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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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FG Evacuates 593 Nigerians from South Africa, Denies Extortion Claims
FG Evacuates 593 Nigerians from South Africa, Denies Extortion Claims
By: Michael Mike
The Federal Government has evacuated 593 Nigerians from South Africa following recent xenophobic protests, with plans to bring home about 700 more citizens in the coming days.
In a statement issued on Thursday, the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, said the evacuation exercise underscores the government’s commitment to protecting Nigerians abroad and providing assistance to citizens affected by crises.
According to the ministry, the first batch of 258 evacuees arrived at the Murtala Muhammed International Airport on June 11 aboard a special flight operated by Air Peace.
The returnees were received by the Minister of State for Foreign Affairs, Sola Enikanolaiye, on behalf of the Federal Government before being handed over to relevant government agencies for documentation and profiling.
The ministry explained that logistical challenges delayed the second evacuation flight, resulting in some Nigerians being temporarily accommodated at the Nigerian High Commission in Pretoria, where they were cared for by officials.
It added that a Nigerian philanthropist voluntarily paid the airfare for 66 stranded citizens, enabling them to return to Lagos aboard a South African Airways flight on June 24.
A second government-arranged evacuation flight arrived on June 30 with 269 returnees, bringing the total number of evacuated Nigerians to 593.
The ministry said the evacuation exercise is continuing, with three additional flights scheduled over the next few days to return all Nigerians who voluntarily registered for evacuation and have completed the necessary screening and clearance processes.
It disclosed that about 700 more Nigerians are expected to be repatriated, with the next batch of 271 returnees scheduled to arrive at the Murtala Muhammed International Airport at about 5:30 a.m. on Friday, July 3.
The ministry also dismissed allegations circulating on social media that officials at the Nigerian mission in South Africa demanded money from citizens seeking evacuation.
It stressed that all special evacuation flights are fully funded by the Federal Government and that no returnee is required to pay for transportation.
“The insinuations and false allegations that some staff of the Nigerian Mission were requesting money before enlisting our nationals for the evacuation flights are totally false, fake news, and should be discarded,” the statement said.
The ministry commended the collaboration among relevant government agencies in executing the evacuation exercise, describing the operation as evidence of Nigeria’s commitment to safeguarding its citizens overseas.
It reiterated that the protection of Nigerians abroad remains a central pillar of the country’s foreign policy, adding that the government is determined to ensure that citizens affected by crises receive the necessary support, dignity and care.
“The lives of Nigerians living abroad matter, and we are trying our best as a Ministry to give them a sense of belonging,” the statement added.
FG Evacuates 593 Nigerians from South Africa, Denies Extortion Claims
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Conflict, Funding Cuts Push Northern Nigeria Hunger Crisis to Worst Level in Nearly a Decade, WFP Warns
Conflict, Funding Cuts Push Northern Nigeria Hunger Crisis to Worst Level in Nearly a Decade, WFP Warns
By: Michael Mike
Escalating conflict, shrinking humanitarian funding and worsening access constraints have pushed northern Nigeria into its most severe hunger crisis in almost a decade, with more than 17 million people now facing acute food insecurity, the United Nations World Food Programme (WFP) has warned.
The UN agency said the deteriorating security situation, particularly in the North-East, is forcing families from their homes and farms, disrupting humanitarian operations and leaving millions without life-saving food assistance.
According to the latest Cadre Harmonisé food security analysis, more than 17 million people across nine conflict-affected northern states are experiencing crisis, emergency or catastrophic levels of hunger—an increase of nearly two million people compared to the previous assessment.
The report painted an especially grim picture in Borno State, where renewed insurgent attacks coupled with the suspension of food assistance in some areas have left more than three million people acutely food insecure.
Of that figure, over 750,000 are experiencing severe hunger, while more than 10,000 people have slipped into catastrophic hunger—the highest level of food insecurity and one often associated with famine-like conditions.
Although those facing catastrophic hunger represent a relatively small proportion of Borno’s population, WFP warned that the figures signal a rapidly deteriorating humanitarian situation.
