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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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$65,000 Up for Grabs as ECOWAS

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$65,000 Up for Grabs as ECOWAS

By: Michael Mike

The Economic Community of West African States (ECOWAS) has unveiled a $65,000 prize pool for the second edition of its Startup Awards, with about 60 entrepreneurs expected to compete for the top three positions.

The competition, scheduled for September 28, 2026, is coming five years after the inaugural edition held in Niamey, Niger Republic, in 2021.

The winner will receive $30,000, while the first and second runners-up will receive $20,000 and $15,000, respectively.

However, ECOWAS said the programme would go beyond cash prizes, as all 60 shortlisted participants will undergo a masterclass designed to strengthen their entrepreneurial and business management capacities before the final stage.

The Acting Director, Directorate of Private Sector and Industry, ECOWAS Commission, Peter Oluonye, disclosed this while announcing the programme, revealing that the Commission had received more than 6,000 applications since the application portal opened on August 3.

Oluonye said the applications would be screened by appointed assessors, with the pool eventually reduced to 60 participants.

He explained that the 60 shortlisted startups would first undergo the masterclass, after which the field would be further narrowed to 20 finalists who would compete for the three cash prizes.

He said the competition was designed to identify and showcase innovative, scalable businesses capable of addressing critical economic and social challenges across the West African sub-region.

“The ECOWAS Start-up Award is designed to showcase these innovations and multisectoral solutions and enabling policies,” Oluonye said.

The programme will focus on startups operating in areas including fintech; agri-tech and food systems; ed-tech and skills development; cleantech, climate and green innovation; tourism; hospitality; and travel technology.

According to Oluonye, the initiative was also conceived to address some of the major challenges confronting startups, including limited market penetration, inadequate financial models and policy-related constraints.

He said the Commission was particularly interested in startups with strong growth potential and the capacity to scale beyond their immediate markets.

“It is not just going to be just awarding cheques but to support them to the point that they become an inspiration for the youths,” he said.

Oluonye said the programme would deliberately promote inclusion by bringing together young people, women and persons with disabilities to showcase their innovations to potential partners and investors.

He added that ECOWAS would seek to facilitate digital adoption among micro, small and medium-sized enterprises and connect startups with venture capitalists, impact investors, development partners and financial institutions.

He said the broader objective was to build a stronger innovation ecosystem across the ECOWAS region and help startups navigate the difficult early stages of the business life cycle.

“By this programme we seek to support participating Start-ups to navigate these early stages of the business life cycle and help them to scale up into the growth stage,” he said.

Oluonye noted that startups that successfully transitioned into the growth stage would be better positioned to create jobs, add value to the economy and contribute to regional development.

The ECOWAS official also disclosed that the prize package had been increased from $40,000 in the inaugural edition to $65,000 in the second edition.

He stressed that the emphasis of the programme was not merely on identifying winners but on providing participants with the skills, networks and opportunities required to build sustainable businesses.

The first ECOWAS Startup Awards, held in 2021, featured 50 participants.

Meanwhile, the Director-General, Pan African Alliance of Small and Medium Industry, Dr. Henry Emejuo, said the 60 participants for the 2026 edition would be drawn through a combination of open applications and national startup programmes.

According to him, 50 per cent of the participants would be selected from applicants, while the remaining 50 per cent would be drawn from winners of various national startup programmes in ECOWAS member states based on recommendations from the ministers responsible for startups.

Emejuo called on financial institutions and private-sector organisations to provide the necessary support to the participating entrepreneurs, stressing that stronger private-sector involvement would be critical to ensuring the sustainability and growth of the startups.

ECOWAS also announced that subsequent editions of the Startup Awards would be held biennially, making the initiative a regular platform for identifying, nurturing and connecting innovative businesses across the region.

$65,000 Up for Grabs as ECOWAS

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Troops Arrest Three Suspected Kidnappers in Plateau Raid

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Troops Arrest Three Suspected Kidnappers in Plateau Raid

By Zagazola Makama

Troops of Sector 1, Operation ENDURING PEACE (OPEP), have arrested three suspected kidnappers during a raid on a criminal hideout at Mista-Ali in Bassa Local Government Area of Plateau State.

Credible security sources told Zagazola Makama that the operation was conducted at about 5:30 p.m. on Aug. 14, following intelligence reports on the activities of suspected kidnappers operating in the area.

The troops raided the identified hideout and arrested three suspects, identified as Umar Aliyu, 25; Abdulrahman Adam, 25; and Bello Isa, 21.

Two other suspects reportedly escaped during the operation.

However, one of the fleeing suspects attacked and stabbed a soldier, identified as CPL Muhammad Adam, with a knife while attempting to escape.

The injured personnel was immediately evacuated to the General Hospital, Mista-Ali, where he was admitted for medical attention.

A search of the houses belonging to the arrested suspects was subsequently conducted, but no incriminating items were recovered.

The three suspects remain in military custody and are assisting ongoing investigations into their activities and possible links to kidnapping operations in the area.

The development highlights the continued efforts by security forces to dismantle criminal networks and prevent kidnappers from establishing hideouts in communities across Plateau State.

Zagazola Makama reports that security agencies have continued to intensify intelligence-led operations in vulnerable communities as part of efforts to protect residents and maintain peace in the state.

Troops Arrest Three Suspected Kidnappers in Plateau Raid

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ECOWAS, Africa Agenda Network Deepen Partnership to Showcase Regional Bloc’s 50-Year Legacy

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ECOWAS, Africa Agenda Network Deepen Partnership to Showcase Regional Bloc’s 50-Year Legacy

By: Michael Mike

The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to strengthening collaboration with the Africa Agenda Network (AAN) as part of efforts to document, promote and deepen public understanding of the regional bloc’s five decades of achievements and contributions to West African integration.

The renewed commitment was made on Tuesday when the President of the ECOWAS Commission, Dr. Omar Alieu Touray, received the Chief Executive Officer of the Africa Agenda Network, Ms. Muna Jallow, during a working visit to the Commission’s headquarters in Abuja.

The meeting focused on the progress of the Africa Agenda Network–ECOWAS Strategic Partnership Initiative, a three-phase programme designed to commemorate ECOWAS’ 50th anniversary while strengthening citizens’ appreciation of the organisation’s role in advancing regional cooperation.

Briefing the Commission President, Jallow said the initiative’s first phase had been successfully implemented through the ECOWAS@50 Trade, Investment and Exhibition Forum held in Lagos, Nigeria.

She disclosed that attention has now shifted to the second phase—the production of a commemorative publication documenting the history of ECOWAS over the past 50 years, highlighting its major milestones, achievements and contributions to regional integration.

According to her, the final phase of the initiative will see the production of a high-quality documentary series that will tell the ECOWAS story through the voices and experiences of citizens from across the organisation’s member states.

Responding, Touray welcomed the initiative and reaffirmed the ECOWAS Commission’s commitment to sustaining and expanding its partnership with the Africa Agenda Network.

He said the collaboration would play a vital role in increasing public awareness of ECOWAS, preserving its institutional history and projecting the organisation’s achievements and impact across West Africa and the international community.

The partnership comes as ECOWAS marks 50 years since its establishment in 1975, a period during which the regional body has played leading roles in promoting economic integration, facilitating free movement across member states, supporting democratic governance and peacekeeping efforts, and advancing regional development initiatives despite persistent political and security challenges.

The commemorative publication and documentary are expected to serve as enduring records of the bloc’s evolution while helping a new generation of West Africans better understand the relevance of regional integration to the future of the sub-region.

ECOWAS, Africa Agenda Network Deepen Partnership to Showcase Regional Bloc’s 50-Year Legacy

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