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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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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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Army troops foils ISWAP attack on picketing troops in Konduga, Borno
Army troops foils ISWAP attack on picketing troops in Konduga, Borno
By: Zagazola Makama
Troops of Joint Task Force Operation HADIN KAI under the 21 Special Armoured Brigade have successfully repelled an attack by suspected Islamic State West Africa Province (ISWAP) terrorists on picketing personnel in the North East, of Konduga Borno state.
According to sources at about 1215 hours on February 26, picketing troops at checkpoint came under attack by elements of Boko Haram terrorists.

The soldiers responded aggressively while the Quick Reaction Force (QRF), led by the Sunray team, swiftly mobilised to the contact point where fire was exchanged with the terrorists. The attackers reportedly fled into the Yale Forest following the encounter.
In the aftermath, troops conducted exploitation along the terrorists’ withdrawal route and recovered one PKT believed to belong to the attackers.
The sources confirmed that the operation did not result in any casualties or injuries among the JTF personnel, and no equipment was lost.

The JTF added that monitoring of the area continues, and the morale and fighting efficiency of the troops remain satisfactory.
The sources said that the latest operation demonstrates the continued vigilance and readiness of the JTF in the North East to protect civilians and deny terrorists freedom of movement.
End
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Zulum Declares 2026 Year of Consolidation, Intensifies Security and Reconstruction Drive in Borno State
Zulum Declares 2026 Year of Consolidation, Intensifies Security and Reconstruction Drive in Borno State
By: Michael Mike
Borno State Governor, Prof. Babagana Zulum has declared that his administration will intensify efforts to eliminate residual security threats and fast-track the completion of critical infrastructure projects across Borno State in 2026, describing the year as decisive for consolidating hard-won gains.
The governor made the commitment on Thursday during the first State Executive Council meeting of the year at the Government House in Maiduguri, where he addressed commissioners and senior government officials on the administration’s priorities.
Zulum said although relative stability has returned to many parts of the state after years of insurgency, the government would not relent until every community is safe.
“We have made measurable progress in restoring peace, but our task is not finished. Security remains the foundation upon which every other intervention stands. We will continue to support security agencies and ensure that no part of Borno is left vulnerable,” he stated.
A central pillar of the 2026 agenda, according to the governor, is the resettlement of internally displaced persons (IDPs), with emphasis on durable, long-term solutions rather than temporary relief.
He explained that the state government would deepen investments in housing, healthcare, education and livelihood programmes to ensure that returning families can rebuild their lives sustainably.
“Our goal is not just to return people to their communities, but to restore dignity, economic stability and hope. Resettlement must translate into real recovery,” Zulum said.
The governor also announced plans to strengthen social protection systems to shield vulnerable populations from economic shocks and the lingering effects of conflict. He described social protection as a strategic tool for stabilisation and inclusive growth.
“Social protection remains central to our rebuilding process. As we provide infrastructure and social amenities, we must also strengthen support systems for widows, orphans, and the most vulnerable in our society,” he added.
Zulum directed members of the executive council to ensure the timely completion of all ongoing projects across the state’s three senatorial districts. These projects cut across road construction, healthcare facilities, schools, water supply schemes and agricultural development initiatives.
He warned against delays and cost overruns, stressing the need for accountability, transparency and rigorous supervision.
“Every project must reflect value for money and must be delivered within schedule. Our people deserve visible and measurable progress,” he said.

The meeting was attended by the Secretary to the State Government, Bukar Tijani; Acting Chief of Staff, Dr. Babagana Mallumbe; and other top officials.
With the renewed focus on security consolidation and accelerated development, the Borno government signalled its determination to shift from emergency response to structured recovery, anchoring the state’s future on stability, infrastructure expansion and strengthened social systems.
Zulum Declares 2026 Year of Consolidation, Intensifies Security and Reconstruction Drive in Borno State
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