News
Fresh squabbles rock First Bank’s board, threaten recapitilisation
Fresh squabbles rock First Bank’s board, threaten recapitilisation
By: Michael Mike
A fresh round of squabbles is currently rocking the board of First Bank of Nigeria, a development shareholders fear poses major threat to the bid by the first generation financial institution 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.
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.
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.
Fresh squabbles rock First Bank’s board, threaten recapitilisation
News
Troops rescue five kidnap victims, repel attack on commuters near enugu
Troops rescue five kidnap victims, repel attack on commuters near enugu
By: Zagazola Makama
Troops deployed at 9th Mile in Enugu State have rescued five kidnapped victims after repelling an attack on commuters by suspected armed criminals.
Security sources said the incident occurred at about 6:55 p.m. on Feb. 20 when the troops responded to a distress call indicating that assailants had attacked travellers heading towards Anambra State.

On arrival at the scene, the troops engaged the attackers in a gun duel, forcing them to abandon the victims and flee into nearby surroundings.

The sources disclosed that five kidnapped persons were successfully rescued during the operation, while the vehicle used by the victims was also recovered.
It was gathered that the troops expended 11 rounds of 7.62mm special ammunition during the encounter.

Security authorities said patrols had been intensified in the area to deny the criminals freedom of action and to forestall further attacks on commuters.
They added that the situation was under control, while surveillance and domination patrols were ongoing.
Troops rescue five kidnap victims, repel attack on commuters near enugu
News
Zulum meets 56 state-sponsored doctors, approves training fund, others
Zulum meets 56 state-sponsored doctors, approves training fund, others
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has approved a special training fund for the 56 medical doctors currently undergoing residency training under the state’s sponsorship.
The governor granted the approval during an interactive meeting with the resident doctors at the Government House in Maiduguri on Thursday.

The meeting was convened at the governor’s instance to assess the progress of the doctors’ training and address any challenges hindering their seamless progression in their various places of primary assignments.
Beyond approving the training fund, Zulum also approved the immediate implementation of promotional benefits for all resident doctors due for career progression.
He directed that the promotions be implemented with immediate effect and that all arrears be paid to the beneficiaries, dating back to the effective date of their promotions.
The governor also directed the Borno State Hospital Management Board to organise a similar interaction with other medical doctors in the state who are not undergoing residency training.

He reiterated that the welfare of all health workers in the state remained a top priority for his administration, stressing that a motivated workforce is essential for delivering quality healthcare services to the people of Borno.
“My administration is committed to creating an enabling environment for our health professionals. We understand that without their dedication, we cannot achieve the needed health coverage we desire for our citizens,” the governor stated.
The meeting was attended by key stakeholders in the health sector, including the Commissioner for Health, Professor Baba Mallam Gana; the chairman of the State Hospital Management Board, Dr Joseph Jatau; and the Chief Medical Director, Professor Abubakar Kullima.

Also in attendance were the acting Chief of Staff, Dr Babagana Mustapha Mallumbe; the Chief Adviser to the Governor, Dr Mairo Mandara, the Executive Director, Borno State Primary Healthcare Development Board, Professor Arab Alhaji Mohammed and the Chief Medical Director of the Kashim Ibrahim University Teaching Hospital, Prof. Ibrahim Musa Kida.
Zulum meets 56 state-sponsored doctors, approves training fund, others
News
Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office – Kolga Group Alleges
Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office – Kolga Group Alleges
The Kolga Youth Progressive Alliance has raised perturbing concerns of Mrs Ebizi Brown Ndiomu, member representing Sagbama Constituency || desperateness for consideration as Deputy Governor of Bayelsa State.
The state lawmaker rumoured for possible nomination, consideration for the replacement of the departed deputy governor, has been modelling around the Honorable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri in Abuja.
A statement issued on Friday by the group spokesman, Comrade Tony Alazigha, the group described Mrs Ebizi Brown adulterous demeanor to be ascribed as desperate measures for consideration, and replacement of the departed deputy governor.
According to the group, Ebizi who shares a good working relationship with the Governor, Senator Douye Diri had ought to concentrate on the established relationship with the governor rather than adulterously running around Heineken Lokpobiri.
The adulterous, scandalous conduct of the honorable member modelling around politicians for consideration of the office of the deputy governor, will dent the image and reputation of the governor and the government.
The group spokesman demanding the general public to be watchful, stated that Kolga leaders who are relations to Mrs Ebizi Brown, are the people desperately pushing for the nomination of the lawmaker to deputize the Governor, Senator Diri.
He said the Kolga leaders pushing for Mrs Ebizi nomination as deputy, are leaders whom Governor Douye Diri has munificently made billions, but not satisfied because they want to control the government, and the leadership structure of the state.
The group cautioned Senator Douye Diri to dismiss the consideration of the Sagbama lawmaker for the replacement of the departed deputy governor, Mr Lawrence Ewhrudjakpo.
“The office of the deputy governor demands capacitated individual of reliability, trustworthy, hardworking, resourcefulness, competence, and not adulterous character displayed by the lawmaker from Sagbama.
“Is it the honorable minister working for governorship ambition that will nominate her or the governor whom she share good working relationship.
“Even in Sagbama local government area, there more competent, reliable individuals working closely with the governor that are worthy to deputize Governor Diri, and definitely not adulterous, unreliable Ebizi Brown.
The group urged Senator Diri to look inward in Sagbama for competent, dependable, trustworthy individual that will prioritize Bayelsans before personal interest to deputize him.
Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office – Kolga Group Alleges
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