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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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VP SHETTIMA DEPARTS ABUJA FOR DAVOS TO ATTEND 2025 WORLD ECONOMIC FORUM MEETING
VP SHETTIMA DEPARTS ABUJA FOR DAVOS TO ATTEND 2025 WORLD ECONOMIC FORUM MEETING
By: Our Reporter
Vice President Kashim Shettima has departed Abuja to represent Nigeria at the 2025 annual meeting of the World Economic Forum (WEF) scheduled for Davos, Switzerland.
The Vice President will join world leaders, top business executives and representatives of development partners at the meeting to discuss the state of the world economy with the view to improving its conditions.
While in Davos, the Vice President will hold bilateral meetings with other leaders as well as participate in workshops and forums slated for the annual gathering.
Among events slated for the VP include, a workshop entitled, “Roadmap to Co-create Investment Opportunities for Africa’s Frontier Markets”, organised by the African Development Bank in collaboration with the World Economic Forum to boost the flow of capital into Africa’s frontier markets, to scale solutions that build a prosperous, inclusive and resilient continent. It is slated for the Congress Centre in Jakobshorn.
Top on the agenda will be an announcement of the Humanitarian and Resilience Investing (HRI) Roadmap for Africa, in partnership with the African Development Bank (AfDB), and foster partnerships between public and private sector leaders interested in mobilizing investment in Africa’s frontier markets, among others.
The Vice President will also attend a dinner for heads of state, government and international organizations, as well as Annual Meeting 2025 Crystal Awardees, the International Business Council and Strategic Partners slated for Kurpark Village, Eiger.
Senator Shettima will also co-chair a forum on “Turning Digital Trade into a Catalyst for Growth in Africa” slated for the Pischa Congress Centre.
The session will provide a dynamic platform for forward-thinking dialogue on digital trade and the crucial role of the private sector in advancing the implementation of the AfCFTA Digital Trade Protocol adopted by the AU heads of state/government in January 2024.
VP Shettima will attend, as a panelist, a Stakeholder Dialogue entitled, “Global Risks 2025”. The Global Risks Report highlights an increasingly volatile global landscape, marked by accelerating geopolitical, technological and environmental challenges. The event is slated for the Aspen 2 Congress Centre in Davos.
The VP who will be accompanied by top government functionaries including Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, and Executive Secretary of Nigerian Investment Promotion Commission (NIPC), Aisha Rimi, will return to Abuja at the end of his engagements in Davos.
VP SHETTIMA DEPARTS ABUJA FOR DAVOS TO ATTEND 2025 WORLD ECONOMIC FORUM MEETING
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NDLEA arrests India-bound nursing student over attempt to ingest 76 wraps of cocaine
NDLEA arrests India-bound nursing student over attempt to ingest 76 wraps of cocaine
By: Michael Mike
Operatives of the National Drug Law Enforcement Agency (NDLEA) have thwarted an attempt by 26-year-old Esther Uzodinma, a 200-level student of nursing at the Noida International University, Uttar Pradesh, India, to transport 76 wraps of cocaine to the South Asian country.
Uzodinma had planned to swallow 76 wraps of cocaine hours before her return flight to India through the Mallam Aminu Kano International Airport, Kano.
The suspect, according to the spokesman of NDLEA, Femi Babafemi in a statement on Sunday, was scheduled to return to Delhi, India from the Kano International Airport on Qatar Airways flight 1432 last Friday but was arrested in her room at 11:30pm on Thursday at Royal Park Hotel Sabon Garin Kano, while awaiting the cocaine consignment she was to ingest before her flight the following morning.
Babafemi said her lid was blown open when NDLEA operatives on patrol along Okene-Lokoja highway in Kogi state last Thursday intercepted 31-year-old Cosmas Okorie in a commuter bus coming from Lagos enroute Kano. Inside his black polythene bag was an audio speaker, which was used to conceal the 76 pellets of cocaine weighing 1.340 kilogrammes, which he was going to deliver to Uzodinma in Kano. A swift follow up operation in Kano led to the arrest of the female nursing university student later same day.
In her statement, she claimed the drug cartel she was working for recruited her in India and paid for her trip to Nigeria to enjoy her Christmas and New Year holidays. To avoid her parents knowing she was in Nigeria, Esther did not travel to her home state, Imo but was lodged for two weeks in a hotel in Enugu, from where she was flown to Abuja and then Kano where she was lodged at Royal Park Hotel to swallow the 76 pellets of cocaine sent to her from Lagos before taking her Qatar Airways flight to India on Friday morning.
She said she was promised over $5,000 upon successful delivery of the illicit consignment in India.
In other operations along the Okene-Lokoja-Abuja highway, NDLEA officers arrested four suspects: Abdullahi Umar; Tijjani Samaila; Lucky Obotte and Abubakar Haruna, who were heading to Maiduguri, the Borno state capital, Kano, and Abuja in commuter vehicles with over 38,000 pills of tramadol 225mg, 250mg and 100mg concealed in audio speakers and cloths.
