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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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ECOWAS, Africa Agenda Network Deepen Partnership to Showcase Regional Bloc’s 50-Year Legacy
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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Netherlands Donates Equipment to Boost Nigeria Immigration’s Hostmanship Programme
Netherlands Donates Equipment to Boost Nigeria Immigration’s Hostmanship Programme
By: Michael Mike
The Kingdom of the Netherlands has donated specialised equipment to the Nigeria Immigration Service (NIS) to strengthen its Hostmanship Unit, deepening more than two decades of bilateral cooperation aimed at improving migration management and customer service delivery.
The equipment was presented by the Repatriation and Departure Service (R&DS) of the Dutch Ministry of Justice and Security during a ceremony at the NIS Headquarters in Abuja on Monday.

Receiving the donation, the Comptroller-General of Immigration, Kemi Nandap, described the gesture as a significant milestone in the long-standing partnership between the Nigeria Immigration Service and the Netherlands, noting that it would bolster institutional professionalism and improve service delivery.
Nandap said the equipment represents a strategic investment in institutional excellence and would enhance the Hostmanship Unit’s training capacity and operational efficiency.
She explained that the initiative is designed to entrench the philosophy of hostmanship across the Service, encouraging immigration officers to ensure that members of the public are treated with courtesy, empathy and professionalism at every point of contact.
“The equipment will further strengthen our capacity to institutionalise the Hostmanship philosophy, where every officer is inspired to make people feel welcomed, respected and valued,” she said.
The Chargé d’Affaires of the Embassy of the Kingdom of the Netherlands in Abuja, Mr. Ronald Sonnemans, described the collaboration with the Nigeria Immigration Service as a model of sustained international partnership.
He reaffirmed the Dutch government’s commitment to supporting initiatives that enhance migration management, institutional capacity and public service delivery in Nigeria.
The Nigeria Immigration Service disclosed that the partnership has already produced tangible results, including the training of hundreds of immigration officers, the establishment of a dedicated Hostmanship Unit and sustained capacity-building programmes under the European Union-funded Capacity Building and Relationship Management (CBR) Project.
According to the Service, the latest donation underscores the commitment of both countries to strengthening migration governance through innovation, knowledge sharing and institutional reforms that enhance public confidence in immigration services.
The Service expressed appreciation to the Government of the Kingdom of the Netherlands and the Repatriation and Departure Service for their continued support, pledging to ensure the donated equipment is effectively utilised in advancing ongoing reforms.
The Nigeria Immigration Service has in recent years intensified reforms aimed at modernising border management, improving service delivery and enhancing the professionalism of its personnel. A key component of these reforms is the Hostmanship programme, a customer service philosophy developed in Sweden that focuses on creating positive service experiences by treating every individual with respect, courtesy and empathy.
The Netherlands has remained one of Nigeria’s key international partners in migration governance, supporting capacity-building initiatives through bilateral cooperation and European Union-funded programmes. The collaboration has focused on improving migration management, combating irregular migration, strengthening institutional capacity and promoting international best practices in public service delivery.
The latest donation is expected to further consolidate these reforms as the Nigeria Immigration Service seeks to build a more citizen-focused and globally competitive immigration system.
Netherlands Donates Equipment to Boost Nigeria Immigration’s Hostmanship Programme
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Troops neutralised key bandit leaders, restored confidence along Gusau- Funtua highway
Troops neutralised key bandit leaders, restored confidence along Gusau- Funtua highway
By Zagazola Makama
The Commander of Combat Team 7 under Operation FANSAN YAMMA, Capt. A.U. Usman, has disclosed that troops have recorded significant operational successes over the past six months, including the elimination of several notorious bandit kingpins and the restoration of security along the strategic Funtua–Tsafe–Gusau highway.
Speaking on Saturday during a visit by Defense Correspondents at the unit’s operational base in Tsafe, Zamfara State, the commander said sustained offensive operations and strategic deployment of troops at identified bandit crossing points had drastically reduced attacks on commuters and boosted public confidence.

“During the period under review, Combat Team 7 has recorded some significant successes,” Usman said.
He revealed that on Jan. 14, troops neutralised notorious bandit commanders, including Kachalla Dan Agwal and Baban Baby, alongside several of their fighters during intelligence-led operations.
“Combat Team 7 was able to neutralise the likes of Kachalla Dan Agwal, Baban Baby and many others. These successes came through carefully planned operations and the deployment of our troops to strategic locations,” he said.
According to the commander, the unit established numerous pickets along the Funtua–Tsafe–Gusau road, particularly at known bandit crossing points frequently used to ambush travellers.
“If you are driving along the Katsina–Funtua–Tsafe–Gusau road today, you will notice several military pickets. Those soldiers are strategically deployed at identified bandit crossing routes,” he explained.
He noted that the deployment had significantly curtailed the activities of armed groups that previously terrorised motorists through kidnappings and violent attacks.
“These bandits were the ones repeatedly disturbing this road. Before now, commuters could not move freely the way they do today. They stopped vehicles, abducted passengers and created fear among the people,” he said.
“Today, because of the strategic deployment of troops and the equipment made available to us, civilians are moving freely without fear. The picketing has restored confidence among road users.”
Capt. Usman further disclosed that another major breakthrough was recorded on Feb. 15 when troops neutralised additional notorious bandits, including Yunusa Dogon Ahmad, during sustained clearance operations along the same corridor.
“On Feb. 15, we were able to neutralise Yunusa Dogon Ahmad and some other key bandits who had been terrorising this route,” he said.
Beyond securing highways, the commander said the military had also created a safer environment for farming activities across communities within its Area of Responsibility (AOR).
According to him, Combat Team 7 currently operates from about 13 operational locations, including Lilo, Mada, Wanzamai, Keta, FOB Railway, Gidan Giye, Keware and several blocking positions established to deny criminals freedom of movement.
“Our troops conduct daily foot patrols from these locations into surrounding farmlands and communities to ensure that farmers carry out their activities without interference from criminal elements,” he said.
“The same pattern is replicated across our entire Area of Responsibility. Whether in Mada, Wanzamai or other locations, our troops are constantly patrolling to provide security for farmers.”
The commander acknowledged that improvised explosive devices (IEDs) remained one of the challenges confronting troops during operations, especially on rural access routes.
“There are places where movement is still affected because of the threat of IEDs,” he said.
“However, with support from the theatre headquarters, Explosive Ordnance Disposal (EOD) teams have now been deployed, and we no longer move on roads without conducting proper scanning to detect possible IED threats.”
On civil-military relations, Capt. Usman described cooperation from residents as encouraging but said more support was needed to deny criminals access to information.
“The locals are cooperating to some extent, but there is still room for improvement,” he said.
“Without informants, terrorists cannot operate effectively. Unfortunately, there are still a few bad elements within some communities who pass information about our movements and activities to the criminals.”
Despite the challenge, he commended the majority of residents for their support and expressed confidence that stronger collaboration between security forces and communities would further weaken the activities of bandits across the region.
The commander reaffirmed the commitment of Combat Team 7 and Operation FANSAN YAMMA to sustaining offensive operations and ensuring that communities, farmers and travellers continue to enjoy improved security across Zamfara and adjoining areas.
Troops neutralised key bandit leaders, restored confidence along Gusau- Funtua highway
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