Connect with us

Uncategorized

Corporate Affairs Commission places First Bank record on caveat as board crisis worsens

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

Troops arrest three Fulani men in Plateau after farmer’s killing

Published

on

Troops arrest three Fulani men in Plateau after farmer’s killing

By: Zagazola Makama

Troops of Sector 6, Operation ENDURING PEACE (OPEP), have arrested three persons during a raid on two Fulani settlements in Bachi community, Riyom Local Government Area of Plateau State.

The operation, conducted on Sept. 13, 2026, followed a manhunt for criminal elements responsible for the killing of a farmer at Fang community in Riyom LGA on Sept. 12.

During the raid at Baggat and Shong 2 Fulani hamlets, troops arrested three residents identified as Anas Usman, Nuhu Mohammad and Haruna Ahmed.

Security sources said the three suspects are not necessarily the perpetrators of the killing, but their arrest is part of efforts to mount pressure on local Fulani leaders to assist security agencies in identifying and producing those responsible for the crime.

The suspects are currently in custody for further investigation and intelligence exploitation.

Troops arrest three Fulani men in Plateau after farmer’s killing

Continue Reading

Uncategorized

Talata Mafara Attack: ISN Demands Intelligence Overhaul, Special Courts to Crush Banditry

Published

on

Talata Mafara Attack: ISN Demands Intelligence Overhaul, Special Courts to Crush Banditry

The Institute of Security, Nigeria (ISN) has called for a fundamental overhaul of Nigeria’s approach to terrorism, banditry and kidnapping, warning that criminal groups are becoming increasingly organised and capable of challenging the authority of the state.

The institute made the call while reacting to the reported invasion of Talata Mafara market in Zamfara State, where non-state actors allegedly imposed a ₦50 million levy and demanded 100 livestock, giving residents a seven-day ultimatum.

The ISN said the development exposed the need for security agencies to move beyond reactive operations and adopt stronger intelligence-led strategies capable of identifying and dismantling criminal networks before they launch attacks.

In a statement signed by its Deputy President and Chief Executive Officer, Barr. Adebayo Akinade, the institute said the activities of terrorists and bandits were no longer limited to isolated attacks but increasingly involved the control of economic activities, collection of illegal levies and disruption of legitimate livelihoods.

It warned that such activities could gradually establish a parallel system of criminal authority in affected communities if left unchecked.

The institute consequently urged the Federal and state governments to establish a coordinated security framework bringing together federal security agencies, state security outfits and vetted community guards.

It also called for the creation of a National Security Fusion Centre, supported by state-level fusion desks, to facilitate real-time intelligence sharing and faster responses to emerging threats.

According to the ISN, security agencies should penetrate criminal networks operating around markets, cattle-rustling routes and illicit livestock value chains while targeting the logistics and financial structures sustaining banditry.

It recommended regulated livestock markets and improved tracking systems to prevent stolen cattle from being absorbed into legitimate commercial channels.

The institute further proposed special courts for terrorism, kidnapping and banditry cases, arguing that a faster judicial process would strengthen the fight against organised criminal groups.

It urged the government to deploy modern technologies, including forest geo-fencing, livestock tracking, drones and citizen-reporting platforms, alongside improved tactical mobility and air surveillance.

The ISN also called for a two-hour rapid-response mechanism in vulnerable areas and increased investment in night-vision equipment and other specialised capabilities.

Beyond security operations, the institute advocated stronger community-based early-warning systems and local peace and security forums involving traditional rulers, farmers, market unions, faith organisations and civil society groups.

It urged citizens to report threats rather than surrendering to ransom and illegal levy demands, while encouraging communities to document attacks and preserve evidence for investigations and prosecution.

The institute said professional training in terrorism studies, intelligence management and counter-banditry operations should be strengthened as part of efforts to build a more effective national security architecture.

The ISN reaffirmed its readiness to support government and security agencies through research, training, policy advisory services and professional certification, saying a coordinated response was essential to restoring public confidence and protecting national development.

Talata Mafara Attack: ISN Demands Intelligence Overhaul, Special Courts to Crush Banditry

Continue Reading

Uncategorized

2026 Peace and Dialogue Awards: IPCR, Ufuk Foundation Call for Collective Investment in Peace

Published

on

2026 Peace and Dialogue Awards: IPCR, Ufuk Foundation Call for Collective Investment in Peace

By: Michael Mike

The Director-General of the Institute for Peace and Conflict Resolution (IPCR), Dr. Joseph Ochogwu, has called on governments, businesses, civil society organisations, religious and traditional institutions, communities and individuals to invest deliberately in peacebuilding, warning that the cost of conflict far exceeds the resources required to prevent it.

