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
NSCDC Expresses Commitment to Peaceful Election in Ondo
NSCDC Expresses Commitment to Peaceful Election in Ondo
By: Michael Mike
In a bid to reassure the public of adequate security and protection in the Saturday Ondo Governorship Election; the Commandant General of the Nigeria Security and Civil Defence Corps,
Dr Ahmed Audi has reiterated the Corps’ commitment to ensuring a free, fair and credible election in Ondo State,
Audi demonstrated this readiness while speaking through the Deputy Commandant General Operations, DCG Philip Ayuba, who attended a strategic meeting with the Deputy Inspector General, Force Criminal Investigation Department (Force-CID) who also doubles as DIG Election Security, DIG Sylvester Alabi.
Ayuba said the CG has given a direct order that all officers must be apolitical and neutral, and as such, the fundamental human rights of the citizens must be protected, and there should be no occasion for comprise amongst security operatives or disenfranchisement of eligible voters.
He noted that the mandate of NSCDC in Safeguarding all Critical National Assets and Infrastructure covers all election materials, which he said have been rated very critical because any act of vandalism or destruction through election violence would, of course, hamper the smooth process and peaceful conduct of the elections.
The NSCDC Boss hinted that over 6225 operatives were drafted from 10 neighbouring States, FCT and the Corps’ National Headquarters, noting that both overt and covert operational personnel are already on the ground for election duty.
The Corps’ Helmsman said there is an existing synergy between the Nigeria Police, the NSCDC and other security agencies; therefore all security agencies have been effectively briefed on the need to work in collaboration and guard against violence, destruction of public utilities, ballot box snatching, rigging, vote buying, thuggery and other associated crimes.
He further said there is no cause for alarm; hence, the public is enjoined to come out and exercise their constitutional rights without fear or any form of apprehension.
NSCDC Expresses Commitment to Peaceful Election in Ondo
News
Oscar Awards: VP Shettima Rallies Support For “Mai Martaba”
Oscar Awards: VP Shettima Rallies Support For “Mai Martaba”
*** Says creative fund access is open to all
By: Our Reporter
Vice President Kashim Shettima has pledged the federal government’s support for Nigeria’s Oscar campaign with access to the $618 million Investment in Digital and Creative Enterprises Programme (iDICE) as Nigeria positions “Mai Martaba” to clinch the nation’s Academy Award.
Specifically, the Vice President revealed that creators will have access to the $618 million iDICE project aimed at boosting investment in digital and creative industries.
Speaking during a meeting with the film’s team led by the Minister of Arts, Culture, Tourism, and Creative Economy, Barrister Hannatu Musawa, at the Presidential Villa Abuja on Thursday, VP Shettima noted delightfully that “it’s a good day to be a Nigerian.”
“We will make sure that the kaleidoscope that represents all the colours in our nation is carried along. Let’s fuse into one and support this project. There is more that binds than divides us. Within the ethnic groups, you don’t know where the boundaries end. We are essentially one people,” the Vice President stated, emphasizing national unity through the film industry.
He charged the Minister of Arts, Culture, Tourism, and Creative Economy to “lead the campaign to mobilise all resources to ensure Nigeria’s success at the Oscars.”
“By the end of the century, Nigeria will be the most populous nation on earth. There is beauty in numbers. I want to reiterate my unflinching support for us to get the Oscars,” the VP added.
“Mai Martaba,” directed by Prince Daniel, has been officially selected as Nigeria’s entry for the 2025 Academy Awards’ Best International Feature Film category. The film explores themes of power, love, and female leadership in an ancient African kingdom.
Speaking earlier, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, said investors were already committed to building the Creative Industry.
“We’re working with investors who have already committed to building the creative industry. We have just concluded agreements with South Korea, UK, Japan, China, and France to sign co-production agreements.
“We hopefully will have a media city, which is going to be a one-stop shop for nine sectors across the whole industry. The whole world is interested in Nigeria – not because of our oil, but because of our talent, content, and creativity.”
