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
Finally, DSS Arraigns Sowore on alleged Cybercrime Offences
By: Our Reporter
Judge bars him from inciting public, undermining national security
The Department of State Services (DSS) on Tuesday arraigned a politician and online publisher, Omoyele Sowore, before a Federal High Court in Abuja, for alleged cybercrimes, with the court barring him from further making statements that are detrimental to the peace and security of the country.
Justice Mohammed Umar, in a ruling, threatened to revoke the bail granted Sowore’ should he ever make such statements. The arraignment came after two previous attempts, with the politician’s lawyer introducing what the DSS lawyer, Akinolu Kehinde SAN, called legal obstacles.
On Tuesday, however, Justice Umar held that since there was evidence that Sowore was a presidential candidate in the country before and having also earlier been granted bail by the court, with his international passport still being held by the court, he was entitled to be granted bail on self-recognition.
The ruling was on a bail application argued by his lawyer, Marshall Abubakar, shortly after Sowore was arraigned on a five-count charge, in which he is accused of defaming President Bola Tinubu by referring to him as a criminal in his posts on X and Facebook.
When the charge, being prosecuted by the Department of State Services (DSS), was read to him, Sowore pleaded not guilty.
In the charge, Sowore, the presidential candidate of the African Action Congress (AAC) in the 2019 and 2023 elections, is accused of contravening the provisions of the the Cybercrimes (Prohibition, Prevention, etc) Amendment Act, 2024 and the Criminal Code Act by calling President Bola Tinubu a criminal
The two other defendants listed in the charge, marked: FHC/ABJ/CR/484/2025 are X Incorp (formerly Twitter) and Meta (Facebook) Incorp.
Details shortly.
Finally, DSS Arraigns Sowore on alleged Cybercrime Offences
News
One killed, dozens abducted as bandits launch multiple attacks in Zurmi, Bungudu LGAs in Zamfara
One killed, dozens abducted as bandits launch multiple attacks in Zurmi, Bungudu LGAs in Zamfara
By: Zagazola Makama
Armed bandits have carried out a series of coordinated attacks across parts of Zamfara State, killing one person and abducting several others in Zurmi and Bungudu Local Government Areas, security sources have confirmed.
In the first incident, bandits invaded Tungar Tsamiya village in Moriki District of Zurmi LGA at about 10:40 p.m. on Nov. 30, shooting dead one resident and abducting 10 others.
Security forces launched a search-and-rescue operation to locate the victims.
Barely hours later, on Monday morning, another group of bandits attacked Doguwar Gona forest in the same Moriki District.
The assailants abducted 17 men and women who were in the area fetching firewood. Security personnel are tracking the movement of the attackers with the aim of rescuing the captives.
In a separate incident in Bungudu LGA, gunmen armed with AK-47 rifles stormed Makwa village in Kurar Mota District at about 12:15 p.m. on Dec. 1 and abducted an unconfirmed number of residents.
Troops of Operation FANSAN YANMA and police operatives, supported by local vigilante groups, have intensified efforts to rescue all abducted victims and restore calm across the affected communities.
Search operations are ongoing.
One killed, dozens abducted as bandits launch multiple attacks in Zurmi, Bungudu LGAs in Zamfara
NSA Ribadu visits Kontagora Bishop, pledges swift rescue of abducted Niger schoolchildren
By: Zagazola Makama
The National Security Adviser (NSA), Malam Nuhu Ribadu, on Monday paid a sympathy visit to the Bishop of Kontagora, Bishop Bulus Yohanna, following the recent abduction of students of St. Mary Private Catholic Primary and Secondary School, Papiri, in Agwara Local Government Area of Niger State.
The NSA, who arrived Kontagora by helicopter at about noon, was accompanied by the Director-General of the Department of State Services (DSS), Mr Tony Ajayi; the Minister of Humanitarian Affairs; and senior officials from the Office of the NSA.
Ribadu and his entourage proceeded to the office of the Bishop at St. Michael Church, where they met with representatives of families of the abducted students, the school principal, and the Chairman of the Christian Association of Nigeria (CAN) for the 19 Northern States, Bishop Joseph Hayap.
During the meeting, the NSA assured the community that the Federal Government was intensifying efforts to secure the safe release of the abducted pupils and staff.
He reaffirmed the government’s commitment to ending attacks on schools and ensuring the safety of students across the country.
NSA Ribadu visits Kontagora Bishop, pledges swift rescue of abducted Niger schoolchildren
Finally, DSS Arraigns Sowore on alleged Cybercrime Offences
One killed, dozens abducted as bandits launch multiple attacks in Zurmi, Bungudu LGAs in Zamfara
NSA Ribadu visits Kontagora Bishop, pledges swift rescue of abducted Niger schoolchildren
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