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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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Troops Arrest Three Suspected Terrorist Collaborators in Taraba State Raid

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Troops Arrest Three Suspected Terrorist Collaborators in Taraba State Raid

By: Zagazola Makama

Troops of Operation Whirl Stroke (OPWS) have arrested three suspected terrorist collaborators during a coordinated raid on identified enclaves in Karim-Lamido Local Government Area of Taraba State.

Security sources said that the operation was carried out at about 0610 hours on May 10, 2026, by troops of Sector 3 OPWS deployed at Jimilari.

The sources said the troops conducted simultaneous raids on suspected terrorist hideouts at Binari, Chibi and Andamin communities following credible intelligence on the activities of criminal networks in the area.

According to the sources, three suspects believed to be providing support to terrorist elements were arrested during the operation.

Military authorities said the suspects are currently in custody and undergoing preliminary interrogation to determine the extent of their involvement and possible links to wider criminal networks.

They added that troops will sustain clearance operations and intelligence-led raids across vulnerable communities in Karim-Lamido Local Government Area to dismantle support structures for criminal elements and restore security in the area.

Troops Arrest Three Suspected Terrorist Collaborators in Taraba State Raid

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Execution Discipline Will Define Tegbe’s Agenda for Nigeria’s Power Sector-

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Execution Discipline Will Define Tegbe’s Agenda for Nigeria’s Power Sector-

By: Adeola Labzy

When the Minister-Designate for Power, Joseph Olasunkanmi Tegbe, told the Nigerian Senate that there was “no quick fix” to Nigeria’s electricity crisis, the statement stood out for departing from the familiar rhetoric that has long shaped public conversations about the sector. In a country where ambitious declarations on power reform have often generated headlines faster than measurable outcomes, Tegbe’s remarks offered an early signal of a different leadership posture, one anchored less on spectacle and more on execution.

This matters because Nigeria’s power sector has spent decades trapped in cycles of overpromising and institutional under-delivery. Successive reform efforts have come with bold projections, aggressive timelines, and repeated assurances. Yet the sector continues to struggle with liquidity constraints, weak market confidence, transmission vulnerabilities, collection inefficiencies, infrastructure deficits, and operational instability. Over time, the deeper casualty has not only been electricity supply, but institutional credibility.

Against that background, Tegbe’s emphasis on transparency, execution discipline, and operational realism should be read as a useful starting point, not a completed achievement. Nigeria’s electricity market does not suffer from a shortage of reform language. The problems are already well known to policymakers, operators, investors, regulators, and consumers. What has consistently undermined progress is fragmented implementation, weak accountability, poor coordination across the value chain, and the absence of sustained commercial discipline.

In that sense, Tegbe’s early posture appears calibrated toward restoring confidence in the system’s ability to execute before pursuing grand transformation narratives. This is particularly important in a sector where investor confidence, market liquidity, and operational stability are deeply interconnected. Markets respond not merely to ambition, but to predictability, governance credibility, and measurable execution. Each part of the value chain affects the other. Generation without evacuation capacity creates waste. Tariff reform without metering creates distrust. Investment without payment discipline weakens confidence. Policy statements without visible milestones deepen cynicism.

Financial sustainability will be one of the defining pillars of any credible reform effort. For years, the electricity market has operated within a fragile commercial structure marked by accumulated debts, subsidy pressures, payment shortfalls, collection gaps, and uncertainty over cost recovery. The long-term viability of the sector depends not only on expanding infrastructure, but on restoring commercial discipline and rebuilding confidence in the market itself.

This is where transparency becomes strategically important. Transparent reforms reduce uncertainty, strengthen accountability, and give investors, operators, consumers, and policymakers a clearer basis for judging progress. In practical terms, transparency is not merely a governance principle; it is an economic stabilisation tool. It can help rebuild trust in tariff decisions, improve confidence in sector data, and create a more disciplined environment for investment and performance monitoring.

