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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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Zulum Launches Annual Free Christmas Transport For 1,050 Non Indigenes, Support for Vulnerable
Zulum Launches Annual Free Christmas Transport For 1,050 Non Indigenes, Support for Vulnerable
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, on Sunday, launched the 2025 Free Annual Transportation Programme to 1,050 non-indigenes and support to vulnerable people.
The initiative reaffirms his administration’s commitment to compassion, inclusivity and people-centred governance to residents and inhabitants of the state.

The scheme has continued to provide critical mobility support to thousands of Nigerians since its inception in 2020, facilitating safe interstate travel during the festive season, irrespective of ethnicity, religion, or social background.
The Governor represented by the Chairman of the Implementation Committee, Chief Ugochukwu Egwudike , said the initiative was designed to ease the hardship faced by low-income earners and vulnerable groups, especially during the Christmas and New Year celebrations.
He noted that beyond transportation, the programme aims to promote social cohesion and national unity by reconnecting families separated by economic and security challenges.

Egwudike recalled that “over the years, the scheme has reunited families who had been unable to travel home for three to five years, enabling them to celebrate Christmas with their loved ones”.
He added “during the previous exercise, beneficiaries also received ₦30,000 each, paid directly into their bank accounts to cushion financial pressures and ensure transparency in disbursement”,.
The Chairman of the committee said the 2025 exercise covers all six geopolitical zones of the country, a total of 320 passengers will be transported safely on day one, 280 on day two, and 150 on day three, with all passengers conveyed safely to their destinations, while 300 widows will recieve palliatives.
“A total of 750 people are expected to travel in batches between today, Monday and Tuesday while 300 widows, orphans and other vulnerable groups will receive palliatives on the 4th day of the excercise being 24th December,” Egwudike said.
Secretary of the Christian Association of Nigeria (CAN) Borno State Chapter, Apostle Joshua Akeredolu, commended the initiative, describing it as timely and impactful, particularly for Christian faithful travelling to celebrate Christmas.
He praised Governor Zulum’s inclusive leadership and offered prayers for his continued success and greater service to humanity.
The Chief of Idoma Community in Borno State, Jonah Odo, described the programme as a practical demonstration of Governor Zulum’s humane and responsive leadership, noting its positive impact on social welfare, interfaith harmony, and national integration.
Chief Odo said Idoma community in Borno State is appreciating the Governor for all the good works he has being doing for the non-indigenes in the state and urged other state governors to emulate Zulum’s gesture for the unification of the country.
The Free Annual Transportation Programme remains one of the flagship social intervention initiatives of Governor Zulum’s administration, providing annual relief and mobility support to thousands of Nigerians across the country.
Zulum Launches Annual Free Christmas Transport For 1,050 Non Indigenes, Support for Vulnerable
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Female drug kingpin arrested in Lagos with 23.5kg cocaine stashed children’s room
Female drug kingpin arrested in Lagos with 23.5kg cocaine stashed children’s room
By: Michael Mike
Twenty months after a cocaine trafficking cartel led by a couple: Toheebat Dauda and Lookman Dauda was smashed by operatives of the National Drug Law Enforcement Agency (NDLEA) with multi-billion-naira worth of illicit drug recovered, another leader of the syndicate Shodunke Simbiat who went underground since May 2024 has been nabbed in her Lagos home where additional 23.5 kilogrammes of the class A drug were recovered from her children’s room.
According to a press statement by the spokesman of the anti-narcotics agency, Femi Babafemi on Sunday, the kingpin Lookman and his queen Toheebat were arrested on Saturday 25th May 2024 by operatives of a special operations unit of NDLEA at Ibiye, along Lagos-Badagry expressway while attempting to cross the land border to deliver the consignment in Ghana.

Babafemi said at the point of their arrest, 42 blocks of cocaine weighing 47.5 kilogrammes were found on them, with a swift follow up operation in their residence at Plot 24/25 OPIC extension, Petedo road, Agbara, Ogun state, leading to the recovery of additional eight blocks of the same drug weighing 10 kilogrammes, bringing the total weight of the consignment seized from the couple to 57.5 kilogrammes.
The spokesman, said determined to rein in every member of the syndicate, the NDLEA operatives continued with follow up intelligence and surveillance on the trans-border drug trafficking organisation until a 39-year-old female stash keeper Shodunke Simbiat was identified as a key member of the DTO, which elicited her being trailed to her 31 Onasanya street, Surulere, Lagos residence on Tuesday 9th December 2025.
Babafemi revealed that a thorough search of her home led to the discovery of blocks of cocaine weighing 23.5 kilogrammes concealed in a black suit case recovered from her children’s room, a drug consignment worth over N5billion in street value that she subsequently admitted ownership of.
In other clampdowns, the NDLEA operatives attached to terminal II departure hall of the Murtala Muhammed International Airport, Lagos last Thursday intercepted a 36-year-old businessman Nwanwene Destiny with a total of 1,020 pills of tramadol 225mg and tapentadol 200mg concealed in his luggage while attempting to board a Royal Air-Maroc flight to Milan, Italy where he is based. He claimed the successful trafficking of the opioids to Italy would have fetched him €200 from the person he was to deliver them to.

