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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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VP Shettima: Hajiya Sutura Shagari Will Be Remembered For Her Selflessness, Compassion

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VP Shettima: Hajiya Sutura Shagari Will Be Remembered For Her Selflessness, Compassion

  • Leads FG delegation on condolence visit to the late former president’s family in Sokoto

By: Michael Mike

The Vice President, Senator Kashim Shettima, has described the passing of Hajiya Sutura Shehu Shagari, the last surviving wife of former President Shehu Shagari as a huge loss to Nigeria, saying she will be remembered for her life of compassionate and selfless service to her community and the nation at large.

Senator Shettima spoke on Sunday when he led the Federal Government delegation to condole with the Shagari family over the demise of the matriarch of the Shagari family in their residence in Sokoto State.

Announcing the death of the last surviving wife of the former President, a statement signed by the eldest son of the former President and Sarkin Mafaran Shagari, Capt. Bala Shagari, had noted that the late Hajiya Sutura died at about 3pm on Monday, November 10, 2025, after a prolonged illness at the age of 79.

Commiserating with the Shagari family in Sokoto, the Vice President who said he was in the state at the instance of President Bola Ahmed Tinubu prayed for the repose of Hajiya Sutura’s soul, as well as comfort for the family and the Sultanate.

“We are here at the instance of His Excellency, President Bola Ahmed Tinubu, to condole with the government and people of Sokoto State, His Eminence, the Sultan of Sokoto and the immediate family of our late President, Alhaji Shehu Usman Aliyu Shagari, over the sad event of the passing of his last surviving wife, Hajia Sutura Aliyu Usman Shagari,” he stated.

Vice President Shettima also prayed Almighty Allah to reward the departed with Aljannah Firdaus, as well as the fortitude for the immediate family, Sokoto State and the entire nation to bear the loss.

“May Allah grant her soul eternal rest and reward her with Aljana Firdaus. May Allah also grant the family and the good people of Sokoto and the nation as a whole, the fortitude to bear the irreparable loss,” he prayed.

Earlier, the Governor of Sokoto State, Dr. Ahmed Aliyu Sokoto, thanked the Vice President for the show of love and concern about not only the Shagari family but the entire Sokoto State.

“The visit is a gesture which speaks volumes for having you in our midst today. Distinguished audience, you may recall that the Vice President has been here almost, I can say, four times since the inception of our administration. This is a show of love and the concern.

“We thank you most sincerely; we thank you for your coming. We pray Allah to give you sound health, and to give you courage to continue the good work you are doing for this great country,” the Governor told VP Shettima.

Also, leader of the Shagari family and District Head of Shagari, Capt. Bala Shagari (rtd), thanked the Vice President for leading the Federal Government’s delegation to condole with the family.

He said it was a great honour having the Federal Government’s delegation sent by President Tinubu to condole with the Shagari family in their moment of grief, even as he also thanked the state Governor for taking care of the Shagari family.

Also in attendance were the Minister of State for Works, Senator Bello Mohammed Goronyo; former Attorney -General of the Federation and Minister of Justice, Bello Mohammed Adoke, and former Deputy Governor of Sokoto State, Alhaji Mukhtari Shagari, among other senior government officials.

VP Shettima: Hajiya Sutura Shagari Will Be Remembered For Her Selflessness, Compassion

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Duke of Edinburgh Visits Nigeria to Host Series of Events, Meets Tinubu

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Duke of Edinburgh Visits Nigeria to Host Series of Events, Meets Tinubu

By: Michael Mike

His Royal Highness The Duke of Edinburgh is expected in the country to host a series of events in Lagos, Nigeria from 17 – 23 November 2025 to champion the expansion of the Duke of Edinburgh’s International Award across the world.

He is also expected to meet President Bola Tinubu in Abuja, and get involved in some other activities at the nation’s capital.

According to a statement on Sunday, Prince Edward, as Chairman of the Duke of Edinburgh’s International Award Foundation, will convene almost 200 young people from more than 50 countries over the week, alongside hundreds of leaders delivering the Duke of Edinburgh’s International Award globally, policymakers, and representatives from global youth movements.

Young people will take part in an intensive three-day youth leadership programme, before taking part in the International Award’s triennial Forum focused on expanding access to the Award globally.

Last year almost 1.2 million young people in more than 130 countries took part in the Award. While young people in the UK make up around half of all participants, Kenya has the second-highest number of young people involved in the Award. In Nigeria – where this week’s events are taking place – participation has surged by 37% in the past year, reflecting increasing interest across West Africa.

On the eve of the Duke of Edinburgh’s Award turning 70 next year, new analysis about the global impact of the Award shows that the social value generated by young people completing the Award in the last year has exceeded £1 billion for the first time. The social value is calculated through a robust methodology developed by PWC quantifying the impact of volunteering, improved mental and physical health, and social cohesion.

