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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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Nigeria Launches Investigative Guide to Tackle Sexual Violence, Strengthen Justice for Survivors

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Nigeria Launches Investigative Guide to Tackle Sexual Violence, Strengthen Justice for Survivors

By: Michael Mike

In a renewed push to confront the widespread challenge of Sexual and Gender-Based Violence (SGBV), key stakeholders across Nigeria’s justice sector and international community on Thursday unveiled a new investigative tool aimed at improving the handling and prosecution of sexual assault cases.

The Quick Reference Guide for Investigating Sexual Assault was launched at a high-level event attended by members of the judiciary, law enforcement agencies, government institutions, civil society groups, and development partners. The initiative is expected to enhance the capacity of frontline responders and ensure a more coordinated, survivor-centred approach to justice delivery, particularly in the insurgency-affected Northeast.

Speaking at the launch, the Country Representative of the United Nations Office on Drugs and Crime (UNODC), Cheikh Toure, described the guide as a critical step forward in addressing gaps in the investigation and prosecution of sexual violence cases.

He noted that communities in Borno, Adamawa, and Yobe States have endured years of conflict and displacement, conditions that have heightened the risk of sexual violence and deepened the need for effective justice mechanisms.

Toure explained that the guide provides practical, field-based direction for responders, outlining key steps from the point of reporting to the preparation of case files. It also incorporates referral pathways to ensure survivors are promptly connected to medical, legal, and psychosocial support services.

He acknowledged the Government of Canada for its support, emphasizing that the partnership reflects a shared commitment to ending impunity and ensuring that survivors have access to justice. He further stressed that the initiative was driven by Nigerian institutions and developed through consultations with local experts, making it both context-specific and sustainable.

A major focus of the guide, according to Toure, is the proper handling of forensic evidence—often the deciding factor in securing convictions. He warned that poorly collected or mishandled evidence continues to undermine cases, allowing perpetrators to evade justice. To address this, the initiative is complemented by ongoing efforts to strengthen forensic infrastructure, including upgrades to sexual assault referral centres and laboratory capacity in Abuja.

Also addressing participants, Hon. Justice Obiora Egwuatu painted a sobering picture of the prevalence and impact of SGBV in Nigeria, describing it as a daily reality cutting across all communities. He defined SGBV as acts driven by unequal power relations and harmful gender norms, encompassing offences such as rape, domestic violence, child marriage, sexual harassment, and economic abuse.

He noted that while women and girls remain the most affected, men and boys also suffer in silence due to stigma and societal expectations that discourage disclosure.

According to him, the consequences of SGBV are devastating, ranging from physical injuries and psychological trauma to unwanted pregnancies, infections, and, in extreme cases, death.

Beyond individual victims, he said, the ripple effects of such violence destabilize families, strain public health systems, and weaken the social fabric of communities.

Justice Egwuatu identified several barriers to addressing SGBV effectively, including a culture of silence, stigma, weak reporting systems, delayed investigations, poor evidence management, and low conviction rates. He also highlighted the lack of accessible support services such as shelters, legal aid, and mental health care, which leaves many survivors without adequate assistance.

He further pointed to entrenched cultural norms and economic hardship as drivers of vulnerability, particularly for women and children, while conflict situations continue to exacerbate risks.

Calling for a collective response, the judge stressed that ending SGBV requires action beyond government institutions. He urged individuals, families, religious bodies, schools, and community groups to play active roles in supporting survivors, challenging harmful norms, and exposing perpetrators.

“We must break the silence, believe survivors, and ensure that justice is not denied,” he said, adding that the newly launched investigative aide-memoire would serve as a vital resource for judges, law enforcement officers, and other stakeholders in strengthening accountability.

Stakeholders at the event agreed that while the launch of the guide marks significant progress, sustained collaboration, improved institutional capacity, and societal change will be critical to ending sexual violence and ensuring justice for survivors across Nigeria.

Nigeria Launches Investigative Guide to Tackle Sexual Violence, Strengthen Justice for Survivors

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Troops Arrest Suspected ISWAP Informant, Intercept Logistics Supplies in Borno

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Troops Arrest Suspected ISWAP Informant, Intercept Logistics Supplies in Borno

By: Zagazola Makama

Troops of the Nigerian Army have arrested a suspected terrorist informant and logistics supplier during a patrol operation in Borno State.

Security sources told Zagazola Makama that the suspect was apprehended at about 11:23 a.m. on April 22 by troops of 192 Battalion (Mechanised) deployed at E Company, Forward Operating Base (FOB) Pulka, under Operation Hadin Kai.

The arrest was made while the troops were conducting patrol and route clearance operations along major access routes into Pulka.

According to the sources, the suspect, identified as Abba Abdullahi, 37, and a member of a local vigilante group, was intercepted while allegedly conveying logistics supplies from Pulka to suspected ISWAP terrorist enclaves along the Pulka–Wurutakure road in the Dure axis.

Items recovered from the suspect include five wrappers, six detergents, three hijabs, three skirts, three rat fumigation tablets, five cans of energy drink, two large loaves of bread, and 10 packs of seasoning.

Military authorities said the suspect and the recovered items are currently in custody for further investigation and necessary action.

They noted that the arrest forms part of ongoing efforts to disrupt terrorist logistics networks and deny insurgents access to supplies.

Troops Arrest Suspected ISWAP Informant, Intercept Logistics Supplies in Borno

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Army Reunites Rescued Women, Children with Families in Borno

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Army Reunites Rescued Women, Children with Families in Borno

By: Zagazola Makama

The Nigerian Army has successfully reunited nine rescued captives, comprising women and children, with their families following a recent rescue operation in the Mandara Mountains area of Borno State.

Security sources told Zagazola Makama that the victims were earlier rescued by troops of the 82 Division Task Force Battalion deployed in Ngoshe under Operation Hadin Kai, as part of ongoing operations tagged Desert Sanity.

The reunification ceremony took place at about 4:00 p.m. on April 22 in Ngoshe community, where families and residents turned out in large numbers to receive the victims.

The event was witnessed by representatives of the District Head of Ngoshe and other community stakeholders.

Sources said the atmosphere was marked by visible relief and joy, as residents celebrated the safe return of the women and children who had been held in captivity by terrorists.

The rescued victims include Mrs Zainab Umar (22), Aisha Abubakar (20), Aisha Audu (20), Aisha Idris (17), and another Aisha Abubakar (16), who was reportedly forced into marriage by a terrorist commander.

Others are Aisha Musa (10), Musa Umar (6), and two toddlers.

Following the reunification, the victims were documented and taken to a community clinic for medical examination and further care.

Military authorities said the successful rescue and reunification illustrates ongoing efforts to protect civilians and restore normalcy in conflict-affected areas.

Army Reunites Rescued Women, Children with Families in Borno

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