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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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Six Military personnel, two civilians arrested over death of suspect in kaduna

Six Military personnel, two civilians arrested over death of suspect in kaduna
By: Zagazola Makama
Atleast Six Military personnel and two civilians were arrested in connection with the alleged torture and death of a 65-year-old man, Surajo, popularly known as “Alhaji M,” in Millennium City, Kaduna.
Sources told Zagazola Makama that the incident reportedly occurred on May 3, 2025, when two civilians, Alhaji Adamu Jinjiri, of Shehu Laminu Road, Unguwan Rimi, and Ibrahim Yakubu, of Maladanga Road, Unguwan Rimi, apprehended the deceased over allegations of conspiracy and theft.
The suspects accused the victim of aiding one Yahaya Aleiru, currently at large, in stealing a cow and an electrical distribution box. They allegedly handed Surajo over to operatives of the Millennium City Strike Force, a military security unit in the area.
According to a police sources, the victim was severely tortured at a checkpoint by the military personnel, including one Lieutenant Alhassan Musa and five others, leading to his collapse.
Surajo was later rushed to Barau Dikko Teaching Hospital, where he was confirmed dead by a medical doctor.
Sources from the Kaduna State Police Command said all eight suspects, including the six soldiers and the two civilians who initiated the arrest, have been taken into custody.
“The case has been transferred to the State Criminal Investigation and Intelligence Department (SCIID), Kaduna, for discreet investigation,” a police source told Zagazola Makama.
Six Military personnel, two civilians arrested over death of suspect in kaduna
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Zulum Resettles 6,000 Families from Dikwa, Mafa

Zulum Resettles 6,000 Families from Dikwa, Mafa
… To Upgrade Skill Center at Maiduguri Correctional Facility
By: Our Reporter
Borno State Governor, Babagana Zulum Umara, has announced the resettlement of 6,000 families displaced by Boko Haram insurgents. The families mostly hailed from Dikwa and Mafa local government areas.
Zulum announced the plan on Monday at Muna IDP camp, one of the largests with about 11,000 families taking refuge due to the over a decade old crisis in Borno.

Addressing journalists, Zulum reiterated that the resettlement became imperative due to the high-level of illicit activities in the camp.
“Boko Haram can never be eradicated without resettlement taking place. People have to go back to their homes and earn their livelihood. We have observed that in the IDP camp, there is increasing prostitution, increasing gangsterism, cases of child abuse and other criminalities,” Zulum said.
He added, “If you could remember, about four years ago, we announced that all formal IDP camps within Maiduguri metropolis would be closed. So far, so good, we have closed all down, about 12 of them. We have two informal camps remaining. We have resettled about 75% of the IDPs here (Muna camp), and the remaining 25% will return to their ancestral localities in the next few days.

According to Governor Zulum, each of the 6,000 families will receive food aid, shelter materials, and access to healthcare services as part of the resettlement process.
The Governor also announced that while each head of both male and female households receives N100,000, an additional N50,000 will be distributed to the housewives.
… To Upgrade Skill Center at Maiduguri Correctional Facility
Meanwhile, Governor Zulum also announced a plan to upgrade the vocational and skill acquisition centre at Maiduguri Maximum Security Correctional Facility to enhance rehabilitation and reduce the tendency for inmates to relapse into criminal activities.
The Governor who visited the facility on Monday morning emphasised that the essence of prison sentences is to transform lives, not just to confine individuals. He said, “I am here to examine the living conditions of the inmates here, especially in the areas of technical and vocational skills.
The essence of keeping them at the correctional facility is largely to reform them, but this cannot be feasible without facilities on the ground. We can also examine cases of some inmates, and within the ambit of the law, we will look to the possibility of releasing those convicted of minor offences,” Zulum said.
Governor Zulum was accompanied by a member of the House of Representatives, Engr Bukar Talba, Acting Chief of Staff, Dr Babagana Mallumbe, Special Adviser on Religious Affairs, Shiekh Modu Mustapha, and the permanent secretary of the Government House, Barrister Mustapha Ali Busuguma.
Zulum Resettles 6,000 Families from Dikwa, Mafa
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Provide solutions to challenges confronting your people, Buni tells northeast governors

Provide solutions to challenges confronting your people, Buni tells northeast governors
By: Yahaya Wakili
Yobe State Governor, Hon. Mai Mala Buni CON, has told his colleagues that destiny has placed on you the leadership of your respective states to take decisions and provide solutions to challenges confronting your people.
Governor Buni, who is also the chief host of the 11th Northeast Governor’s Forum, said the northeast is committed to working together to address the challenges facing the region.
Adding that, today we are here on this occasion for us to deliberately reflect and make far-reaching decisions for and on behalf of our people to promote peace, security, and prosperity of the North Eastern States.
The high-level meeting, which is held at the Banquet Hall of Government House, Damaturu, brings together governors from the six northeastern states, including Adamawa, Borno, Bauchi, Taraba, Gombe, and Yobe, aimed at discussing collaborative strategies to tackle the resurgence of Boko Haram hostilities and revitalizing agricultural activities and other ongoing challenges.
In his opening remarks, the Governor of Borno State, who is also the Chairman of the forum, Professor Babagana Umara Zulum, emphasized the need for a unified approach to terrorism, banditry, and other security threats destabilizing the region.
“Your Excellencies, our forum’s determined efforts in tackling collectively all issues affecting our region have further made us a force to be reckoned with in the nation,” Zulum said.
He urged all well-meaning citizens of our region to support and work with us in the interest of the development of our people.
Experts and representatives from the Northeast Development Commission, National Commission for Almajiri and Out-of-School Children, and Nigerian Institute of Leather and Science Technology were present to address the governor.
The ceremony was attended by secretaries to the state governments in the six states in the region, traditional rulers, security heads, and heads of the relevant agencies from the region.
Provide solutions to challenges confronting your people, Buni tells northeast governors
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