The Award has gained increasing momentum in recent years, as the likes of the World Bank, World Economic Forum and International Labor Organisation have placed strong emphasis on skills developed beyond the classroom, such as teamwork, communication skills, resilience and problem-solving.

Over the course of the week the Duke of Edinburgh will meet the President of Nigeria in Abuja, convene senior ministers and international development agencies in Lagos to foster deeper collaboration on non-formal education and take part in major events hosted by the Governor of Lagos and the British Deputy High Commissioner in Lagos.

Secretary General of the Duke of Edinburgh’s International Award worldwide, Mr. Martin Houghton-Brown, commented that: “More and more young people across the world are taking on the challenge of the Award, and embracing learning outside the classroom. Through smartphones and AI, young people can access the world’s knowledge in seconds fingertips, but the Award is providing a fresh challenge and helping young people develop the skills that give them the ‘human edge’. From team work to creativity, determination to flexibility, the Award is helping young people across the world become World Ready. Our gathering here in Lagos is focused on significantly increasing opportunities for young people in every country to take on the Award’s challenge and opportunity.”

British Deputy High Commissioner in Lagos, Mr. Jonny Baxter said: “The Duke of Edinburgh’s International Award exemplifies the potential of Nigeria’s young people, and that is important because Nigeria’s success matters deeply to the UK. As partners, we share a commitment to empower the next generation, create jobs, and unlock economic potential. We applaud Nigeria’s bold reforms and are optimistic that these plans will remove constraints on Nigeria’s entrepreneurial spirit and help move Nigeria forward. The UK stands ready to work together to drive growth, stability, and prosperity for the benefit of both our countries.”

The Duke of Edinburgh’s International Award is a global framework for non-formal education, empowering young people to develop skills, resilience, and a spirit of service. It is delivered through schools, youth organisations, and community groups worldwide.

Founded in 1956 by HRH The Duke of Edinburgh, Prince Philip, the Award has grown from a UK-based initiative into the world’s most widely recognised youth achievement framework delivered in more than 130 countries and territories, with 1.2 million participants annually. The Award equips young people aged 14 to 24 with essential skills for life and work, including confidence, empathy, teamwork, resilience and leadership, through experiential learning beyond the classroom.

As the Duke of Edinburgh’s International Award approaches its 70th anniversary, more than 1,500 young people begin their Award journey every day, engaging in activities from environmental restoration and volunteering to skills development and adventurous journeys.

Duke of Edinburgh Visits Nigeria to Host Series of Events, Meets Tinubu

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Border Governance: NIS, IOM Strengthen Collaboration

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Border Governance: NIS, IOM Strengthen Collaboration

By: Michael Mike

The Nigeria Immigration Service (NIS) as part of its efforts at enhancing border management, has reinforced its collaboration with the International Organisation for Migration (IOM).

The collaboration aims to strengthen institutional cooperation for effective migration management and border governance in Nigeria.

At a meeting, held in Lagos, themed “Strengthening Strategic Collaboration for Effective Migration Management and Border Governance.” NIS Zonal Coordinator, ACG Echefulam Anugwa, hailed the partnership as a model for government–international organisation collaboration, commending IOM for its continued support.

Goodwill messages from donor agencies, including the British High Commission, German Consulate, and Dutch Consulate highlighted the importance of leveraging the partnership for improved border governance.

In her keynote address, NIS Comptroller-General, Kemi Nandap noted that the engagement offered a strategic opportunity to review NIS–IOM cooperation and chart a roadmap for deeper collaboration towards modernized, technology-driven border management.

She acknowledged IOM’s contribution to institutional reforms, operational capacity enhancement, and policy development, including the National Border Management Strategy.

IOM Nigeria Chief of Mission, Dimanche Sharon, on his part, commended NIS for its visionary leadership, citing its regional reference status in digital border governance through systems such as MIDAS, e-Border solutions, and enhanced identity management.

He emphasized that the engagement would help identify operational gaps, capacity needs, and areas for impactful interventions in the next phase of NIS–IOM partnership.

The two-day engagement includes high-level presentations and technical sessions, aimed at producing actionable recommendations and a joint roadmap to guide future NIS–IOM collaborations.

The initiative is expected to bolster Nigeria’s leadership in migration management and border governance in West and Central Africa.

During the engagement the two organisations, NIS and IOM issued a communique identifying their key priority areas.

The actionable deliveries on the key priority areas include: Policy & Legislation; Institutional & Capacity Development; Infrastructure Development & Equipment; Migration Management; Border Governance and Legal Identity Solution

Border Governance: NIS, IOM Strengthen Collaboration

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