At the Seme border in Badagry area of Lagos, a 48-year-old Beninoise Leocardi Josu was last Thursday arrested by NDLEA officers while attempting to cross into Nigeria with 3,400 tablets of tramadol 225mg, even as a suspect Abdullahi Adamu, 30, was nabbed along Okene/Lokoja highway with 28.4 kilogrammes skunk, a strain of cannabis and Colorado, a synthetic cannabis last Friday.
In Oyo state, NDLEA operatives last Friday recovered 125,000 capsules of tramadol and 1,800 ampoules of pentazocine injection in a Toyota Hiace bus marked XD 592 AWL along Lagos-Ibadan expressway, while two suspects: Ogunlade Kazeem, 54, and Adeleke Ismail, 30, were arrested with 185.4 kilogrammes of skunk at Challenge motor park, Ibadan, last Wednesday.
Babafemi disclosed that a total of 405 kilogrammes skunk was seized when NDLEA operatives raided Owena/Ijesha forest in Osun state where a suspect Charles James, 45, was nabbed last Friday, while another suspect Jamilu Zakari, 42, was arrested with 14,960 pills of tramadol 225mg at tollgate, along Abuja-Kaduna highway same day. The consignment of opioids was concealed in two kolanut sacks (huhun goro) coming from Abuja to Gusau, Zamfara state.
The spokesman said across all commands and formations of the agency nationwide, NDLEA officers continued their War Against Drug Abuse (WADA) sensitization activities in schools, worship centres, work places and communities among others in the past week.
Meantime, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd), while commending the officers and men of the Special Operations Unit, MMIA, Seme, Kogi, Kaduna, Oyo and Osun commands for the arrests, seizures and their dexterity, enjoined them and their colleagues across the country to remain extra vigilant during the festive season and ensure that highest standard of professionalism is maintained in all their drug supply reduction and drug demand reduction activities all through the period and beyond.
Female drug kingpin arrested in Lagos with 23.5kg cocaine stashed children’s room
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Army troops, CJTF neutralise 21 terrorists on Damboa of Borno, intercept logistics movement
Army troops, CJTF neutralise 21 terrorists on Damboa of Borno, intercept logistics movement
By: Zagazola Makama
Army troops Troops of Operation Hadin Kai, in collaboration with members of the Civilian Joint Task Force (CJTF), have neutralised no fewer than 21 ISWAP terrorists during a fierce gun battle in Sojiri and Kayamla villages along the Damboa–Maiduguri Road in Borno.
Sources told Zagazola Makama that the encounter which took place on Sunday at about 12:15 a.m, followed credible intelligence indicating that a large number of terrorists had converged along the axis, possibly in preparation for coordinated attacks.
According to the sources, troops immediately mobilised to the area and made contact with the terrorists at about noon on Saturday as they were observed advancing in formation.
“Upon sighting the terrorists, estimated to be about 100, troops engaged decisively. While the firefight was ongoing, an additional group of terrorists attempted a surprise attack from the rear, but our troops held their ground and continued the engagement with superior firepower,” the source said.
The sources said that at least 17 terrorist corpses were confirmed at the scene, noting that more casualties were suspected as several blood trails were observed leading into surrounding bushes.
“Exploitation of the area is ongoing to uncover additional bodies and to clear the general area of fleeing elements,” he added.
Items recovered from the scene included arms, ammunition and other logistics, while troops maintained pressure on the terrorists to deny them freedom of movement along the strategic route.
He said a tactical withdrawal was conducted to stabilise the situation and allow troops to regroup, particularly in view of the emotional impact of the loss on the men, adding that morale remained high and operations would continue.
The military reaffirmed the commitment of Operation Hadin Kai, to sustain offensive actions against terrorist elements and prevent any attempt to threaten Maiduguri, Damboa and other communities in the North-East.
Army troops, CJTF neutralise 21 terrorists on Damboa of Borno, intercept logistics movement
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