“What concerns us most is how this crisis is expanding,” said Kinday Samba.
“For years, insurgent attacks and violence were largely concentrated in parts of northeast Nigeria. Today, they are spreading across a much wider area and forcing people from farmland, driving displacement and restricting humanitarian access, meaning hunger is quick to follow.”
The agency said insecurity has significantly reduced access to vulnerable communities, with the number of locations partially inaccessible to humanitarian workers doubling in recent months.
An additional 15 areas are now considered difficult for WFP personnel to reach because of insecurity.
Humanitarian supply chains have also come under increasing pressure as attacks and illegal checkpoints disrupt the movement of relief materials along major transport corridors, leaving air transport as the only viable option in several locations.
Beyond insecurity, WFP identified severe funding shortages as a major factor worsening the crisis.
While an estimated 6.2 million people are now food insecure across the three insurgency-ravaged North-East states, the agency said it currently has sufficient resources to assist only about 740,000 people.
That leaves approximately 5.5 million people—many of them women and children—without essential food and nutrition support.
The figure represents a sharp decline from the 1.3 million people WFP assisted during the peak of the 2025 lean season.
The agency warned that the suspension of food assistance in several displacement camps is pushing desperate families toward dangerous coping mechanisms.
Communities have reported cases of people joining armed groups in exchange for food or income, highlighting the growing link between hunger, insecurity and recruitment by violent extremists.
WFP also raised alarm over increasing reports of exploitation and gender-based violence, particularly affecting women and children, following reductions in humanitarian assistance.
“When people lose access to food, the risks of displacement, exploitation and instability increase. Yet resources are at their lowest at the time they are needed most,” Samba said.
The new assessment also indicates that Nigeria’s food crisis extends well beyond conflict-hit northern communities.
Nationwide, an estimated 36.2 million people are now experiencing food insecurity, reflecting the combined impact of persistent insecurity, inflation, climate shocks and economic pressures that continue to erode household purchasing power and agricultural production.
The worsening humanitarian outlook comes as aid agencies struggle with declining donor support amid multiple global crises competing for limited humanitarian resources.
WFP warned that without urgent intervention, hunger, displacement and instability could intensify further across northern Nigeria and spill over into neighbouring countries.
To sustain emergency food assistance, nutrition programmes and humanitarian logistics over the next six months, the agency said it urgently requires 89 million US dollars in additional funding.
It appealed to international donors and development partners to step up support, warning that failure to act could reverse years of humanitarian gains and deepen one of West Africa’s most protracted crises.
Conflict, Funding Cuts Push Northern Nigeria Hunger Crisis to Worst Level in Nearly a Decade, WFP Warns
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Troops Repel Terrorists’ Attempted Attack on Forward Operating Base in Zamfara
Troops Repel Terrorists’ Attempted Attack on Forward Operating Base in Zamfara
By: Zagazola Makama
Troops of the 1 Brigade have successfully repelled an attempted terrorist infiltration and attack on a Forward Operating Base (FOB) in Bukuyyum Local Government Area of Zamfara State.
Intelligence sources told Zagazola Makama that the incident occurred at about 2:45 p.m. on July 2, when suspected terrorists attempted to infiltrate and attack troops stationed at FOB Gwashi.
According to the sources, the troops responded with superior firepower, engaging the attackers in a fierce exchange of gunfire and forcing them to abandon the assault and retreat from the area.
Following the failed attack, reinforcement troops from the Forward Operating Bases at Gummi and Bukuyyum were immediately deployed to strengthen the position and support ongoing clearance operations.
The sources said troops have since intensified surveillance and domination of the general area while reinforcing defensive positions to prevent the terrorists from regrouping or launching further attacks.
No casualty was reported among the troops during the encounter.
Military sources described the swift response as a demonstration of the troops’ operational readiness and determination to deny terrorist groups freedom of action across the operational area.
They added that aggressive patrols and intelligence-driven operations are continuing to track the fleeing terrorists and sustain pressure on criminal elements operating in the state.
Troops Repel Terrorists’ Attempted Attack on Forward Operating Base in Zamfara
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