In Lagos, operatives of a special operations unit of the agency last Tuesday raided the hideout of a 59-year-old Nwokedi Jonas in Ojodu-Berger area of the state where they recovered 10 parcels of Canadian Loud, a synthetic strain of cannabis weighing 4.9 kilogrammes as well as different paper bags he uses in dispensing the psychoactive substance in retail quantities. Printed on them include street names and codes such as ‘Dead man’; ‘Gelato top shelf smoke’; ‘Topshelf’; and ‘Gelato cake’
In other operations in Lagos, operatives of the state command of the agency last Wednesday raided a house in Igando New Town area of Alimosho where they arrested three suspects: Isaac Vincent, 32; Ebube Ikechi, 25; and Christopher Usifoh, 43, from whom 1,610 kilogrammes skunk, a strain of cannabis and 6 kilogrammes pills of tramadol were recovered. Also recovered from the house were a delivery van and three other vehicles used for distributing the illicit drugs.
Babafemi said two suspects: Olashile Okoya and Mohammed Ibrahim were arrested on Saturday when NDLEA officers raided their home at 5A Addison Palmer, Cadogan Estate, Castle Rock Avenue, Osapa, Lekki Lagos, where 28 kilogrammes of Cannadian Loud were recovered following credible intelligence.
Not less than 67 kilogrammes skunk was seized from Saheed Sulaiman last Thursday when NDLEA operatives raided his Edumare street, Lagos Island hideout, while various quantities of assorted illicit substances were recovered from Adamu Abdullahi last Tuesday when Jerry Irabi Estate, Lekki hideout was raided by NDLEA officers. They include 3.7 litres of codeine syrup; 10,000 pills of tramadol; 1,670 tablets of rohypnol; 6.5 kilogrammes cannabis; 3,100 tablets of diazepam; 10,090 tablets of Molly; 5,500 tabs of Exol-5; 1.2 kilogrammes crisps of wrapped methamphetamine and a monetary exhibit of ₦623,650.00.
In Kano, two suspects: Usama Adamu, 25, and Isah Ibrahim, 29, were last Friday
arrested at Dawanau, Dawakin in Tofa local government area where a total of 7.6 kilogrammes skunk, 78 tubes of rubber solution and 356 bottles of ‘suck and die’, a new psychoactive substance were recovered from them. In another raid in Kano, Usman Isa, 29, was nabbed along Zaria road with 114 blocks of skunk weighing 49.8 kilogrammes.
Three suspects: Lawali Isiaka, Umoru Isiaka and Mohammed Kabiru were last Wednesday arrested by NDLEA operatives with 390 tablets of Molly and 65.5 kilogrammes of cannabis at Bode Saadu in Moro Local Government Area of Kwara State, while Samuel Ogbu, 24, was nabbed with 25,000 pills of tramadol by operatives along Wukari- Zaki Ibiam road, Wukari local government area of Taraba state.
In series of raids in Abuja, a suspect, Rufa’i Hashimu, 27, was arrested at Gwarimpa village area of the FCT with 118 bottles of codeine-based syrup, while 13 others were nabbed in other locations such as: Area 1 IDP camp, Gishiri, Zuba, Dei -Dei, AYA, Lagos Street Garki, Karu, and Lugbe. Recovered from them include different quantities of tramadol, diazepam, and methamphetamine.
With the same vigour, commands and formations of the agency across the country continued their War Against Drug Abuse (WADA) sensitization activities to schools, worship centres, work places and communities among others in the past week.
Meanwhile, the Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Buba Marwa (Rtd) while urging his officers not to rest on their oars as they intensify their balanced approach to drug supply reduction and drug demand reduction efforts.
NDLEA arrests India-bound nursing student over attempt to ingest 76 wraps of cocaine
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DG APC Youth Awareness Council Announces Resignation of Party Membership
DG APC Youth Awareness Council Announces Resignation of Party Membership
By: Yahays Wakili
Former Director-General of the All Progressives Congress (APC) Youth Awareness Council for Governor Mai Mala Buni CON of Yobe state, Hon. Saidu Hassan Jakusko has formally announced his resignation from the membership of the party, effective immediately.
This was contained in a resignation letter issue and signed by him and made available to newsmen in Damaturu. He said this decision has not been made lightly, because I have always valued my association with the APC and its mission to drive progress and development.
“I feel compelled to take this step due to reasons. In 2019, I was an integral part of the campaign team that worked tirelessly, investing our time, resources, and energy to secure the victory of Hon. Mai Mala Buni as governor of Yobe State.
He revealed that, despite our relentless efforts and the success we achieved, I have not received any recognition or reward from the government over the past four years. Nevertheless, I continued to show patience and loyalty to the party.
According to Jakusko, during the 2023 general elections, I faced numerous challenges. Despite these difficulties, I successfully mobilized and facilitated the defection of an estimated 600 individuals from various political parties, PDP, APGA, AC, and the Labour Party, into the APC.
“These decampees were presented to the party leadership, including the APC chairman and other top officials. However, despite these significant contributions, no tangible support or recognition was extended to address ongoing challenges within my constituency, he said.
Hon. Saidu Hassan Jakusko added that given these circumstances, I find it necessary to part ways with the APC at this time.
“I deeply appreciate the opportunities I have had to contribute to the growth and success of the party. I extend my heartfelt gratitude to the leadership and my fellow members of the APC in Yobe State for their collaboration and support over the years,” he said.
Jakusko maintained that, as I step away from the APC, my commitment to the development and progress of our community and the principles of democracy remains steadfast. Please accept my best wishes for the party’s continued success as you work toward achieving the aspirations of its members.
DG APC Youth Awareness Council Announces Resignation of Party Membership
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