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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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IPOB attacks police patrol teams in Anambra, snatches rifles, and abandons stolen SUV after shootout

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IPOB attacks police patrol teams in Anambra, snatches rifles, and abandons stolen SUV after shootout

By: Zagazola Makama

Suspected members of the proscribed IPOB/ESN militia on Wednesday launched a coordinated armed attack on joint police patrol teams along the Abatete–Eziowelle road in Anambra State, injuring an officer and carting away two service rifles.

Zagazola gathered that the gunmen, armed with general-purpose machine guns and AK-47 rifles, operated with a white Toyota Hummer bus, a black Lexus 350 SUV, and a white Toyota Highlander, all with registration numbers yet to be identified.

The attackers, dressed in full military and police uniforms, opened heavy fire on personnel from the Department of Operations (DOPS), State Headquarters, Awka, and the Special Anti-Cultism Squad. The patrol teams engaged the militants in a fierce gun duel, forcing them to retreat.

During the exchange of fire, rounds fired by the assailants struck the patrol bus of the Special Anti-Cultism Squad, setting it ablaze, while the DOPS patrol pickup van was sprayed with bullets and damaged.

Sources said that during the operation, Insp. Uduak Anthony of MOPOL 29 Awka, attached to the DOPS patrol team, lost his Type 06 rifle (Breech No. 10967) loaded with 35 rounds of ammunition after it slipped from his grip as he dashed for cover. The weapon was carted away by the militants.

As the gunmen fled, they reportedly snatched a Mercedes Benz SUV from a motorist, Eze Tochukwu, from Enugu State, and headed towards Umuoji in Idemili North LGA.

At Umuoji, the attackers sighted two police inspectors attached to former Anambra Governor and ex-Minister of Labour, Senator Chris Ngige. The officers, Insp. Eniobong Roberts of 29 PMF Awka and Insp. Udezike Kingsley of DOPS, were travelling in a vehicle when the militants double-crossed them and opened fire.

Insp. Udezike was shot in the left leg as he attempted to take cover, and his AK-47 rifle was stolen. Insp. Roberts engaged the attackers, forcing them to abandon the snatched Mercedes Benz SUV, which was later recovered by police.

The injured officer is currently receiving treatment at Crown Hospital, Nkpor, and is responding well.

A senior police officer revealed that the Command’s tactical units have been fully activated and are “currently combing suspected hideouts, camps, and escape routes of the terrorists” to arrest the attackers and recover the stolen firearms.

IPOB attacks police patrol teams in Anambra, snatches rifles, and abandons stolen SUV after shootout

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HONORARY CONSULATE REPUBLIC OF CÔTE D’IVOIRE – MALTA

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HONORARY CONSULATE REPUBLIC OF CÔTE D’IVOIRE – MALTA

By: Michael Mike

Honorary Consulate of Côte d’Ivoire in Malta Signs Memorandum of Understanding with Paradigm Communications Ltd. | Paradigm News, an International Media Partner of ECOWAS Commission, Foreign Affairs Ministry in Nigeria, Germany Embassy in Nigeria and CDD/ WADEMOS West Africa.

The Honorary Consulate of the Republic of Côte d’Ivoire in Malta and Paradigm News, a publication of Paradigm Communications Ltd., have formally signed a Memorandum of Understanding (MoU) establishing a strategic media partnership aimed at enhancing visibility, communication, and public engagement surrounding the Consulate’s diplomatic activities in Malta and internationally.

Under this agreement, Paradigm News is officially accredited as the African Media House for the Honorary Consulate of Côte d’Ivoire in Malta. The partnership reinforces a shared commitment to strengthening diplomatic communication, promoting Côte d’Ivoire’s interests, and supporting accurate, responsible journalism across regional and global platforms.

Speaking at the signing, H.E. Mrqs. Anthony C. Coleiro, Honorary Consul of the Republic of Côte d’Ivoire in Malta, emphasized the significance of the collaboration:

“This partnership marks an important milestone in reinforcing Côte d’Ivoire’s presence and engagement in Malta. Through Paradigm News’ professional coverage, we aim to ensure that our diplomatic initiatives, bilateral engagements, and cultural activities receive the visibility and clarity they deserve.”

Representing Paradigm Communications Ltd., H.E. Ambassador Raymond Enoch noted:

“We are honoured to serve as the official African Media House for the Consulate. Paradigm News is committed to providing accurate, ethical, and comprehensive coverage that reflects the diplomatic aspirations and international outreach of Côte d’Ivoire.”

Scope of the Partnership

Through the MoU, Paradigm News will:

Provide professional coverage of the Consulate’s diplomatic activities, official events, and public engagements. Report on governmental delegations from Côte d’Ivoire visiting Malta and cover international conferences, summits, and events involving the Consulate. Notwithstanding publishing of information related to bilateral cooperation, cultural programmes, business initiatives and disseminate content through its regional and global media channels.

