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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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COAS charts new course for Nigerian Army as training reforms, troop welfare take centre stage

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COAS charts new course for Nigerian Army as training reforms, troop welfare take centre stage

By: Zagazola Makama

The Nigerian Army is set for far-reaching reforms in training, operations and troop welfare as the Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, unveiled a bold roadmap aimed at transforming the force into a more professional, combat-ready and resilient institution.

Shaibu disclosed this at the closing ceremony of the Chief of Army Staff Annual Conference 2025, a high-level gathering that brought together the leadership of the Nigerian military, including Principal Staff Officers from Defence and Army Headquarters, Corps and Theatre Commanders, General Officers Commanding, Brigade Commanders, heads of Army establishments and training institutions, as well as defence advisers and senior officers.

The annual conference, according to the COAS, served as a platform for a frank assessment of the Army’s operational and administrative performance in 2025, while setting the tone for priorities in the coming year.

“It is indeed gratifying to note that the past few days have been filled with robust and engaging interactions on administration, training and operations of the Nigerian Army,” Shaibu said.

He noted that deliberations at the conference provided a clearer picture of both progress recorded and challenges encountered across theatres of operation, stressing that lessons learnt would directly shape reforms going forward.

Central to the COAS’ vision is a comprehensive overhaul of the Army’s training architecture, anchored on realism, adaptability and mission-specific outcomes.

“My grand plan for the total overhaul of our schools’ training curriculum will be codified, as I believe that realistic training directly influences operational outcomes,” he said.

Shaibu explained that Army Headquarters, through the Department of Training, would soon commence a holistic review of curricula across all Nigerian Army schools, with emphasis on mission-focused training tailored to Nigeria’s complex security environment.

Special attention, he said, would be given to the training and employment of Special Forces and Army Aviation, which have become increasingly critical in counter-insurgency, counter-terrorism and internal security operations.

The COAS observed that intelligence briefings and operational updates presented during the conference confirmed that Nigeria’s operating environment was becoming more complex, driven by evolving insurgent tactics, regional instability and global shifts in the character of warfare.

“This evolving threat spectrum necessitates that we enhance our capabilities in intelligence, surveillance, target acquisition and reconnaissance, as well as in cyber operations,” he said.

Shaibu emphasised the need for continuous learning, innovation and technological integration at all levels of the Army, noting that modern warfare demanded flexibility and rapid adaptation.

While outlining operational reforms, the COAS also placed strong emphasis on troop welfare, describing it as inseparable from combat effectiveness and morale.

A major concern, he said, remained the persistent shortage of accommodation across Army barracks nationwide.

“In line with our welfare commitments to all Nigerian Army personnel, I shall continue to build on the efforts of past Chiefs of Army Staff in addressing the crisis of accommodation shortages,” he said.

Shaibu directed that all ongoing residential accommodation projects across the Nigerian Army be completed in good time and allocated to personnel, while new housing projects would be initiated across divisions and barracks.

As an interim measure, he disclosed that the Army would embark on a comprehensive programme of renovation works in existing barracks to improve living conditions for troops and their families.

Beyond serving personnel, the COAS reaffirmed his commitment to securing post-service housing for soldiers and officers, stressing that retirement should not translate into uncertainty or hardship.

“With all these efforts aimed at elevating existing accommodation shortfalls, we will continue to strike a balance by also securing post-service housing for all our soldiers and officers,” he said.

In furtherance of this commitment, Shaibu announced that he would be in Ibadan, Oyo State, for the commissioning of the Affordable Home Ownership Option (AHOO) project for soldiers, alongside the Post-Service Housing Development Limited shopping complex.

“Under my watch, the post-service housing needs of all our soldiers will continue to be a top priority, with due attention given to the completion of ongoing projects,” he assured.

The COAS expressed appreciation to President Bola Ahmed Tinubu for sustained political support, particularly in the area of military hardware and software procurement, noting that timely interventions from the nation’s leadership remained critical to the Army’s effectiveness.

He also commended the Chief of Policy and Plans (Army) and his team for organising what he described as a highly impactful conference, as well as participants whose contributions he said were unprecedented in scope and depth.

“I therefore look forward to receiving a draft summary of decisions in the coming days for necessary approvals and subsequent dissemination for implementation,” Shaibu said.