Addressing funding challenges, Musawa noted: “The fact is that many in the industry do not have infrastructure to be able to do the kind of first-class movies they require. Every single Nigerian, no matter what part of the country they come from, even if it’s a rural setting, has the ability to create content on their phone, to empower themselves for decent job futures.”
On his part, Prince Daniel noted the industry’s remarkable growth, saying, “We found something very interesting in the creative industry.
“Broadcasting contributes more to GDP than oil does combined, reaching 12.3%. The creative industry and broadcasting in April 2020 did more than oil and mining combined. We’ve created over 500 jobs and created work for almost 100 people overall. We’re excited because we want to go for the next Oscars,” he added.
Discussing the campaign’s important needs, Daniel said, “For every country aspiring for an Oscar, federal government backing is crucial, not only because it is capital-intensive but also because it requires high-level lobbying and diplomacy. Look at South Africa’s ‘Tsotsi’ Oscar win in 2006 – it opened up their entire industry. Today, there’s no part of Africa catching up to South Africa.”
Also, Chairperson of Nigerian Official Selection Committee (NOSC) for the Oscars, Stephanie Linus, emphasised that it is a wonderful feat that is not just about international recognition.
“This isn’t just about international recognition. We need to start building our presence on the global stage now, not in one or two years. The Oscars represent the biggest platform for celebrating cinema,” she stated.
Oscar Awards: VP Shettima Rallies Support For “Mai Martaba”
Crime
NIDCOM Says 163 Trafficked Victims Rescued from Ghana in Five Months
NIDCOM Says 163 Trafficked Victims Rescued from Ghana in Five Months
By: Michael Mike
The Nigerians in Diaspora Commission (NIDCOM) alongside other stakeholders have rescued another set of 13 trafficked Nigerian girls from Ghana, thus bringing the total number of those repatriated from the same country to the nation within the last five months to 163.
According to a statement on Friday signed by the spokesman of NIDCOM, Abdur-Rahman Balogun, the rescued operation was as a result of the combined and coordinated efforts of the Ghanaian Anti-Human Trafficking Police , The Rescue live foundation International, and NIDO Ghana working in collaboration with NIDCOM.
Speaking on the latest efforts, Chairman/CEO Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa expressed her gratitude to the First Lady , Senator Oluremi Tinubu, the Governor of Ebonyi State, Francis Nwifuru for their support in facilitating the safe return of the girls back to the country.
She also commended the vital roles played by the BOT Chairman (Rescue live foundation International/NIDO Ghana),
Chief Callistus Elozieuwa, and the Ghanaian Anti-Human Trafficking Police Unit in bringing the traffickers to justice.
She reiterated NiDCOM’s commitment to protecting Nigerians in the diaspora under President Bola Ahmed Tinubu’s Renewed Hope Agenda, which gave priority to combating human trafficking and safeguarding the rights of Nigerian citizens at home and in the Diaspora.
The statement revealed that the rescued young girls, ages 19 to 30 years, are from Ebonyi, Benue, Kaduna and Rivers states.
According to the statement, they were lured to Ghana under the false promises of employment but were instead forced into exploitative situations and bound by an oath of secrecy, while the traffickers are making money off the dastardly act.
NiDCOM representative, Mr Akinboye Akinsola, who accompanied the ladies back to Nigeria, where they were handed over to the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) for rehabilitation and reintegration said these set of ladies surrendered themselves willingly , having heard of the ealier operation conducted in Kpone Katamanso and Tema.
Elozieuwa said with Rescue live Foundation International/NIDO Ghana’s assistance, the ladies were provided shelter for some days after they all willingly indicated their interest to come back home.
The Senior Special Assistant to Governor of Ebonyi State, Mr Valentine Okike Uzo, thanked the Governor for his willingness to bring the ladies back home which in line with his efforts to care for all Ebonyi indigenes both home and in the Diaspora.
He assured that all efforts are in place to ensure a proper rehabilitation for the victims from Ebonyi state.
NIDCOM Says 163 Trafficked Victims Rescued from Ghana in Five Months
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