The Consulate, in turn, will:

Grant Paradigm News official accreditation as its African Media House, providing timely press releases, updates, and access to relevant events, subject to protocol. The Consulate will recognize / Paradigm Communications Ltd. as its media partner in appropriate communications and events.

Both parties commit to maintaining professionalism, transparency, and respect for diplomatic sensitivities, ensuring that all published material reflects accuracy and integrity.

About the Honorary Consulate of Côte d’Ivoire in Malta:

The Honorary Consulate works to strengthen bilateral relations between the Republic of Côte d’Ivoire and Malta, promoting diplomatic cooperation, business engagement, cultural exchange, and support for Ivorian nationals.

About Paradigm News / Paradigm Communications Ltd.

Paradigm News is a respected media organization committed to delivering global news and insights. Through its international correspondents and editorial network, Paradigm News covers stories of local, regional, and global relevance with accuracy, neutrality, and journalistic professionalism. Paradigm News International is a Media Partner of ECOWAS Commission, Foreign Affairs Ministry in Nigeria, Germany Embassy in Nigeria and CDD/ WADEMOS West Africa.

HONORARY CONSULATE REPUBLIC OF CÔTE D’IVOIRE – MALTA

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EU–IDEA, Stakeholders Call for Urgent Review of Social Development Act, Seek National Alignment

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EU–IDEA, Stakeholders Call for Urgent Review of Social Development Act, Seek National Alignment

By: Michael Mike

The European Union- International Institute for Democracy and Electoral Assistance (EU-IIDEA), as well as relevant stakeholders has called for an urgent review of Nigeria’s Social Development Act (SDA), insisting that it may be impossible to achieve inclusive growth or protect vulnerable groups in the country under the current fragmented framework.

The call was made on Wednesday in Abuja at the National SDA summit, organized by the International Institute for Democracy and Electoral Assistance (IIDEA), a programme funded by the European Union under its CSOs-Bridge Strengthening Project, in Abuja.

The SD Act was first conceptualised in the 1970s and enacted in 2004 as the central framework for coordinated and inclusive social development in the country.

The Enugu State Commissioner for Children, Gender and Social Development, Valentina Enih, while delivering the keynote address, decried that the existing Act, originally enacted as Decree 12 in 1974 and later reissued in 2004, does not any longer reflects the country’s realities.

She described the Act aa older than many of people in the hall, insisting that outdated provisions and emerging social challenges demand urgent reform.

She also stressed that unity among civil society organisations (CSOs) remained essential for progress, adding that personal interests often overshadowed collective objectives.

She noted that: “One stick is easily broken, but a bundle of broomsticks is not. We must speak with one voice,” while appealing to lawmakers to increase funding for ministries responsible for women affairs, poverty eradication and social protection, added that: “Many times, we use our personal resources just to ensure the work is done.”

On his part, the Chairman of the House Committee on Civil Society Organisations and Development Partners, Hon. Victor Obuzor acknowledged the legislative gaps that have hindered effective coordination of social development nationwide.

He said the National Assembly had made the Act’s review a priority, noting that: “Fragmentation, institutional reassignments and multiple regulatory frameworks have weakened the effectiveness of the Social Development Act.

“Our Committee is reviewing historical gaps, engaging stakeholders and supporting the development of a modernised civil society regulatory bill.”

He said the revised law would create clearer lines of authority, harmonise federal and state mandates and institutionalise civil society participation.

The Deputy Director at the Ministry of Humanitarian Affairs and Poverty Reduction, Peter Audu, said the forum aligns with federal reforms targeting gender equality, social protection and national cohesion.

He noted that the government was committed to building stronger collaboration across ministries, development partners and state institutions.

“This forum provides an important opportunity to consider proposed amendments and develop a national coalition for sustainable financing and measurable results,” he said.

The CEO of the Accountability and Transparency Initiative, Dr. Fumi Akinyele, called for the revised law to embed gender responsiveness from the design stage.

She noted that many rural women were excluded from social protection programmes due to requirements such as smartphones, bank verification numbers and digital literacy.

“Inclusion must go beyond words. We need clear definitions, gender-responsive budgeting and disaggregated data. Committees must be balanced so that different voices are heard,” she said.

The Chairman of the Anambra Civil Society Network, Prince Chris Azor, shared experiences illustrating the challenges faced by sub-national CSOs, including inconsistent regulations that once led to the closure of community organisations’ bank accounts.

“We were stranded. Even registration processes were unclear. When grassroots operators cannot function, you are shrinking the civic space,” he said.

He urged that the amended Act provide states with a clear legal framework for social protection and civil society participation. “We want a standing law that expands the civic space and ensures citizens are part of governance.”

EU–IDEA, Stakeholders Call for Urgent Review of Social Development Act, Seek National Alignment

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