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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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Police arrest robbery suspects, recover firearms in Plateau
Police arrest robbery suspects, recover firearms in Plateau
By: Zagazola Makama
The Police Command in Plateau has arrested two suspected armed robbers and recovered firearms during an intelligence-led operation in Jos North Local Government Area.
Police sources said the suspects were arrested on March 9 at about 9:15 p.m. by a team of operatives acting on credible intelligence.
The suspects were identified as Emmanuel Yakmoe of Angwan Rukuba and Alfred Song of Furaka Junction, both residents of Jos North.
According to police, a locally fabricated pistol was recovered from the suspects at the time of their arrest.
Preliminary investigation revealed that the suspects had allegedly robbed one Nandi Budadi Taki of his iPhone 16 Pro Max at gunpoint.
Further investigation led to the recovery of an additional Beretta pistol from Yakmoe at his residence in Angwan Rukuba.
Police said the suspects had confessed to the crime, adding that discreet investigation was ongoing.
The command also said efforts were being intensified to arrest other members of the robbery syndicate and recover additional weapons.
Police arrest robbery suspects, recover firearms in Plateau
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Leadership Amid Turbulence: The Stewardship of Dr. Lucky Ikharo at the National Assembly Service Commission
Leadership Amid Turbulence: The Stewardship of Dr. Lucky Ikharo at the National Assembly Service Commission
By Ayo Ajayi
In times of institutional uncertainty, leadership is often tested not by comfort but by crisis. At the National Assembly Service Commission (NASC), Abuja, such a moment emerged amid internal tensions and the spread of misinformation among sections of the workforce. At the centre of this storm stood the Commission’s Secretary, Dr. Lucky Ikharo, whose calm disposition and administrative experience have helped steady the institution through turbulent waters.
For many within the Commission, the period has been marked by a mix of rumours, misrepresentation, and what some observers describe as half-baked narratives circulating among staff who may not be fully informed about the workings of the system. In such an atmosphere, maintaining discipline, order, and institutional focus requires more than routine administration—it demands patience, clarity of purpose, and steady leadership.
Dr. Ikharo has sought to provide exactly that. Known among colleagues for his methodical approach to public service administration, he has remained focused on ensuring that the Commission continues to function effectively despite the distractions created by internal disagreements and misinformation.
His journey within the National Assembly bureaucracy reflects years of dedication to institutional development.
Dr. Ikharo joined the National Assembly Service Commission in 2002 as an Assistant Chief Administrative Officer. Through diligence and professional commitment, he steadily rose through the ranks of the public service, eventually attaining the position of Director in 2017.
Dr Lucky Ikharo was among the pioneer staff members entrusted with the responsibility of coordinating the Commission’s Meeting Secretariat, a role he diligently handled for over nine years. In that capacity, he played a critical role in ensuring the smooth organization and documentation of the Commission’s high-level deliberations.
Following this period, Dr. Ikharo broadened his administrative horizon by serving in various departments within the Commission. These experiences exposed him to the diverse operational dynamics of the institution and helped shape his deep understanding of its administrative processes.
Dr. Ikharo serves as the Secretary to the Commission. His journey through different strategic units of the organisation has positioned him well for the role, affirming the popular saying that he is indeed a round peg in a round hole.
Over the years, he has held several strategic positions within the Commission. Between 2017 and 2019, he served as Director of Promotions, Discipline and Appeals, a role that placed him at the heart of staff management and administrative justice within the organisation. He later served as Director of Procurement and General Services from 2019 to 2020, overseeing critical operational and procurement processes of the Commission.
Beyond his administrative responsibilities, Dr. Ikharo is also a fellow of the Nigerian Institute of Training and Development (NITAD), reflecting his commitment to professional development and capacity building in public service.Observers say his leadership style is defined by calm engagement rather than confrontation. At a time when rumours and internal tensions threaten to distract the Commission from its statutory mandate, his stewardship has focused on maintaining stability, reinforcing administrative procedures, and ensuring that the institution continues to carry out its responsibilities to the legislature and the Nigerian public.
Indeed, leadership within public institutions often unfolds quietly, away from public applause. Yet it is precisely in such moments of internal turbulence that the character of a public administrator becomes most visible. For Dr. Lucky Ikharo, the challenge has been to keep the Commission steady, demonstrating that experience, patience, and commitment to institutional integrity remain essential pillars of effective public service leadership.
Leadership Amid Turbulence: The Stewardship of Dr. Lucky Ikharo at the National Assembly Service Commission
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ECOWAS Sounds Alarm Over Gulf Escalation, Warns of Economic Shockwaves for West Africa
ECOWAS Sounds Alarm Over Gulf Escalation, Warns of Economic Shockwaves for West Africa
By: Michael Mike
The Economic Community of West African States (ECOWAS) has raised fresh concerns over the escalating hostilities in the Gulf region, cautioning that a prolonged conflict could unleash severe economic and security repercussions far beyond the Middle East, with Africa among the hardest hit.
In a statement issued under the chairmanship of Julius Maada Bio, President of Sierra Leone, the 12-member regional bloc aligned itself with the position earlier expressed by the African Union Commission, which has voiced deep unease over the intensifying military exchanges.
The warning comes at a time when global energy markets are already on edge. The Gulf region remains central to international oil and gas supplies, accounting for a significant share of global crude exports. For West African economies — many of which are net importers of refined petroleum products despite being crude producers — volatility in oil prices translates quickly into domestic inflation, currency pressures and rising transport and food costs.
ECOWAS noted that beyond energy, the Gulf serves as a strategic artery for global trade. Key maritime routes, including those connected to the Strait of Hormuz, facilitate the movement of energy supplies and commercial goods between Asia, Europe and Africa. Any disruption risks compounding supply chain fragilities that have persisted since the COVID-19 pandemic and the Russia-Ukraine conflict.
For food-import-dependent nations across West Africa, the stakes are particularly high. Many countries in the region rely heavily on imported wheat, fertiliser and other agricultural inputs sourced through global supply chains sensitive to geopolitical shocks. Previous international crises have demonstrated how quickly distant conflicts can drive up bread prices and deepen food insecurity in African cities.
In its statement, ECOWAS urged all parties to exercise maximum restraint and adhere strictly to international law and the principles of the United Nations Charter, including respect for sovereignty, territorial integrity and the peaceful settlement of disputes. It stressed that civilian lives and critical infrastructure must be protected at all times.
The bloc also called for renewed diplomatic engagement within established international and regional frameworks, arguing that dialogue remains the only sustainable path to de-escalation. West African leaders have historically positioned the region as a strong advocate for multilateralism, often promoting negotiated settlements in conflicts both within and outside the continent.
Analysts observe that ECOWAS’ swift alignment with the African Union reflects a broader concern about the cumulative impact of global instability on African economies already grappling with debt burdens, currency depreciation and climate-related pressures. Rising energy prices could strain public finances, while shipping disruptions could intensify shortages of essential commodities.
The statement underscores a growing recognition among African policymakers that geopolitical flashpoints thousands of miles away can have immediate and tangible consequences at home. As tensions mount in the Gulf, ECOWAS has signalled that West Africa is watching closely — and urging diplomacy over escalation in the interest of global and regional stability.
ECOWAS Sounds Alarm Over Gulf Escalation, Warns of Economic Shockwaves for West Africa
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