Equally important is execution discipline. Infrastructure projects rarely fail only because funding is unavailable. Many fail because coordination weakens, procurement becomes opaque, implementation drifts, and accountability is diluted. In the power sector, credibility will not be rebuilt by rhetoric alone. It will require visible, measurable, and sustained improvements in the operating system of reform.

Nigeria’s power sector does not require another cycle of exaggerated optimism followed by institutional disappointment. It requires leadership capable of confronting difficult realities honestly while building a credible pathway toward operational stability, financial sustainability, and long-term reform credibility.

That is why Tegbe’s insistence on transparent reforms and execution discipline is important. Its significance will not lie in the statement itself, but in whether it becomes a governing method. In a sector where credibility has become almost as scarce as stable electricity, restoring confidence in governance may be the first and most important reform of all.

Adeola Labzy writes from Abuja, Nigeria.

Execution Discipline Will Define Tegbe’s Agenda for Nigeria’s Power Sector-

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CDHR Condemns Escalating U.S. Sanctions on Cuba, Warns of Humanitarian Crisis

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CDHR Condemns Escalating U.S. Sanctions on Cuba, Warns of Humanitarian Crisis

By: Michael Mike

The Committee for the Defence of Human Rights (CDHR) has condemned the latest sanctions imposed on Cuba by the administration of Donald Trump, warning that the measures could trigger a humanitarian catastrophe and undermine Cuba’s sovereignty.

In a statement issued on Sunday, the Nigerian-based human rights organisation expressed solidarity with the government and people of Cuba amid what it described as a worsening economic and humanitarian crisis caused by renewed sanctions and executive actions from the United States.

The group particularly criticised Executive Order 14380 of January 29, 2026, as well as follow-up sanctions announced on May 1, 2026, targeting Cuba’s energy, financial, defence, mining and commercial sectors.

According to CDHR, the sanctions amount to a dangerous escalation of economic aggression capable of inflicting severe hardship on ordinary Cubans.

The organisation stated that provisions contained in Section 2 of the executive order, which impose restrictions on individuals, institutions and foreign entities engaging with Cuba, threaten the right to life and wellbeing of millions of citizens by limiting access to fuel, trade, financial cooperation and humanitarian support.

“The continued tightening of these sanctions constitutes a huge threat to humanity, particularly to the Cuban people’s internationally recognised rights to life, healthcare, food security, development and self-determination,” the statement read.

CDHR said the sanctions had already disrupted fuel supplies to the island nation, resulting in prolonged blackouts, transportation paralysis, shortages of food and clean water, and disruptions within the healthcare system.

The organisation cited reports of suspended surgeries, interruptions in chemotherapy and dialysis treatments, and worsening shortages of medical supplies as evidence of an avoidable humanitarian disaster.

The rights group further argued that economic coercion which undermines access to healthcare, electricity and basic necessities contradicts the principles of international law, human rights and the sovereign equality of nations as enshrined in the Charter of the United Nations.

It also expressed concern over what it described as inflammatory rhetoric aimed at destabilising Cuba, warning that such actions threaten global principles of non-interference and self-determination.

Recalling Cuba’s historical support for liberation struggles in Africa, including assistance to anti-colonial movements in Algeria, Angola, Namibia, Guinea-Bissau and South Africa, CDHR noted that the country had consistently demonstrated international solidarity despite decades of sanctions.

The organisation also highlighted Cuba’s deployment of medical professionals during the Ebola outbreak and the COVID-19 pandemic across parts of Africa and the Global South.

CDHR lamented what it described as the silence of much of the international community while Cubans continue to endure economic hardship.

The group called on governments, regional organisations, civil society bodies, labour unions and humanitarian institutions worldwide to speak against what it termed the “economic strangulation” of Cuba and defend the country’s sovereignty.

It also urged the United Nations and international humanitarian agencies to take urgent steps toward addressing the humanitarian situation in Cuba and opposing policies that endanger civilian lives.

The statement was signed by CDHR National President, Yinka Folarin, and National Secretary, Idris Afees.

CDHR Condemns Escalating U.S. Sanctions on Cuba, Warns of Humanitarian Crisis

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