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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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Troops Foil Boko Haram Attack, Rescue Nine Captives in Mandara Mountain in Borno

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Troops Foil Boko Haram Attack, Rescue Nine Captives in Mandara Mountain in Borno

By: Zagazola Makama

Troops of the Nigerian Army under Operation Hadin Kai have foiled an attempted terrorist attack and successfully rescued nine captives, including women and children, in the Mandara Mountains area of Borno State.

Security sources told Zagazola Makama that the operation was carried out by troops of 82 Division Task Force Battalion deployed in Ngoshe, as part of ongoing offensive operations under Operation Desert Sanity.

The sources disclosed that the troops had earlier conducted a successful rescue mission in the Mandara Mountains, freeing nine captives held by suspected Boko Haram terrorists.

However, at about 10:20 a.m. on April 22, an unconfirmed number of terrorists launched a follow-up attack from the Gava axis in an apparent attempt to re-abduct the rescued victims.

The troops responded with what was described as disciplined and coordinated firepower, decisively repelling the attackers and foiling their attempt.

Military authorities said the swift response ensured the safety of the rescued captives, preventing a potential reversal of the successful rescue operation.

Preliminary investigations further revealed that one of the rescued victims, a 16-year-old girl identified as Aisha Abubakar, had been forced into marriage by a terrorist commander known as Dabbaba.

The suspect was reportedly formerly in Ngoshe and later returned to terrorist ranks in the Mandara Mountains.

All rescued individuals were administered first aid and are currently in the custody of the troops for further care and debriefing.

Sources added that the general security situation across the theatre remains relatively calm but unpredictable, with troops maintaining high morale and operational effectiveness.

The military high command reaffirmed its commitment to sustaining offensive operations, rescuing hostages, and denying terrorists elements freedom of action in the North East.

Troops Foil Boko Haram Attack, Rescue Nine Captives in Mandara Mountain in Borno

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Earth Day 2026: HOMEF Calls for Urgent Climate Action as Nigeria’s Environmental Crises Deepen

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Earth Day 2026: HOMEF Calls for Urgent Climate Action as Nigeria’s Environmental Crises Deepen

By: Michael Mike

As the world marks Earth Day 2026, the Health of Mother Earth Foundation (HOMEF) has called for urgent and sustained action to confront accelerating environmental degradation, warning that humanity must urgently shift from rhetoric to responsibility in addressing the climate crisis.

This year’s global theme, “Our Power, Our Planet,” underscores the need to speed up the transition away from fossil fuels, drastically cut carbon emissions, and adopt holistic strategies that protect biodiversity and restore damaged ecosystems.

HOMEF said the mounting environmental challenges facing the planet—including erratic weather patterns, rising temperatures, deforestation, oil pollution, and biodiversity loss—can no longer be addressed through gradual or fragmented responses.

According to the organisation, environmental protection is no longer optional but a survival imperative tied directly to public health, food security, economic stability, and national security.

The Executive Director of HOMEF, Dr Nnimmo Bassey, called for bold investments in ecological restoration and stronger global commitment to environmental justice. He stressed that humanity already possesses the capacity to reverse environmental decline, but lacks the political will to act decisively.

He noted that Earth’s ecosystems remain the foundation of all life, providing essential resources such as clean air, water, and fertile soil. Their continued destruction, he warned, threatens the future of both current and coming generations.

Bassey urged a shift away from extractive systems he described as environmentally exploitative, calling instead for a renewed relationship with nature rooted in stewardship, sustainability, and respect for ecological limits.

He further warned that failure to protect the planet amounts to “destroying the home we all depend on and leaving nothing but ruins for those who come after us.”

HOMEF used the occasion to encourage citizens and governments to adopt practical climate actions such as tree planting, reducing single-use plastics, supporting zero-waste systems, and promoting indigenous conservation practices.

The organisation also highlighted ongoing environmental hazards in Nigeria, particularly persistent oil-related disasters. It drew attention to the continued burning of the Ororo-1 oil well off the coast of Awoye in Ondo State, which has reportedly been active for several years, as well as the ongoing wellhead fire at Ofiomina-Ama community in Okrika Local Government Area of Rivers State.

HOMEF described these incidents as long-standing ecological emergencies that demand immediate government intervention, including decommissioning of hazardous sites, environmental cleanup, and comprehensive community rehabilitation.

The group stressed that Earth Day should go beyond symbolic celebration, insisting it must serve as a global moment of accountability and renewed commitment to protecting the planet.

“This is a defining moment,” the organisation said in its message. “We either act decisively to defend the Earth, or we accept a future shaped by irreversible environmental decline.”

As Earth Day 2026 is observed worldwide, HOMEF is urging governments, industries, and individuals alike to move beyond awareness and embrace urgent, concrete action to secure a livable planet for future generations.

Earth Day 2026: HOMEF Calls for Urgent Climate Action as Nigeria’s Environmental Crises Deepen

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Zulum Bags Nurse-Friendly Governor Award at Commonwealth Nurses Conference

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Zulum Bags Nurse-Friendly Governor Award at Commonwealth Nurses Conference

By: Our Reporter

Borno State Governor, Prof. Babagana Zulum has been honoured with the prestigious Nurse-Friendly Governor Award at the 2026 Commonwealth Nurses and Midwives Conference held in Abuja on Tuesday.

The conference, organised by the Commonwealth Nurses and Midwives Federation, brought together delegates from across Commonwealth countries under the theme: “Towards Excellence: Nurses and Midwives working together towards excellence in practice, education and regulation.”

Presenting the award, CNMF President Kathleen McCourt commended Zulum for his outstanding service to humanity, highlighting his large-scale housing initiatives for internally displaced persons and sustained investments in healthcare infrastructure. She noted that his hands-on leadership style in restoring dignity to vulnerable populations has set a benchmark across the Commonwealth.

The governor was represented at the event by Professor Abubakar Kullima, Chief Medical Director of the State Hospital Management Board, alongside his Senior Technical Assistant on Print and Digital Communications, Hon. Abdurrahman Bundi.

Earlier, President of the National Association of Nigerian Nurses and Midwives, Haruna Mamman, explained that the awardees were selected after a rigorous assessment based on criteria established by the association.

Other recipients included governors from Nasarawa State, Sokoto State, Kebbi State, Bayelsa State, Adamawa State, Lagos State, Katsina State, Plateau State, Anambra State, and Akwa Ibom State.

Zulum’s administration has prioritised healthcare development, including the establishment of Colleges of Nursing in both northern and central parts of Borno.

According to organisers, his government delivered 120 projects within his first 100 days in office, 326 projects in his first year, over 500 in his second year, about 800 in his third year, and approximately 1,500 projects by his seventh year in office.

Zulum Bags Nurse-Friendly Governor Award at Commonwealth Nurses Conference

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