Uncategorized
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
Uncategorized
Troops Arrest Three Suspected Kidnappers in Plateau Raid
Troops Arrest Three Suspected Kidnappers in Plateau Raid
By Zagazola Makama
Troops of Sector 1, Operation ENDURING PEACE (OPEP), have arrested three suspected kidnappers during a raid on a criminal hideout at Mista-Ali in Bassa Local Government Area of Plateau State.
Credible security sources told Zagazola Makama that the operation was conducted at about 5:30 p.m. on Aug. 14, following intelligence reports on the activities of suspected kidnappers operating in the area.
The troops raided the identified hideout and arrested three suspects, identified as Umar Aliyu, 25; Abdulrahman Adam, 25; and Bello Isa, 21.

Two other suspects reportedly escaped during the operation.
However, one of the fleeing suspects attacked and stabbed a soldier, identified as CPL Muhammad Adam, with a knife while attempting to escape.
The injured personnel was immediately evacuated to the General Hospital, Mista-Ali, where he was admitted for medical attention.
A search of the houses belonging to the arrested suspects was subsequently conducted, but no incriminating items were recovered.
The three suspects remain in military custody and are assisting ongoing investigations into their activities and possible links to kidnapping operations in the area.

The development highlights the continued efforts by security forces to dismantle criminal networks and prevent kidnappers from establishing hideouts in communities across Plateau State.
Zagazola Makama reports that security agencies have continued to intensify intelligence-led operations in vulnerable communities as part of efforts to protect residents and maintain peace in the state.
Troops Arrest Three Suspected Kidnappers in Plateau Raid
Uncategorized
ECOWAS, Africa Agenda Network Deepen Partnership to Showcase Regional Bloc’s 50-Year Legacy
ECOWAS, Africa Agenda Network Deepen Partnership to Showcase Regional Bloc’s 50-Year Legacy
By: Michael Mike
The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to strengthening collaboration with the Africa Agenda Network (AAN) as part of efforts to document, promote and deepen public understanding of the regional bloc’s five decades of achievements and contributions to West African integration.
The renewed commitment was made on Tuesday when the President of the ECOWAS Commission, Dr. Omar Alieu Touray, received the Chief Executive Officer of the Africa Agenda Network, Ms. Muna Jallow, during a working visit to the Commission’s headquarters in Abuja.
The meeting focused on the progress of the Africa Agenda Network–ECOWAS Strategic Partnership Initiative, a three-phase programme designed to commemorate ECOWAS’ 50th anniversary while strengthening citizens’ appreciation of the organisation’s role in advancing regional cooperation.
Briefing the Commission President, Jallow said the initiative’s first phase had been successfully implemented through the ECOWAS@50 Trade, Investment and Exhibition Forum held in Lagos, Nigeria.
She disclosed that attention has now shifted to the second phase—the production of a commemorative publication documenting the history of ECOWAS over the past 50 years, highlighting its major milestones, achievements and contributions to regional integration.
According to her, the final phase of the initiative will see the production of a high-quality documentary series that will tell the ECOWAS story through the voices and experiences of citizens from across the organisation’s member states.
Responding, Touray welcomed the initiative and reaffirmed the ECOWAS Commission’s commitment to sustaining and expanding its partnership with the Africa Agenda Network.
He said the collaboration would play a vital role in increasing public awareness of ECOWAS, preserving its institutional history and projecting the organisation’s achievements and impact across West Africa and the international community.
The partnership comes as ECOWAS marks 50 years since its establishment in 1975, a period during which the regional body has played leading roles in promoting economic integration, facilitating free movement across member states, supporting democratic governance and peacekeeping efforts, and advancing regional development initiatives despite persistent political and security challenges.
The commemorative publication and documentary are expected to serve as enduring records of the bloc’s evolution while helping a new generation of West Africans better understand the relevance of regional integration to the future of the sub-region.
ECOWAS, Africa Agenda Network Deepen Partnership to Showcase Regional Bloc’s 50-Year Legacy
Uncategorized
Netherlands Donates Equipment to Boost Nigeria Immigration’s Hostmanship Programme
Netherlands Donates Equipment to Boost Nigeria Immigration’s Hostmanship Programme
By: Michael Mike
The Kingdom of the Netherlands has donated specialised equipment to the Nigeria Immigration Service (NIS) to strengthen its Hostmanship Unit, deepening more than two decades of bilateral cooperation aimed at improving migration management and customer service delivery.
The equipment was presented by the Repatriation and Departure Service (R&DS) of the Dutch Ministry of Justice and Security during a ceremony at the NIS Headquarters in Abuja on Monday.

Receiving the donation, the Comptroller-General of Immigration, Kemi Nandap, described the gesture as a significant milestone in the long-standing partnership between the Nigeria Immigration Service and the Netherlands, noting that it would bolster institutional professionalism and improve service delivery.
Nandap said the equipment represents a strategic investment in institutional excellence and would enhance the Hostmanship Unit’s training capacity and operational efficiency.
She explained that the initiative is designed to entrench the philosophy of hostmanship across the Service, encouraging immigration officers to ensure that members of the public are treated with courtesy, empathy and professionalism at every point of contact.
“The equipment will further strengthen our capacity to institutionalise the Hostmanship philosophy, where every officer is inspired to make people feel welcomed, respected and valued,” she said.
The Chargé d’Affaires of the Embassy of the Kingdom of the Netherlands in Abuja, Mr. Ronald Sonnemans, described the collaboration with the Nigeria Immigration Service as a model of sustained international partnership.
He reaffirmed the Dutch government’s commitment to supporting initiatives that enhance migration management, institutional capacity and public service delivery in Nigeria.
The Nigeria Immigration Service disclosed that the partnership has already produced tangible results, including the training of hundreds of immigration officers, the establishment of a dedicated Hostmanship Unit and sustained capacity-building programmes under the European Union-funded Capacity Building and Relationship Management (CBR) Project.
According to the Service, the latest donation underscores the commitment of both countries to strengthening migration governance through innovation, knowledge sharing and institutional reforms that enhance public confidence in immigration services.
The Service expressed appreciation to the Government of the Kingdom of the Netherlands and the Repatriation and Departure Service for their continued support, pledging to ensure the donated equipment is effectively utilised in advancing ongoing reforms.
The Nigeria Immigration Service has in recent years intensified reforms aimed at modernising border management, improving service delivery and enhancing the professionalism of its personnel. A key component of these reforms is the Hostmanship programme, a customer service philosophy developed in Sweden that focuses on creating positive service experiences by treating every individual with respect, courtesy and empathy.
The Netherlands has remained one of Nigeria’s key international partners in migration governance, supporting capacity-building initiatives through bilateral cooperation and European Union-funded programmes. The collaboration has focused on improving migration management, combating irregular migration, strengthening institutional capacity and promoting international best practices in public service delivery.
The latest donation is expected to further consolidate these reforms as the Nigeria Immigration Service seeks to build a more citizen-focused and globally competitive immigration system.
Netherlands Donates Equipment to Boost Nigeria Immigration’s Hostmanship Programme
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News1 year agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions5 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Politics1 year ago2027: Why Hon. Midala Balami Must Go, as Youths in Hawul and Asikira/Uba Federal Constituency Reject ₦500,000 as Sallah Gift