The COAS said the Nigerian Army was entering a phase of deliberate and purposeful reform one anchored on realistic training, technological innovation and improved welfare aimed at strengthening morale, enhancing operational effectiveness and ensuring the safety and security of the country.

Shaibu expressed profound appreciation to President Bola Ahmed Tinubu, the Commander-in-Chief of the Armed Forces, for his sustained support and strategic guidance to the Nigerian military, particularly in the areas of capacity building, equipment procurement and troop welfare.

He reaffirmed the unwavering loyalty and commitment of the Armed Forces of Nigeria to the President, the Constitution and the Nigerian people, stressing that the Army remained resolute in the defence of the nation’s sovereignty and territorial integrity.

COAS charts new course for Nigerian Army as training reforms, troop welfare take centre stage

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COAS orders completion of barracks housing, unveils post-service accommodation drive

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COAS orders completion of barracks housing, unveils post-service accommodation drive

By: Zagazola Makama

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has ordered the speedy completion of all ongoing residential accommodation projects in Nigerian Army barracks nationwide to address housing shortfalls among personnel.

Shaibu gave the directive on Thursday while addressing participants at the closing ceremony of the Chief of Army Staff Annual Conference 2025 in Abuja.

He said improving troop welfare, particularly accommodation, remained a core component of his command priorities and a continuation of efforts initiated by past Chiefs of Army Staff.

“In line with our welfare commitments to all Nigerian Army personnel, I shall continue to build on the efforts of past Chiefs of Army Staff in addressing the crisis of accommodation shortages,” he said.

The COAS disclosed that all ongoing housing projects would be completed and allocated promptly, while new residential projects would be initiated across divisions and barracks nationwide.

“As a stopgap measure, the Nigerian Army will be investing in a more comprehensive spread of renovation works in all our barracks,” Shaibu added.

He acknowledged that despite progress made so far, significant gaps remained, which required deliberate and sustained intervention.

Beyond in-service accommodation, the COAS said the Army would continue to prioritise post-service housing for soldiers and officers to ensure dignity and stability after retirement.

“With all these efforts aimed at addressing existing accommodation shortfalls, we will continue to strike a balance by also securing post-service housing for all our soldiers and officers,” he said.

Shaibu announced that he would be in Ibadan, Oyo State, on Friday for the commissioning of the Affordable Home Ownership Option (AHOO) project for soldiers, as well as the Post-Service Housing Development Limited shopping complex.

“Under my watch, the post-service housing needs of all our soldiers will remain a top priority, with due attention to the completion of ongoing projects,” he assured.

The COAS expressed confidence that the housing schemes would significantly alleviate accommodation challenges faced by serving and retired personnel, describing them as a critical component of the Army’s broader welfare architecture.

He commended the Chief of Logistics (Army) and other Commanders for their contributions, and reiterated his resolve to confront accommodation challenges “head on with all the seriousness it deserves.”

COAS orders completion of barracks housing, unveils post-service accommodation drive

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Security forces launches rescue operation in Kano after abduction of four persons by bandits

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Security forces launches rescue operation in Kano after abduction of four persons by bandits

By: Zagazola Makama

Security forces in Kano have launched a manhunt for suspected armed abductors following the abduction of four persons in Karaye Local Government Area of the state.

Security sources told Zagazola Makama that the incident occurred at about 1:15 a.m. on Tuesday when about eight hoodlums, armed with AK-47 rifles, invaded Adama village in Karaye LGA.

The source said the suspects abducted four members of the Alhaji Boyi Adama family, identified as Aliyu Bello, Sani Bello, Razika Aliyu Bello and Shu’aibu Salisu.

“Upon receipt of the report from a good Samaritan, Joint Task Force teams were swiftly deployed to the scene on a rescue mission,” the source said.

According to the source, the suspects fled the area before the arrival of security operatives.

An empty 7.62mm ammunition shell was recovered at the scene, while efforts were ongoing to rescue the victims unhurt and track down the perpetrators.

The authorities assured residents that intensified operations were underway to apprehend those responsible and restore calm to the area.

Zagazola report that bandits have intensified attacks in Kano state especially around communities bordering Kano and Kastina state.

Security forces launches rescue operation in Kano after abduction of four persons by bandits

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