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

Sallah: FRSC deploys 620 personnel in Gombe

Published

on

Sallah: FRSC deploys 620 personnel in Gombe

The Federal Road Safety Corps, Gombe Sector Command, has deployed no fewer than 620 personnel and operational logistics for the 2026 Eid-el-Fitri Special Patrol Operations.

Mr Samson Kaura, the Sector Commander of FRSC in the state disclosed this in Gombe while speaking in an interview with journalists.

Kaura said that the operation had commenced on Tuesday to end on March 22.

“The Federal Road Safety Corps, Gombe Command has deployed 620 personnel comprising regular and special marshals and operational logistics for the 2026 Eid-el-Fitr Special Patrol Operations.

“This is being done bearing in mind the kind of heavy traffic that comes with such festive period, so we are acting promptly to ensure safe and smooth travels during the Sallah celebrations,” he said.

In addition, he said 10 patrol vehicles, four ambulances and a tow truck were also deployed to serve the motoring public.
“We will enforce adherence to traffic regulations towards ensuring safety during the Sallah celebration.

“We advise drivers against engaging in dangerous driving, over speeding, route violations, overloading, use of phones while driving.

“We urge everyone to observe all traffic rules and regulations towards ensuring easy flow of traffic as personnel would be stationed on major routes.

“We must be mindful of the fact that it is only the living that can celebrate, so let’s drive safety and prioritise safety over speed or profits.

“Underage driving will not be permitted and use of drugs while driving too; we have commenced special patrol for enforcement and control of traffic,” he said.

Kaura further reiterated the command’s warnings against underage driving, particularly during the Sallah celebration in the state.

He said the call was imperative as child driving remained one of the causes of crash, alongside over speeding, overloading, dangerous driving and use of drugs and phone while driving.

He said that it had been observed that persons below 18 years drive cars, motorcycles and tricycles which he said was not permitted, stating that the FRSC would enforce compliance in that regard.

The sector commander assured the motoring populace of the command’s commitment to ensure safety while seeking their cooperation.

“I wish the Muslim faithful Happy celebration while assuring them of our readiness to serve them professionally,” he said.

Sallah: FRSC deploys 620 personnel in Gombe

Continue Reading

Uncategorized

63 terrorists’ bodies recovered after failed attack on Malam Fatori

Published

on

63 terrorists’ bodies recovered after failed attack on Malam Fatori

By: Zagazola Makama

Troops of Sector 3 Operation Hadin Kai (OPHK), supported by the Nigerian Air Force (NAF), have recovered no fewer than 63 bodies of Boko Haram/ISWAP terrorists following a failed infiltration attack on Malam Fatori in Abadam Local Government Area of Borno.

Military sources said the insurgents launched the attack in the early hours of Wednesday, advancing on foot and deploying armed drones in an attempt to overrun the 68 Battalion position.

The sources disclosed that the attack, which originated from the Duguri axis through the frontage of Bravo Company, was met with overwhelming resistance from troops, backed by precision air strikes.

According to the sources, the coordinated response led to a decisive defeat of the terrorists, who suffered heavy casualties during the engagement.

“Following the engagement and subsequent clearance operations, a total of 63 terrorist bodies were recovered within and around the general area of Malam Fatori, indicating the scale of losses inflicted on the insurgents,” a military source said.

He added that the Air Component conducted multiple interdiction missions, delivering accurate strikes on identified enemy concentrations, which significantly degraded their fighting capability.

“The synergy between air and ground forces ensured that the terrorists were fixed and neutralised in large numbers, forcing the remnants to withdraw in disarray towards the Arege axis,” he said.

The sources further revealed that allied Nigerien forces also carried out supportive strike missions, increasing pressure on the fleeing insurgents, although full battle damage assessment from those operations was still ongoing.

On own casualties, the sources confirmed that four soldiers sustained minor injuries during the encounter and have since been treated and stabilised.

They noted that the general security situation in the area remained calm but unpredictable, with troops maintaining high alert and dominance of the general area to forestall further attacks.

63 terrorists’ bodies recovered after failed attack on Malam Fatori

Continue Reading

Uncategorized

AT 2ND TERM INAUGURATION: VP Shettima Lauds Governor Soludo’s Contributions To Nation Building

Published

on

AT 2ND TERM INAUGURATION: VP Shettima Lauds Governor Soludo’s Contributions To Nation Building

Says, Anambra people have renewed covenant with competence, consolidation

By: Our Reporter

The Vice President, Senator Kashim Shettima, has applauded Anambra State Governor Charles Soludo’s contributions to nation building, saying he has helped in fostering unity, and strengthening Nigeria’s political, economic, and social institutions with his practical commentaries on the state of the nation.

