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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
Troops of Operation FANSAN YANMA foil bandits’ attack in Katsina
By: Zagazola Makama
Troops of Operation FANSAN YANMA, in collaboration with the Nigerian Army and Police Command in Katsina State, have foiled an attempted attack by armed bandits in Malumfashi Local Government Area.
Sources told Zagazola Makama that the incident occurred at about 7:35 p.m. following credible intelligence that armed bandits on motorcycles were heading towards Gora village.
Troops of Operation FANSAN YANMA and other security operatives, intercepted the bandits and engaged in a fierce gun duel.
The bandits fled in disarray under superior firepower. No casualty was recorded, and calm has since returned to the area,”said sources.
The sources added that aggressive patrols and clearance operations had been intensified to track down the fleeing criminals.
Troops of Operation FANSAN YANMA foil bandits’ attack in Katsina
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“When nations come together, we can overcome the hardest challenges”- UN Resident Coordinator Insists
“When nations come together, we can overcome the hardest challenges”- UN Resident Coordinator Insists
By: Michael Mike
In advancing its advocacy and sensitisation of critical stakeholders on the ‘Pact for the future’, the United Nations in Nigeria in collaboration with partners, has convened a strategic dialogue on the United Nations at 80 and the Pact.
At the dialogue, convened in collaboration with the Institute for Peace and Conflict Resolution (IPCR), and the Office of Strategic Preparedness and Resilience (OSPRE), and held at the UN House in Abuja, the UN Resident and Humanitarian Coordinator in Nigeria, Mohamed Fall, reiterated the importance of international cooperation in solving the world’s most challenging issues.
He said: “Peace is fragile. Inequalities grow. Climate change accelerates. Technology advances faster than governance. Yet one truth remains constant: when nations come together, when people come together, we can overcome even the hardest challenges,” adding: “That is why the Pact for the Future matters.”
Fall further said that the Pact rested on five pillars: Sustainable development, Peace and security, Science and technology, Youth and future generations, and transforming global governance.
He noted that the pillars were not abstract ideas, as they represent the foundation of the world we want. A world of peace, dignity, equality, and sustainability.
“That is why the United Nations is working hand in hand with Nigeria on the Pact for the Future. We are aligning our cooperation with the five pillars of the pact and the 2030 Agenda for Sustainable Development, as we know that the SDGs are lagging. We are leaving no one behind.” The UN Resident Coordinator added.
Former Head of State and Chairman National Peace Committee, General Abdulsalam Abubakar (Rtd) said in his video message: “Dialogue must now lead to tangible results. Our commitment must be credible, time-bound and deliverable. Anything less can lead to distrust and weaken our democracy.”
To the participants he charged, “Your responsibility is to commit to concrete steps that will align every peacebuilding effort towards real progress. Nigeria’s future will be secured only by our unity of purpose and the sincerity of follow-through.”
The Chargé d’Affaires, a.i. of Nigeria’s Permanent Mission to the United Nations in New York, Ambassador Syndoph Endoni, expressed the Permanent Mission’s appreciation of the dialogue, stating that it was not merely an exchange of views, but a collective effort to advance the effective realization of the Pact for the Future and reinforce Nigeria’s peace building framework.
He disclosed that Nigeria was reviewing existing peacebuilding frameworks and initiatives by identifying key achievements, gaps, and opportunities for reform; prioritising critical areas of focus, including security sector reform, women’s participation in peace and security and youth engagement; and addressing cross-border terrorism, organized crime, and proliferation of small arms and light weapons, as well as climate-related security risks.
Speaking at the event, Director of the United Nations’s Team for Pact Implementation, Themba Kalua, underlined Nigeria’s leadership role in this new era of multilateralism. According to him, Nigeria was an active voice in negotiating the Pact, pushing for progress on poverty eradication, digital cooperation, Security Council reform and climate justice.
The Pact for the Future, he said, “strongly resonates with Africa’s Agenda 2063. Both envision a just, peaceful and prosperous continent, powered by inclusive development and regional solidarity. Aligning the Pact with African priorities and national strategies will be essential to translate words into real change. Nigeria’s experience and leadership at regional and global levels make it a vital partner in this endeavour.”
The Chairman of Savannah Centre and Nigeria’s former Minister of Foreign Affairs Professor Ibrahim Gambari, referenced the New Agenda for Peace, a United Nations policy brief, launched in July 2023 by Secretary-General António Guterres, that outlines a vision for strengthening international cooperation to prevent conflict and build sustainable peace.
Gambari, who was also a former Permanent Representative of Nigeria to the United Nations, emphasised that the Agenda remained a living guide to everyone in promoting trust, solidarity, and universality through concrete actions like investing in prevention and peacebuilding, empowering women and youth, reducing strategic risks from new technologies and climate change, and adapting to new forms of violence.
“When nations come together, we can overcome the hardest challenges”- UN Resident Coordinator Insists
Bandits raid villages in Rafi LGA in Niger, rustle cattle
By: Zagazola Makama
Armed bandits have attacked three villages in Rafi Local Government Area of Niger State, rustling an unspecified number of cattle.,
Sources said that the attack, occurred on Aug. 29,
Zagazola gathered that, the assailants in large numbers invaded Ungwan-Buteri, Ungwan-Bagoma, and Ungwan-Landibo villages, carting away livestock from the homes of Alhaji Dankawo, Alhaji Chukuba, and Alhaji Juli, all of Ungwan-Buteri in Tegina District.
The sources said that security operatives and other security forces had since launched a manhunt for the bandits, with a view to recovering the stolen cattle and restoring normalcy in the area.
Bandits raid villages in Rafi LGA in Niger, rustle cattle
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Troops barbecued scores of bandits in Kankara, Katsina
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