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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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Niger republic Army convoy enters Nigeria illegally, later escorted back

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Niger republic Army convoy enters Nigeria illegally, later escorted back

Zagazola calls for Coordinated Nigeria-Niger Operations

By: Zagazola Makama

The recent incursion of Niger Republic military troops into Nigerian territory has renewed calls for closer diplomatic and security cooperation between Nigeria and Niger amid rising insecurity in the Sahel.

Security sources, told Zagazola Makama that a convoy of four Niger military gun trucks and a Toyota Jeep, led by CPT Salifou Mono, crossed into Mazanya Village, Jibia Local Government Area of Katsina State on Saturday at about 2:00 p.m., firing sporadically upon entry. The convoy was heavily armed, causing panic among residents.

Joint Nigerian security Forces, including the troops of Operation FANSAN YANMA, police, DSS, and Civilian Joint Task Force, quickly traced the intruders and escorted them back to the Danmasani Border. The Nigerien commander later apologised for the unauthorized entry and pledged that such actions would not recur.

Zagazola said the illegal incursion pointed to the fragility of the Nigeria–Niger border corridor amid rising jihadist activity in the wider Sahel region. Although the Nigerian government has recently appointed ambassadors to strengthen diplomatic engagements with neighbouring countries, experts believe much more is required particularly in synchronising military operations along shared borders.

Zagazola noted that the active counter-terrorism operations on both sides, Nigeria’s Operation Farautar Bauchiya and Operation Fansan Yanma in the North-West, and Niger’s ongoing campaigns against ISGS, JNIM and other Al-Qaeda-linked networks, there is an urgent need for more structured and harmonised joint operations.

Zagazola warn that lack of coordination between the two countries’ forces could lead to civilian casualties, operational misunderstandings or unintended confrontations, as seen in the Mazanya incident.

Clearer communication lines, shared intelligence, and harmonised border operations are critical as Lakuwa Al-Qaeda and Islamic State affiliates, Boko Haram and ISWAP attempt to exploit poorly governed spaces stretching from southern Libya through Niger into the North-West region of Nigeria.

Zagazola insist that the two nations must urgently establish protocols for cross-border hot pursuit, joint patrols, and real-time information sharing to prevent mistaken incursions and strengthen the fight against terrorism.

With Nigeria and Niger facing similar security threats ranging from banditry to extremist infiltration, only a coordinated and organised approach can protect border communities and sustain regional stability.

He argue that Saturday’s incident should serve as a strong reminder that diplomacy and joint security cooperation are no longer optional, but essential tools for safeguarding both nations against the expanding networks of Sahelian insurgents.

Niger republic Army convoy enters Nigeria illegally, later escorted back

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UNIMAID AT 50: Improved Investment in Education Reflects Renewed Vigour Under President Tinubu – VP Shettima

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UNIMAID AT 50: Improved Investment in Education Reflects Renewed Vigour Under President Tinubu – VP Shettima

*Says, increased education budget to ₦3.5 trillion, expanded mechanised farming, AI training, underscore FG’s commitment

*Commends Borno Govt investments in human capital development

By: Our Reporter

Vice President Kashim Shettima has said the improved investment in Nigeria’s education sector by the administration of President Bola Ahmed Tinubu reflects the renewed vigour to properly situate the nation in the global knowledge economy.

He warned that Nigeria cannot compete globally if its universities remain underfunded, stressing that sustained investment in education is now a core pillar of national development and security under President Tinubu administration.

The Vice President reaffirmed the federal government’s commitment to transforming Nigeria’s education sector through increased funding and comprehensive reforms.

He was speaking on Saturday in Maiduguri at a ceremony to mark the 50th anniversary of the University of Maiduguri, Borno State.

“Today, there is a shared national understanding that education is the most reliable vehicle to development. It is the immune system of the nation. It fuels economic mobility, lifts families out of poverty, strengthens social cohesion, deepens democratic culture, and fortifies national security. It sustains every modern endeavour, from the construction of strong institutions to the building of a strong economy,” the Vice President said.

Speaking on the focus of the administration of President Tinubu, the Vice President said “…we have made it clear that we do not come to pay lip service to education. We recognise that the soul of national development lies in what our citizens know, what they can imagine, and what they can create. Because we understand the transformative power of learning, our budgetary commitments have been deliberately aligned with the broader goals of national progress.”

VP Shettima disclosed that “in the 2025 Budget, education received a total of 3.5 trillion naira, amounting to 7.3 percent of the national budget, an increase from the previous year. For the first time in many years, our universities are being supported to develop mechanised farming programmes. Grants have been introduced to strengthen medical education, and entrepreneurial initiatives have been expanded to equip students for the realities of a modern economy.”

“We are preparing our young people for a knowledge-driven world, not with the tools of yesterday, but with the skills of tomorrow,” he added.

