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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 foil ambush attempt, recover supplies linked to terrorists in Borno

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Troops foil ambush attempt, recover supplies linked to terrorists in Borno

By: Zagazola Makama

Troops of the Joint Task Force North East under Operation Hadin Kai (OPHK), as part of Operation Desert Sanity V, have foiled an attempted ambush by suspected Boko Haram/ISWAP terrorists along the Bulayobe–Darel Jamel axis in Borno.

Security sources disclosed that the incident occurred at about 5:35 a.m. on Feb. 13 when troops, in conjunction with Civilian Joint Task Force volunteers, were on night ambush duty at Papa 4, approximately 4.1 kilometres from the Forward Operating Base.

The troops reportedly sighted elements of Boko Haram attempting to cross the Main Supply Route from the Cameroon axis toward the Nigerian axis.

On sighting the insurgents, the troops engaged them with heavy gunfire, forcing the terrorists to flee in disarray.

During exploitation of the area, troops recovered two sacks bearing inscriptions with phone numbers and names of alleged senders and receivers.

According to the sources, one of the sacks was marked with a sender’s details traced to Kano, while the receiver’s contact was traced to Maiduguri.

Items recovered from the sacks include 28 scarves, 10 Kampala materials, three praying mats, three copies of the Qur’an and other religious books, four cashmere materials, 40 bicycle parts, one sewing machine, one machine oil, one measuring tape and screwdriver, three eye drops, and four packs of ampicillin medication.

Further exploitation of the area yielded no additional items.

Military sources said troops have continued to maintain an aggressive posture, heightening surveillance and vigilance to deny terrorists freedom of action within their area of responsibility.

They added that the general situation within the area remains under control, while troops’ morale and fighting efficiency remain satisfactory.

Troops foil ambush attempt, recover supplies linked to terrorists in Borno

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NIMC to Launch Nationwide Ward-Level NIN Enrollment February 16

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NIMC to Launch Nationwide Ward-Level NIN Enrollment February 16

By: Michael Mike

The National Identity Management Commission (NIMC) has announced that it will commence nationwide ward-level enrollment for the National Identification Number (NIN) on Monday, February 16, 2026.

The commission said the initiative follows a presidential directive mandating NIMC to expand NIN registration to the grassroots in order to capture more Nigerians and legal residents in the National Identity Database.

In a statement signed by the Head of Corporate Communications, Dr. Kayode Adegoke, NIMC said the ward-level exercise is aimed at ensuring comprehensive registration of all citizens and legal residents, including children and adults. The enrollment will be conducted free of charge.

According to the commission, the move aligns with the Federal Government’s renewed hope agenda under President Bola Ahmed Tinubu, which seeks to promote inclusive governance, national development and broader access to identity services.

NIMC described the ward-level rollout as a strategic step toward decentralising identity services and improving accessibility, particularly for residents in rural and underserved communities. By taking enrollment centres closer to communities, the commission said it hopes to reduce travel burdens and encourage wider participation.

As part of preparations for the exercise, NIMC said it has begun engaging key stakeholders at national, state and local government levels. Sensitisation and awareness campaigns are ongoing to educate the public on the importance and benefits of obtaining a NIN.

The commission disclosed that state governments, local government authorities, traditional rulers, community leaders, market associations and faith-based organisations are being consulted to ensure seamless implementation across wards nationwide.

NIMC urged Nigerians and legal residents who are yet to enroll to take advantage of the opportunity, calling on families to register their children, parents and wards during the exercise.

The ward enrollment schedule, which will guide the rotational movement of licensed front-end partners and NIMC staff, is available on the commission’s website, www.nimc.gov.ng.

Adegoke said for inquiries, assistance or complaints, members of the public can contact NIMC through its toll-free line: 08000616462.

The commission reiterated its commitment to expanding identity coverage across the country and strengthening the national database as a foundation for effective planning, service delivery and economic inclusion.

NIMC to Launch Nationwide Ward-Level NIN Enrollment February 16

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US senator’s Nigeria bill risks religious disharmony, analysts warn

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US senator’s Nigeria bill risks religious disharmony, analysts warn

By: Zagazola Zagazola

Security Analyst have cautioned that a newly introduced bill in the United States targeting Nigeria could exacerbate religious tensions in the country, even as expanded military cooperation between the two nations is welcomed.

The proposed Nigeria Religious Freedom and Accountability Act of 2026, sponsored by US Representatives Riley Moore and Chris Smith, seeks to impose sanctions on Fulani militias and former Kano State Governor Rabiu Kwankwaso over alleged religious persecution.

Critics, however, argue that the bill mischaracterizes Nigeria’s security situation and risks deepening sectarian divides. “The senator’s narrative of ‘Christian persecution’ and ‘genocide’ is selective and dangerously misleading,” said Zagazola Makama.

“Just last week, 167 Muslims were killed in Kwara State, for refusing to accept the ideologies of Boko Haram terrorists, yet there was no condemnation from the US lawmakers. This selective framing feeds a divisive agenda rather than genuine accountability.”

Since Nigeria was designated a “Country of Particular Concern” by the US, attacks by insurgents, including Boko Haram, ISWAP, JNIM, and Ansaru, have continued with increasing lethality. The inflammatory statements by these foreign lawmakers provide terrorists with propaganda tools to incite further violence and devision through attacks.

While we welcome the US deployment of 200 troops to Nigeria to provide training and technical support to Nigerian security forces, what Nigeria needs is actionable support against terror networks, not legislation targeting political figures for past disagreements.

Nigeria is guided by its constitution and does not require empty rhetoric or selective campaigns of condemnation. Instead of legislating against Kwankwaso, the US should focus on helping Nigeria target the most ruthless terrorist networks like, ISWAP, Boko Haram and Bandits destabilizing the country.”

Cooperation with international partners should focus on strengthening intelligence, operational capacity, and border security.

US senator’s Nigeria bill risks religious disharmony, analysts warn

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