proposed Diaspora Internship Initiative in the United Kingdom, under which Nigerians in the diaspora would be offered opportunities to undertake nine-month internships in Nigeria before returning to their countries of residence.

The initiative, he said, would expose participants to Nigeria’s professional, cultural and economic environment while strengthening their connection to the country.

The emerging NiDCOM-NTDA partnership represents a renewed effort to move Nigeria’s tourism sector beyond occasional festivals and isolated attractions towards a coordinated national strategy anchored on investment, cultural diplomacy and diaspora engagement.

With Nigeria facing the urgent need to diversify its economy, create jobs for its youthful population and improve its international image, the two agencies believe tourism can become a major pillar of national development if the country’s assets are properly developed, packaged and marketed.

The Abuja meeting ended with both agencies reaffirming their commitment to a closer collaboration aimed at transforming Nigeria’s tourism assets, attracting domestic and international investment and leveraging the Nigerian diaspora as a strategic partner in the country’s economic and cultural renaissance.

Tourism: FG Turns to Diaspora to Rebrand Nigeria, Attract Investment

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Mother, Child Escape Boko Haram Enclave, Surrender to Troops in Borno

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Mother, Child Escape Boko Haram Enclave, Surrender to Troops in Borno

By Zagazola Makama

Two family members of suspected Boko Haram (Jama’atu Ahlis Sunna Lidda’awati wal-Jihad – JAS) terrorists have surrendered to troops of Operation HADIN KAI after escaping from a terrorist enclave in the Mandara Mountains of Borno State.

Security sources told Zagazola Makama that the woman, Nafisat Ali, 20, and her one-year-old daughter, Aisha Umar, surrendered at about 9:40 a.m. on July 13 to troops of the 192 Battalion (Motorised) deployed on picketing duty along the Gwoza–Limankara Road.

During preliminary interrogation, Nafisat disclosed that she fled the Kwolika terrorist enclave in the Mandara Mountains of Gwoza Local Government Area due to severe hardship and the lack of basic necessities in the camp.

The sources said the mother and child were immediately screened and documented in line with established procedures and are currently in military custody pending further profiling and necessary administrative action.

Military authorities said the surrender reflects the increasing pressure being mounted on terrorist enclaves through sustained offensive operations under Operation HADIN KAI, which continue to degrade the operational capabilities and support structures of insurgent groups in the North-East.

The sources added that the general security situation across the theatre remains calm but unpredictable, while troops continue to maintain a high level of operational readiness.

Mother, Child Escape Boko Haram Enclave, Surrender to Troops in Borno

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