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

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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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NAF air strikes destroy terrorist boats, neutralise fighters in Kukawa riverine

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NAF air strikes destroy terrorist boats, neutralise fighters in Kukawa riverine

By: Zagazola Makama

The Nigerian Air Force (NAF), operating as the Air Component of Operation Hadin Kai (OPHK), has recorded another major success against terrorists in the Lake Chad and North-East corridors, following coordinated night precision air strikes that destroyed watercraft, hit key hideouts and neutralised several fighters in the riverine areas of Kukawa Local Government Area of Borno.

Sources told Zagazola Makama that the missions were executed after weeks of sustained intelligence gathering, surveillance and reconnaissance that confirmed increased terrorist movement and logistics activity around the Malimbe–Masaram Island axis and the Northern Tumbuns.

“Based on credible human intelligence (HUMINT) and persistent aerial surveillance, we tracked the movement of Jama’atu Ahlis Sunna Lidda’awati wal-Jihad (JAS) elements transiting through Masaram Island ahead of Malimbe, as well as Toumbun Beriberi in Kukawa LGA,” the sources said.

He explained that the strikes were carried out under the cover of darkness on Jan. 18, using precision-guided munitions to ensure accuracy and limit collateral damage.

“We executed swift, successive interdictions on identified targets. Several JAS fighters were neutralised and their water vessels, which they use for mobility and logistics across the Tumbuns and Lake Chad waterways, were completely destroyed.

“Those that remained at Malimbe and Toumbun Beriberi immediately abandoned their positions and fled,” he said.

According to him, post-strike battle damage assessment showed the fleeing terrorists withdrawing toward the Abadam axis, apparently in disarray and expressing suspicion that their movements had been compromised by informants within their ranks.

“The mission was adjudged highly successful. However, due to the terrorists’ paranoia that civilians are cooperating with government forces, we are sustaining air and ground monitoring of the area to deter any form of reprisal,” he added.

The officer further disclosed that the NAF also conducted another major Air Interdiction (AI) mission on Jan. 20 at a newly identified terrorist enclave codenamed “Rackstar” in the Northern Tumbuns.

“At about 1300 hours on Jan. 20, the Air mission identified location considered to be a safe haven for Islamic State West Africa Province (ISWAP) members, including some prominent commanders. The area was also being used as an IED assembly point and a weapons servicing workshop,”said sources

The sources noted that confirmatory ISR carried out on Jan. 18 revealed the general area to be water-logged with dense vegetation, typical of the Tumbuns, but further scanning of the fringes uncovered active terrorist structures about 1.9 kilometres southwest of the initial coordinates.

“We observed terrorists gathering in two different locations. A solar panel and a black flag were also sighted within the enclave, clearly indicating occupation and operational intent.

“Accordingly, selected targets were acquired and engaged with munitions on board. The strikes degraded the terrorists’ capability and disrupted their command and logistics infrastructure,” the sources said.

The sources stressed that the sustained air operations were part of the ongoing efforts of Operation HADIN KAO to deny terrorists freedom of movement, sanctuary and resources across the Lake Chad basin.

NAF air strikes destroy terrorist boats, neutralise fighters in Kukawa riverine

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MD Damuli Investment Company Limited extends assistance to orphans, underprivileged students in Yobe

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MD Damuli Investment Company Limited extends assistance to orphans, underprivileged students in Yobe

By: Yahaya Wakili

Managing Director/Chief Executive Officer of Damuli Investment Company Limited, Alhaji Liman Mohammad Dabuwa, has extended assistance to the development of education in Yobe, targeting orphans and underprivileged students in the state.

The company expanded to be worth over $90 million as part of its contribution towards the development of education, students, and orphans in the region, which includes the purchase of mattresses and bedding materials for Mai Bukar boarding primary school.

Prior to government approval, Damuli Investment Company fed boarding primary schools in the region for a good 3 months for free. In addition, it purchased teaching and learning materials and foodstuff for teachers and principals, as well as presented gifts during the graduation ceremony and others to Mai Bukar boarding school in August 2025.

The company also made the payment of school registration fees for 15 orphan students at Federal Government Girls College (FGGC), Potiskum, and also supported the Yobe State annual Quranic recitation competition held in Machina in 2025.

“In participation in supporting the students of high institutions, Dabuwa Company made the payment of school fee registration for over 150 students at various high institutions. In addition, it supported Yobe State University during a fire outbreak with bending materials.

“Damuli Investment Company also sponsored common entrance exams into Mai Bukar boarding school across the political wards of the Machina local government area in 2024 and 2025, respectively, as well as rendered support to Medical College Damaturu and purchased teaching and learning materials for GSS Machina.

Alhaji Liman Mohammad Dabuwa commended His Excellency, the Executive Governor of Yobe State, Hon. (Dr.) Mai Mala Buni CON, COMN, and the Secretary to the State Government, Alhaji Baba Mallam Wali mni, for turning Yobe State into semi-London.

“Now Yobe State can compete with any developing state in the country in terms of infrastructural development,” Alhaji Liman Mohammad Dabuwa said.

MD Damuli Investment Company Limited extends assistance to orphans, underprivileged students in Yobe

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One dead, four injured in communal clash in ngidoje village in Yobe

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One dead, four injured in communal clash in ngidoje village in Yobe

By: Zagazola Makama

A 20-year-old man has been killed while four others sustained injuries in a clash involving youths in Ngidoje Village, Yobe State.

Sources said the incident occurred on Wednesday around 10:00 p.m. when some Fulani youths reportedly had a misunderstanding that escalated into a fight involving sticks and cutlasses.

The deceased, identified as Ibrahim Manu Gagare, was beaten and fell unconscious. He was rushed to Yobe State Specialist Hospital, Buni Yadi, where he was certified dead by a medical doctor. His body was later released to relatives for burial according to Islamic rites.

The remaining four victims sustained various degrees of injuries and are responding to treatment.
End

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