Ochogwu made the call on Thursday, September 10, 2026, while delivering a lecture titled “Investing in Peace: A Collective Responsibility for Everyone” at the 2026 Peace and Dialogue Awards organised by the Ufuk Dialogue Foundation Nigeria in collaboration with the IPCR in Abuja.

He said the awards should go beyond recognising individuals and organisations contributing to peacebuilding, stressing that Nigeria must begin to treat peace as an investment requiring consistent resources, planning and accountability.

According to Ochogwu, global military expenditure exceeded $2.4 trillion in 2024, while peacebuilding expenditure remained below $60 billion, representing about 2.5 per cent of military spending.

He questioned why trillions of dollars could be mobilised for conflict and military expenditure while significantly smaller amounts remained difficult to commit to conflict prevention and peaceful societies.

Ochogwu said the message was consistent with the 2026 International Day of Peace and International Day of UN Peacekeepers, but noted that the IPCR had further domesticated it as “Invest in Peace for Everyone, Everywhere, Everyday.”

“Peace cannot be a seasonal product for September 21st; it must be deliberate, daily, and for all,” he said.

He identified early-warning systems, peace education, youth employment, interfaith literacy, justice reform, community mediation, psychosocial healing, and greater participation of women and young people as key areas requiring investment.

The IPCR Director-General noted that the benefits of peacebuilding were often measured by conflicts that never occurred, making its returns less visible than conventional security spending.

He stressed that peacebuilding interventions must reflect the specific causes of conflicts in different parts of Nigeria. He identified extremism in the North-East, banditry in the North-West and North-Central, resource-related conflicts across the Middle Belt, separatist agitation in the South-East and urban fragility as major security and conflict challenges.

He also said West Africa and the Sahel were facing a convergence of violent extremism, unconstitutional political transitions, farmer-herder tensions and climate-induced displacement.

“A blanket approach will fail,” he warned, urging policymakers to develop interventions based on the specific drivers of conflict in each community and region.

Ochogwu also linked economic development to sustainable peace, saying the Federal Government’s economic reforms under the Renewed Hope Agenda could contribute directly and indirectly to peacebuilding.

He said job creation, poverty reduction and addressing economic vulnerabilities could help prevent communities and young people from becoming susceptible to conflict and violent mobilisation.

“Economic renewal is not a separate track; it is the bedrock on which peace is sustained,” he said.

He identified a perception gap, fragmentation of interventions, funding misalignment and the absence of effective mechanisms for tracking peace expenditure and its impact as major obstacles to peace investment.

According to him, less than 0.5 per cent of the budgets of Ministries, Departments and Agencies (MDAs) were coded for peacebuilding, while corporate social responsibility (CSR) spending rarely reached peacebuilding initiatives.

He therefore called for a system to track who invests in peace, how much is invested, where resources are deployed and the results achieved.

Ochogwu warned that failure to invest in peace carries significant economic and humanitarian consequences. He cited an estimated $19.1 trillion global economic cost of violence in 2024, equivalent to about 13.5 per cent of global GDP.

He added that every dollar not invested in conflict prevention could ultimately cost significantly more in humanitarian response and reconstruction.

According to him, farmer-herder conflicts had resulted in losses estimated at more than $14 billion over five years, while infrastructure damage in the North-East had exceeded $9 billion, with about 2.2 million people displaced.

“The cost of not investing in peace far exceeds the cost of investing in it,” he said.

To address the challenges, Ochogwu proposed a five-point compact aimed at making peacebuilding a shared responsibility across Nigerian society.

He called for the speedy implementation of the National Peace Policy, the establishment of a National Peace Investment Fund, legislation for a minimum three per cent peacebuilding allocation across relevant MDAs, and stronger coordination and early-warning responsibilities for the IPCR.

He also proposed committing at least one per cent of CSR expenditure to peacebuilding initiatives, including mediation centres, school peace clubs, early-warning technology and youth employment programmes in vulnerable communities.

The IPCR boss urged faith, traditional and community leaders to institutionalise interfaith dialogue and community-level dispute-resolution mechanisms in every ward, saying vulnerable communities often need trusted local mediators more than externally organised workshops.

He further called for stronger action against hate speech and disinformation, the generation of locally relevant evidence and the development of a Peace Investment Tracker Dashboard at the IPCR.

Ochogwu urged individuals and communities to make peace part of their daily conduct by avoiding escalation, accommodating neighbours, reporting early-warning signs and mentoring vulnerable young people.

“Peace must become everyone’s business,” he said.

The Chairperson of the 2026 Peace and Dialogue Awards, Inspector-General of Police Olatunji Rilwan Disu, NPM, also said peace and democracy were mutually reinforcing, stressing the importance of peaceful engagement in strengthening Nigeria’s democratic development.

2026 Peace and Dialogue Awards: IPCR, Ufuk Foundation Call for Collective Investment in Peace

Continue Reading

Trending

Verified by MonsterInsights