He described Prof. Soludo as a man of ideas and honour who, despite coming into office at a time many politicians had started mortgaging integrity for relevance, and sowing seeds of discord, has remained committed to national growth and development.

Senator Shettima, who stated this on Tuesday when he represented President Asiwaju Bola Ahmed Tinubu at the inauguration and swearing-in of Governor Soludo and his deputy, Dr Onyekachukwu Ibezim, for a second term in Awka, the Anambra State capital, noted that the President’s policies have benefited immensely from Soludo’s constructive advice.

“The policies of His Excellency, President Bola Ahmed Tinubu, GCFR, have benefited from the candour, specialist insight, and patriotic counsel of this distinguished economist, this restless thinker, this public intellectual of uncommon range, both in open fora and in private conversations. And that is how it should be.

“That is what it means to be in the business of nation-building. It means placing the welfare of the federation above the vanity of partisan fences. It means understanding that Nigeria is too precious a vessel to be abandoned to the storms simply because the rowers wear different colours,” he stated.

Observing that Prof. Soludo’s convictions transcends seminar halls, VP Shettima said the Anambra Governor is “a reminder that leadership can unify without shouting, persuade without humiliating, and stand firm without surrendering its soul,” especially in a season of needless divisions.

“It is therefore no surprise that his people have welcomed him again and entrusted him with another term to hold the rudder of this great state and guide it farther into safe and prosperous waters,” he stated, declaring that “the people of Anambra are today renewing not just a mandate, but a covenant with competence.

“And as Dr Onyekachukwu Ibezim takes this oath once again beside him, the state is also affirming that leadership is not only about the brilliance of the man at the top, but also about the steadiness, loyalty, and discipline of those who help translate vision into order, and order into progress,” the VP added.

The Vice President identified some of the lessons learnt from Prof. Soludo, including “that differences in political parties need not be invitations to hostility” but opportunities for collaboration.

“Professor has shown, too, that it is possible to see beyond the dangerous shenanigans that so often pass for politics in our clime, and to keep faith with the higher calling of public life,” he said.

On the Governor’s “practical commentaries on the state of the nation,” VP Shettima noted that whether on the economy or political matters, they “have become such permanent tenants in the media space that, once the Professor clears his throat, half the country reaches for a pen and the other half braces for impact.”

He pointed out that Prof. Soludo’s maturity of purpose has nurtured a “cordial and productive relationship between Anambra State and the Federal Government.”

He said the outcome had been a stability of engagement that has allowed the Governor “to demonstrate that he came not to be consumed by the old habits of power, but to prove that genuine change is possible in a land where many others only gamed the language of change.”

Under Prof. Soludo’s watch, according to the Vice President, deliberate effort has been made “to restore order to public life, strengthen security, and confront the criminality that had cast a shadow over parts of the state.”

He expressed confidence that Governor Soludo’s second term would be a return to consolidation and building higher on foundations already tested, even as he assured that the “Federal Government remains committed to partnering with states led by men and women who understand that the ultimate meaning of power is the improvement of human life.”

In his inauguration speech, Governor Soludo expressed determination to serve the state with all seriousness, promising that his team will build on the achievements made in his first tenure, with transformation and development as the main agenda.

He said Anambra State has witnessed a lot of progress in the health, education, financial, agricultural and many other sectors under his leadership, just as he thanked the people of the state for their overwhelming support during the gubernatorial election last year.

“The unprecedented 73 percent of the votes you cast in our favour was more than ordinary votes but an affirmation of love, patriotism and partnership of rebuilding our homeland. We will never take your historic support for granted,” he said.

The Governor thanked President Tinubu and Vice President Shettima as well as their wives for their support.

“Progressives are working together,” Governor Soludo said, thanking members of the APC in the state for supporting him, just as he pledged to work for all in order “to build the Anambra of our dream”

He also said the state has a clear destination, and that “by 2030, Anambra will transit into an African Dubai, Taiwan and Silicon valley.”

Dignitaries who attended the inauguration include former Presidents Olusegun Obasanjo and Goodluck Jonathan; former Secretary General of the Commonwealth, Chief Emeka Anyaoku; former Governor of Anambra State, Dr Chris Ngige; Deputy Governors of Delta, Kaduna, Enugu and Abia States, and the Ooni of Ife, Oba Adeyeye Ogunwusi, among others.

AT 2ND TERM INAUGURATION: VP Shettima Lauds Governor Soludo’s Contributions To Nation Building.

Continue Reading

Trending

Verified by MonsterInsights