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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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MACBAN Chairman, Son Killed After Peace Meeting in Benue
MACBAN Chairman, Son Killed After Peace Meeting in Benue
By: Zagazola Makama
The Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) in Benue State, Alhaji Ardo Risku, and his son, Ibrahim, have reportedly been killed by local militia members while returning from a peace meeting in Otukpo, Benue state.
Sources said the incident occurred near Ahimeni in the Okodu area as the victims were travelling home after participating in the meeting aimed at fostering peaceful coexistence among communities.
The killing has sparked renewed concern over the persistent insecurity in parts of Benue State, where recurring attacks have continued to claim lives and heighten ethnic tensions.
Community members described the incident as tragic, noting the irony that the victims lost their lives shortly after attending a meeting dedicated to promoting peace and dialogue.
Stakeholders have urged Nigerians not to allow the actions of criminal elements to fuel ethnic profiling or collective blame, stressing that criminality should remain an individual responsibility rather than being attributed to any ethnic or religious group.
They noted that millions of Fulani men, women and children are law-abiding citizens who contribute to their communities and should not be targeted because of the actions of a few criminal elements.
The incident has further pointed to the need for sustained collaboration among government, security agencies, traditional rulers, religious leaders and community stakeholders to address insecurity and strengthen peace-building initiatives across the country.
As of the time of filing this report, security authorities had yet to issue an official statement on the incident, while efforts were reportedly ongoing to apprehend the perpetrators.
The latest attack adds to growing concerns over the cycle of violence in parts of the country and highlights the urgent need for lasting measures to safeguard innocent lives and promote peaceful coexistence among all Nigerians.
MACBAN Chairman, Son Killed After Peace Meeting in Benue
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Zulum closes Borno’s largest IDP camp in Bama, says Gwoza follows
Zulum closes Borno’s largest IDP camp in Bama, says Gwoza follows
By: Our Reporter
Governor Babagana Umara Zulum of Borno State has ordered the immediate closure of the Internally Displaced Persons (IDP) camp in Bama, the largest displacement facility outside the state capital, Maiduguri, while also hinting that the Gwoza camp would follow suit.
The Governor announced this on Thursday in Gwoza shortly after an assessment visit to Government Secondary School IDP camp.

“We visited Bama yesterday and supervised the screening of IDPs, and by 12 noon, Bama IDP camp should be closed,” Zulum stated. “Today we are here in Gwoza, we have profiled all of them, and Insha Allah, in the next two or three weeks this camp will also be closed.”
According to Governor Zulum, the return has been made possible by the relative peace now prevailing in most communities hitherto occupied by Boko Haram insurgents.

In the past seven years, Borno State Government has successfully resettled several communities in Bama Local Government Area, including Darajamal, Nguro Soye, Goniri, Banki, Abbaram, Ngoshe, Kirawa, Warabe and other locations across the state.
However, Governor Zulum expressed deep concern over the rising criminality within IDP camps, pointing to the proliferation of illicit activities that have turned these facilities into hotspots for social vices. “In our camps now, there is an ongoing criminality; we have identified all of them and they’ll be resettled based on their localities and to their community heads. Otherwise, Boko Haram/ISWAP are gradually infiltrating the camps.”
He also raised the alarm over the disturbing trend of people leaving their homes to resettle in camps to collect relief items from non-governmental organisations. The Governor hinted that a significant number of fake IDPs had been identified during the screening exercise, stressing that the government cannot sustain the maintenance of camps under such circumstances.

The Governor also hinted that the Gwoza IDP camp would follow the Bama camp in the next phase of closures. Several other camps in different parts of the state will also be closed before his tenure ends, Zulum noted.
“Many of those that are residents living in their homes are returning to the camps to receive handouts from non-governmental organisations. We will ensure the returns are sustainable. One year ago, this was almost a ghost camp with not more than about 400 households. It is surprising that about 3,000 households are back in the camp, and most of them are residents living within the town.”
Zulum closes Borno’s largest IDP camp in Bama, says Gwoza follows
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Sowore’s Attack on NUJ Over DSS Chief’s Award Baseless, Threatens Free Speech – Group
Sowore’s Attack on NUJ Over DSS Chief’s Award Baseless, Threatens Free Speech – Group
By: Michael Mike
The Centre for Public Integrity has condemned what it described as an “asinine and unwarranted attack” by former presidential candidate of the African Action Congress (AAC), Omoyele Sowore, against the Nigeria Union of Journalists (NUJ) over its recent “Man of the Year” award to the Director-General of the Department of State Services (DSS), Mr. Oluwatosin Ajayi.
In a statement issued on Sunday and signed by its National Coordinator, Comrade Job Samuel Danfulani, the group said Sowore’s criticism of the award raises serious moral, legal and security concerns, particularly because of what it termed a baseless attack on the NUJ.
The organisation acknowledged that Sowore had the right to disagree with the award but insisted that such criticism should be expressed “with decency and within the ambit of the law.”
The Centre noted that Ajayi had previously received recognition from major media bodies, including the International Press Institute (IPI), which in December commended him for his commitment to press freedom and respect for journalists. According to the group, the IPI had praised the DSS under Ajayi’s leadership for demonstrating professionalism, restraint and openness to dialogue, in contrast to past allegations of hostility toward the media.
The statement also highlighted several actions credited to Ajayi, including the removal of veteran journalist and Executive Director of the International Press Centre, Lanre Arogundade, from the DSS watchlist in April 2025 after more than three decades, as well as the withdrawal of cyber defamation charges against Order Paper newspaper and its staff following his intervention.
The Centre further pointed out that the Broadcasting Organisation of Nigeria (BON) had honoured Ajayi with a “Friend of the Media” award in April 2026, questioning why Sowore had not publicly objected to those recognitions but chose to criticise the NUJ award.
According to the group, the NUJ presented the “Man of the Year” award to the DSS chief at the conclusion of its two-day National Security Summit in Abuja, citing his efforts in promoting partnership, openness and mutual respect between the media and security institutions.
The organisation argued that journalists have the professional responsibility to commend or criticise public officials based on verifiable facts and performance, adding that several media stakeholders have publicly praised Ajayi’s leadership style.
It also referenced a recent tribute by veteran journalist and former Director-General of the Nigerian Television Authority (NTA), Dr. Tonnie Iredia, who reportedly commended the DSS chief’s approach to leadership and engagement with the media.
The Centre urged human rights organisations and journalists to condemn what it described as Sowore’s disrespect for the journalism profession, stressing that freedom of expression should not be used to undermine the dignity of others.
The group further appealed to Ajayi not to be distracted by criticism and to remain committed to upholding the rule of law in the discharge of his duties.
“The DSS under Mr. Ajayi has increasingly embraced legal processes and judicial adjudication in resolving disputes. Such commitment to the rule of law should not be diminished by provocative actions,” the statement said.
Sowore’s Attack on NUJ Over DSS Chief’s Award Baseless, Threatens Free Speech – Group
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