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Fresh squabbles rock First Bank’s board, threaten recapitilisation

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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

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U.S. president orders deadly strikes against ISIS militants in northwest Nigeria

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U.S. president orders deadly strikes against ISIS militants in northwest Nigeria

By: Zagazola Makama

President Donald J. Trump announced that the United States had launched a powerful and deadly military strike against Islamic State (ISIS) terrorist targets in Nigeria, in response to what he described as ongoing attacks on primarily innocent Christians in the region.

In a post on his social media platform, Mr. Trump said the operation was conducted “at my direction as Commander in Chief” and targeted ISIS militants whom he accused of “viciously killing, primarily, innocent Christians, at levels not seen for many years, and even centuries.”

The president said he had previously warned the extremist group to halt attacks on Christians or face consequences, adding: “tonight, there was.”

Mr. Trump described the strikes as “numerous perfect strikes, as only the United States is capable of doing,” and reiterated that under his leadership the U.S. would not allow “Radical Islamic Terrorism to prosper.” He extended Christmas greetings to U.S. military forces and said there would be “many more” such strikes if the killing of Christians continued.

The announcement marks a significant escalation of U.S. military involvement in Nigeria’s complex security landscape. Western and Nigerian officials have long warned that militant groups such as ISIS’s West Africa Province (ISWAP) and Boko Haram pose a persistent threat in northern Nigeria, where attacks on civilians including Christians and Muslims alike have killed thousands over the past decade.

Reactions to the U.S. action are still emerging. The strikes come amid ongoing debates over Nigeria’s sovereignty and the best approach to combat extremist violence in West Africa. Previous statements by the Nigerian government welcomed U.S. assistance in fighting terrorism provided it respects the country’s territorial integrity.

The full military impact of the operation including casualties among militants or its implications for Nigeria’s internal security strategy has not yet been independently verified.
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VP Shettima: Borno Attack Will Not Break Nigeria’s Resolve

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VP Shettima: Borno Attack Will Not Break Nigeria’s Resolve

By: Our Reporter

Vice President Kashim Shettima has condemned in strong terms the bomb explosion that claimed about five lives and left several others injured at a Mosque in Gamboru Market, Maiduguri, Borno State, describing the attack as a despicable assault on innocent citizens and the peace of the nation.

The Vice President said President Bola Ahmed Tinubu has ordered an immediate intensification of security operations in Borno State following the incident.

In a statement on Thursday, the Vice President condemned the attack, assuring that the Federal Government is deploying additional tactical teams to the area to track down and apprehend those responsible for the terror attack.

“The Federal Government will not tolerate any attempt to undermine the peace and security of our nation. Our security agencies are working round the clock to ensure that the perpetrators of this heinous crime are brought to justice immediately,” he said.

Senator Shettima expressed confidence that the security architecture currently in place would not only apprehend the perpetrators but also unravel the full circumstances surrounding the incident.

“We sympathize with the Government of Borno State, residents, and families who have lost their loved ones in this attack. The Federal Government is confident that those responsible for this despicable act of terrorism will face the full weight of the law,” VP Shettima said.

He assured Nigerians that the Tinubu administration’s commitment to national security, anchored in constitutional duty, remains unwavering.

“Since President Bola Ahmed Tinubu assumed office in 2023, this administration has consistently reaffirmed its unyielding commitment to safeguarding the security, unity, and stability of our nation.

“This commitment remains steadfast under God and the Constitution of the Federal Republic of Nigeria. We will continue to provide our security agencies with all necessary resources and support to decisively defeat terrorism in all its forms,” he affirmed.

The Vice President added that the Federal Government is working closely with state authorities and local security agencies to ensure protection of vulnerable communities and critical infrastructure across the North East and other regions.

VP Shettima: Borno Attack Will Not Break Nigeria’s Resolve

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Zulum-“Protect Our Sacred Bond,” Celebrates Peaceful Year in Christmas Message

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Zulum-“Protect Our Sacred Bond,” Celebrates Peaceful Year in Christmas Message

By: Our Reporter

With profound gratitude to God for sparing our lives one full year to another Christmas celebration, Borno State Governor, Professor Babagana Umara Zulum felicitate with the Christian community across the state on the occasion of Christmas.

The Governor is currently engaged in a four-day security and resilience building tour across Northern Borno. The tour includes visits to military formations to boost their morale, and to communities affected by the insurgency, where he is working to build their confidence and provide tangible democratic benefits.

In a message by his Spokesperson Dauda Iliya, Governor Zulum expressed gratitude to God Almighty for the return of relative peace in the state.

“For us in Borno State, the period between the 2024 to the 2025 Christmas celebrations has been one full year of celebrating enviable all-encompassing reconstruction and recovery,” Zulum stated.

“The progress is not only in terms of physical infrastructure, but also in terms of the peace and forbearance, mutual goodwill and harmonious coexistence among the Muslim and Christian communities, which our beleaguered state very critically desires to launch itself back to prosperity and glorious past,” he added.

“I feel obliged to express my most heartfelt gratitude to God for enabling me to preside over the state one full year, witnessing a gladdening restoration and maintenance of these required peace, mutual goodwill and harmony between the the Muslim and Christian communities which bonded us tightly together as a solid people, but which the over a decade Boko Haram insurgency threatened to completely destroy.

“A noteworthy part of the Muslim-Christian harmonious coexistence and goodwill reconstruction and maintenance was my recent high-level consultation meeting with the leadership of Jama’atu Nasril Islam (JNI) and Christian Association of Nigeria (CAN), focused on strengthening collaborative efforts between the state government and religious bodies to combat the lingering threat of insecurity and foster lasting peace in Borno State.

“At that meeting, I underscored the critical role of religious leaders in promoting tolerance, unity and peace across the state because Borno, like many states, has unique and beautiful family composition dynamics.

“It is common to find under one roof, brothers and sisters, uncles and aunts, who profess different faiths. We share meals, we celebrate festivities and milestones, we grieve losses together, as one family, bound by blood and love that transcends religious labels. This is our reality.

“I stressed that our enviable strength emanates from this reality. I will still, therefore, stress that we must protect this sacred bond within our homes and allow it to define our individual, as well as intra- and cross-community engagements.

“In sustenance of my tradition of just, fair and equitable treatment of both communities in festive seasons, I have, also, this year, I announced support to the Christian community and non indigenes, which includes free transportation to non-indigenes to different parts of the country, humanitarian support to over 6,000 vulnerable Christians, cash gifts to widows and orphans, sponsorship of Christian pilgrimage and other interventions.

I am always disposed to rendering such support, and even more, whenever the need arises.

Governor Babagana Zulum urge every citizen of the state, irrespective of faith, to come together in the collective search for lasting security, peaceful and harmonious coexistence as the most-critical foundation for true reconstruction, recovery and prosperity.

Zulum-“Protect Our Sacred Bond,” Celebrates Peaceful Year in Christmas Message

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