Senator Shettima however acknowledged Indeed the challenges that have persisted, noting that “for decades, underfunding has weakened the foundations of our education system. International benchmarks recommend that between fifteen and twenty percent of national budgets be devoted to education, yet we have often fallen short. We have fallen short because we are compelled to balance competing national priorities such as security, healthcare, and infrastructure.”

Reflecting on the impact of insecurity on education in the North-East, the Vice President recalled that over 500 schools were attacked in Borno State between 2009 and 2021, with thousands of classrooms destroyed and teachers killed or displaced.

However, he said the state has staged a remarkable recovery. As at March 2025, 877,777 learners were enrolled in public schools across Borno, with the state committing ₦69.81 billion to education. Over 26,000 students had their WAEC fees paid by the government, while daily school feeding now costs about ₦122 million.

“When terrorists attacked our schools, they were trying to kill the future. But Borno chose hope over fear and education over darkness,” VP Shettima said.

The Vice President admitted that Nigerian universities continue to battle staff shortages, brain drain, outdated curricula, inadequate research funding, frequent strikes and high student-to-teacher ratios.

He said the President Tinubu administration is responding through digital transformation, national education databases, curriculum reforms, research development and skills-based learning, shifting education away from rote memorisation toward problem-solving, creativity and entrepreneurship.

VP Shettima said President Bola Ahmed Tinubu’s Renewed Hope Agenda places education at the centre of Nigeria’s economic and social renewal, linking learning directly to job creation, poverty reduction, democratic stability and national security.

“National development is impossible without skilled citizens and leaders of integrity. That is why this government is investing deliberately in education, digital skills, research capacity and institutional autonomy,” he stated.

Tracing the roots of the University of Maiduguri to the Third National Development Plan of 1975–1980, VP Shettima described the institution as a symbol of Nigeria’s commitment to development through knowledge, despite decades of security challenges.

“This university stands today not as a victim of the storms it endured, but as a lighthouse in the Sahel. The wealth of a nation lies not in gold or oil, but in the minds of its people. And that future is being shaped in our classrooms,” VP Shettima added.

Earlier, Governor of Borno State, Prof. Babagana Zulum, said the state government was proud of the legacies of the University of Maiduguri and announced the award of scholarships for further studies to 200 lecturers from the institution.

He said the institution has been instrumental in the state’s human parietal development efforts as well as economic blueprints over the years.

In the same vein, Governor Umaru Fintiri of Adamawa State who announced a donation of N1.8 billion on behalf of the states in the northeast region for the University’s endowment fund, commended efforts aimed at expanding funding sources for the institution through partnerships with the private sector and individuals.

For his part, the Vice Chancellor of the University of Maiduguri, Prof. Mohammed Mele, said the anniversary event was a celebration of success, resilience and perseverance in the face of conflict, recalling the challenges faced by the institution due to the insurgency.

He sought improved collaboration with the private sector to complement government funding of the institution, in its bid to sustain strides recorded in various fields.

Other dignitaries at the event included, Former Vice President of Nigeria, Alhaji Babagana Kingibe; Minister of State for Education, Prof. Suwaiba Ahmad; Businessman and Philantropist, Alhaji Muhammadu Indimi; Businessman, Sir Emeka Offor; Pro Chancellor of the University and Emir of Lafia, Justice Sidi Bage; some members of the National Assembly from Borno State; Shehu of Borno, Alhaji Abubakar Ibn Umar Garbai El-Kanemi, among others.
End

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Transborder criminal financier arrested, apprehended in Kano with ₦15.28 million recovered

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Transborder criminal financier arrested, apprehended in Kano with ₦15.28 million recovered

By: Zagazola Makama

The Nigerian Police Operatives of the Scorpion Squad have arrested a suspected transborder criminal financier, Alhaji Jazuli Adamu, 40, in Fagge Local Government Area, Kano State, following actionable digital intelligence and confessions from previously arrested armed robbery suspects.

Zagazola Makama gathered that Jazuli Adamu was identified as the financial facilitator for Alhaji Abdulkarim Ibrahim (a.k.a. Gabeida) from Niger Republic, who allegedly armed criminal youths to carry out car-snatching operations targeting SUVs and Hilux vehicles across Nigeria.

It was gathered that funds from the robbery operations were reportedly transferred to Jazuli Adamu’s account for disbursement to the armed robbers, while the stolen vehicles were transported to Niger Republic.

Upon arrest, the police recovered ₦15,280,000 (fifteen million, two hundred and eighty thousand naira) from Jazuli Adamu, which was transferred to him by Alhaji Karim for distribution to the criminals.

Investigators noted that Jazuli operates a mini Bureau de Change (BDC) in Kano, and preliminary checks of his digital communications revealed transaction records and payment receipts amounting to billions of naira between him and Abdulkarim Ibrahim.

The sources said that suspects who had received payment for stolen vehicles via Jazuli are currently in custody undergoing interrogation, while investigations into the syndicate remain ongoing.

Transborder criminal financier arrested, apprehended in Kano with ₦15.28 million recovered

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